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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Thank you for the update! And yes, for the majority it's between 80-90% paid back. A good handful state around 70% and about the same for completely paid off. The rest you nailed. Unfortunately, all we can do is sit and wait to see if or when and what new % you were at. 

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Thank you, it does help others. It's been a tight board lately 😭 Hopefully, it breaks soon! Good luck and thank you for the update. 

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Good luck! I'll be watching for ya!

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I am somewhat confused myself. Had my busiest month in the history of the business. Just hit 82% paid off with our 2nd highest weekend in the history of the business. And it still shows all green but no new loan. I am nervous because I see sales slowing down over the next couple of weeks due to our normal summer slow down and that's going to really hurt the loan chance. 

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The good thing is that Square doesn't Just take into account your metrics. Those are great tools for us to use as well. Your history, sales are up, and a couple of weeks won't drop them too far. You will still be above last year. Its history, prior loans, swipes, and volume of swipes, and new customers. They are looking for growth, not just maintaining to keep the doors open. You are doing all of that and then some. Good luck and hopefully very soon. If you go to the thread on loans 2025. That's the main one. The mods have a pinned post up top. In it is a spot that says click here. It tells why the change in the % paid back. And what they are looking for. Above all that despite metrics and influx or maintaining. They do take into account your history with Square, prior loans all the good over the years. Stay away if you can chargeback, returns, or disputes. That takes time back and forth with banks or credit card companies and a human only. You can never say never with it stating that there is no guarantee of if or when. But keep up with the amazing job and wow your best year that's amazing and exactly what they are looking for. Hold tight ok? 

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We are at 81% and still no offer. We had a decline in card sales the past week but our wifi was down at a show we did last week or we would have been closer to 86%. Shows a dip in sales but it was a technical issue with us having to miss 3 1/2 days of card swipes at one of our busiest shows of the year. 

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Hopefully something comes to you soon.

I have a strong feeling my offer won’t come until I’m paid off. I’m at 93% 

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I am feeling that as well! 😡 Two weeks of our road being closed and no real detour and a good distance from the city's car parks. Awfully hard to sell furniture. Yesterday, they finally paved one side and slowly let traffic through one lane only, and four lanes backed up all day. Four record-setting weeks to about three people on Saturday, our busiest day. So yes, I get it. Those things are out of our hands, unfortunately. That good ole algorithm doesn't understand that! Here is to all of us!

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Hope this doesn’t affect my future loan, got my first dispute yesterday, customer wanted two windshield replace, went out and bought from ware house and drove to install it, 5 days later random person from a whole different state called asking why did I charge her card and that her card was stolen hmm……5 days later though really??!!!!!!! So now what almost 1k on hold

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I would contact Square 1st. That sounds a little shady for one. If you can document everything about it. On our business page (FB) I am double verified and the amount of traffic we get. I get roughly about 3-5 scammers a DAY all from Messenger. Never had a single one on our Facebook page though. You would think if you saw a 1k charge on your card you or they would have been calling nonstop and hotboxing that card fast. Sounds odd to me. Good luck with everything. No, one is not a make-or-break type of thing in what 5 years or so?

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This my first one since I’ve been with square Jan 2025, exactly my thought, they didn’t realize there card was lost a week later…..and I contacted square the day she contacted me but square said nothing they can do about it cause they don’t see a open dispute 

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Ahh, if no open dispute then you don't have any negative impacts but you are out a grand. Smh its been a rough couple of months from stealing to scammers. And think that is their full-time job. 

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How are things going? Did you get anything else about the dispute? 

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We have never had to wait past 75% and never missed or been late on a monthly. Bummer because I passed on a show this weekend as it would have been a break even at best but thinking just to keep swipes up I should have went 😞

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Keep swiping first that's what triggers an update. No swiping = no updating. I know it's hot and miserable and maybe not the best show but you're swiping and the algorithm is moving to update you. The 3 days down hurt the pocketbook and the bills. It also stopped you from updating. Keep taking cards as much as you can to keep that system updated for you. It is not just you, believe me. Scroll through the page here. It has changed for the better. We all just have to remember that and get that old 75% out of our heads as standard. Keep swipping, the volume and amount of swipes, and new customers, all equal growth. The rest of it speaks for itself with your history with Square, prior loans all great. 

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I'm paid off at 96% now. Given, I went on vacation so didn't have any process activity for a few weekdays.

But today everything in green..96% paid off. All good numbers up. Nothing!

I owed almost $290 left on about a $9,500 loan and sure expected an offer before now! 

Tired of it and Just paid off the balance. 

Last time I did this I got a new offer on the 5th day. 

We shall see! Will keep you posted. Need it to restock my supplies and buy some new equipment for my business for summer. Fingers crossed! 

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Good luck to you! You will definitely be paid off and then some with the 7-10 business days to process it. You will be debt-free! Congratulations on that. Hopefully, you won't have to wait too long, and a good offer will come in. Good luck to you!

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Just got my offer about an hour and a half ago. 74%! 

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Congratulations

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Congratulations!!!!!

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Congratulations!! Crossing my fingers as I could seize an amazing opportunity. Timing, all about the timing.... 

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