Loan Process 2025

Good Evening ALL & Happy New Year! I just have a quick question.

Our Co has been with Square for a few years now. We had our PPP Loan through Square, and we also have had multiple Loans Offered & Approved that were all paid off early. On our latest Loan Offer, it seems like the approval process is taking much longer than usual. We are at 5 business days 2day, and still at pending status? No other info has been requested. And our other Loans usually were approved in 1 or 2 days and then funded the next day. I’m just wondering if this is something new in 2025? And also, if any other of you folks may be having the same issue? Please let me know.

Thanks, 

Bob

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Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day. 

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@kacey_k wrote:

I actually have a question for you so I got my second loan offer two weeks ago and it was less than my first offer but the few weeks leading up to me getting my offer literally no card payments except for a few here and there most people were paying cash so I understand why the offer was low. My question is do you think it would be stupid of me to pay this loan off and then that way the algorithm could see because since I’ve got that loan, I’ve had nothing but card payments. It’s back to how it was before I got the loan. 


Hey @kacey_k 

 

So I personally would advise against doing that for a few different reasons.  First one being the most important one is the fees that you are going to eat for practically nothing in return.  It would be like throwing away all of that money literally.  Second reason I wouldn't go this route is that it can take  10 business days for the funds to clear, and the loan to be paid off.  You then get tossed back into the algorithm and an offer is not guaranteed at any point in time regardless of paying it off. 

 

If I were you, I would just do business as normal, and when it pays off, it pays off. But that is just y .02 though.  I would do/take what you can with that loan that was offered, recoup the fee;s that were spent and then hopefully your next offer when that is paid off if you decide to take it is the amount you are looking for if needed!

Dan
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Congrats!

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Dang I’m at 94% now and NOTHING 

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Fantastic! Congratulations 🎉 

was your offer around the same as before ? 

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It was $7k less than my previous loan, but my sales are down 7% from last year so it makes sense. The weather here messed up my YTD. But since it was almost paid off it basically deposited the same amount I usually get when I have an offer at 70%. I usually get 40k and it was 33k this time!

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GOOD Deal.  I'm hoping for an offer this weekend!  

 

Good luck and happy processing 🙂 

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Anything yet?

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Nothing 

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, I have seen 1 this week, and not what they expected at all. I don't get it but I do know that besides our metrics, the algorithm, and what % you're at they have other criteria for determining loans. Unfortunately, they have nothing to do with us or our business. It affects us and receiving loans out of our hands. Hopefully, the stock market will kick back in with recent changes yesterday. We need things rolling and moving here. I was glad you got a bonus with TikTok anything is better than nothing, especially in your situation. A few years ago when loans dried up I went to my little credit 5 branch credit union and got a LOC for this reason right here! I don't touch it but for emergencies or deals too good to pass on. Myself I prefer small local credit unions vs big corporate banks. It took me 2 hours to finish and LOC in my mobile app to transfer in a second. No additional paperwork, no board meetings nothing all my info was there its the only bank I use for my business. Good luck and I am still waiting for your FINALLY post! 

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Thanks for the update! Hopefully, soon we can do something about the weather situation. If I didn't get my offer the first Friday in February I probably wouldn't have received one honestly. That Sunday 2 days later started our first dump of snow around 10” and -6 temps with the wind around -20 outside. In the next 2 weeks the same but 2 more dumps of snow 61” for us. My brother is on the Bay West side of the state Traverse City total for the winter is 181”!!!! Smh, we were closed more in 2-3 weeks in February than 13 years altogether! My husband was plowing the snow almost every hour and then the wind and more snow. I keep pushing for a way for us to add closed days due to the weather. Trying to control the over-usage of it might be an issue though🤔🤔🤔 it does affect your metrics mine took a big dump. Now, this past 4-5 days 30-40s, and metrics going back up. Glad to see this group is getting offers. That extra 7% would have been nice though. I look on the bright side especially when you need it. You evened out. Congratulations again!

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Congratulations 

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Dang I’m at 100% paid off and nothing! My numbers are all up too

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I saw your post ugh, I was hoping it would have kicked it in.  

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Me too! It’s always when it’s needed the most too 😞

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Have you tried reaching out to Square and asking them if they see anything wrong? As all your metrics and sales are up tremendously. It's not going to hurt anything but they have access to see into your account and just make sure that if something was sent and you didn't receive it with your email, not receiving notifications they can look into that as well. 

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No I have not. How do I reach out to them?

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One second. The number is above I am looking for a different one ok. 

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Ok, got it. I'm going to tag a mod and just explain how your email is not working and you are paid off. And the dashboard is behind and you are just making sure all is good or updated with the right information so you didn't miss anything ok? The will send you a reply that says to contact us directly click on the blue highlighted area. You will see a number and code. Write the code down that is connected to your account and they can see everything going on and fix what isn't working for you okay? Everything needs to work for an offer to happen and yours is not and then they update everything and add in some insight into it that we can see. But first, let's get everything working right do you understand what I am saying about that? Let me tag @marielmt she is extremely helpful and can help you get to the right person to double check all your account info and make sure nothing was missed with the email issue and dashboard okay?

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Yes thank you!!! If an email has been sent I don’t have anything for sure 

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Yes, but you need to make sure that the dashboard is working properly with the other issues going on. That is something we can not see but the Mods can and direct you to the loans department and see what is going on and confirm everything okay. Just remember to write down the code when you call that's your or their access to your account directly. How they test your email and dashboard I am not positive. They could send out a confirmation email or send a message to your dashboard or verbally ask for it. But the loan department will know that and see if everything is ok or could bump it to someone else to make sure. But the mod will help you and know where or what to do. 

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Per Square support…all metrics are good, no updates I missed and my dashboard looks good. Was told to be patient 

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That's fine it was the words I was referring to and yes just be patient for a few ok. No need to stress about it. I know its important and needed. How is your husband doing? 

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