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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It states from day 1 you can open both checking and savings. It does state to make sure all information you are putting into the Square savings account matches identical to what you put down for Square. So, when you first started or whatever you put down when you opened up your Square account has to match the savings account. A lot of businesses start as sole proprietors and then become LLCs. Your business type I looked up, no issues there. That's the only thing I could see that might be wrong with it. It does say if you have any questions or issues signing up please call and tell them you have an issue with Square Savings and a live agent is available to help guide you through it. 

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I’ll call in the morning thanks

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You're welcome!

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Hi,  this my second loan at 96% paid off & all green .

Do you know why I still don't get any new offer? Ty

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Hate to be the bad news giver but my loan was paid off 2 weeks or more before I got my loan offer! 

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I'll 2nd that! 

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After my loan was paid off I received a new offer 4 days later 

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Thank you for sharing that. It does help others. We are the best tool available! 

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Facts. No problem 

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Hello, I don’t have access to your personal information, but I can explain why there are no guarantees on when you’ll receive an offer. The percentage of loans paid off varies, with few in the 70% range. Your time with Square impacts this—loans 1-3 tend to have longer intervals since the algorithm has less data to work with. Building a processing history and demonstrating growth is key. As my business grew, so did my offers over the years. Keep an eye on your dashboard; an email should follow. Unfortunately, it’s a waiting game, but good luck! Please keep us posted I wish I could tell you something additional insight unfortunately there isn't no way to tell when and if it has picked you off for a look and offer. 

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We got our 13th loan offer Friday at 76%. I messed up and accidentally screwed up typing some information in and had to wind up cancelling that offer. Luckily the same offer immediately popped up again yesterday morning so now that everything is entered correctly just waiting on approval. Just wanted to make sure to contribute to the information chain to keep everyone up to date on how things are going 🙂

Wishing everyone the best and fingers crossed for a quick approval.

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Glad to hear you had that fast of a turnaround time. Congratulations!!

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76%. Congratulations 

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Yeah, and made a mistake, and 2nd offer was that fast. I haven't seen but a handful of 70s lately and then add the other. I guess the algorithm said come on now I am trying here hard!😂

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Me neither especially the last few months. Could things be changing hmmm

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That would be amazing if it did!

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GM. Just giving an update. Received a loan on 2/13 completed on 5/27. Offered new loan 2.5 times more the following day on 5/28

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Good morning and 👏 congrats! 1 day after, it was paid off and it was 2.5xs higher. That's awesome to hear! That full amount and no roller is nice. Thank you for the update and for helping others as well. Go tear it up, and continue what you are doing as it's working! 

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Yes Yes & Yes ☺️

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That's what I like to hear!!!

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Wanted to give an update on my situation. I recieved an offer at 92% of my current loan. This week i had jumped from 86% to the 92% so the algorithm liked that. The offer was the lowest loan amount I've recieved for all 4 of my loans, but it was needed so i accepted it this morning and was approved this afternoon. Good luck everyone. 

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