Loan Process 2025

[BobH02]

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

[Twpchair · Accepted solution]

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. 

[Minion · Accepted solution]

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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. 

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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!

[Twpchair]

There are many ways to get that. Most are Square doesn't charge a fee to our customers for using a card. But, some businesses can add a service fee say for special delivery, some fees are taxable and others aren't. If you didn't break any rules then there is no issues. It's difficult when you see people at 100% paid off and others at 57% with no reason why. Good luck to you!

[Twpchair]

deduction from the contract price payable by a customer in response to a service provider's failure to meet a service level in a service level agreement. This is the only one I could find the semi close to your question. There are literally page of examples of why or how you could have received this. Without getting a clear answer from customer service all I can do is give you examples of what if’s. If you are paying off loans in record time and you had a payment pending to post to your account but you were 100% paid off. That payment in lingo would be returned to you. Does it affect your loan or not? Affect it in the future no, but it also takes time to adjust your account to reflect this. This scenario is applies if that was the issue. It could be 20 plus different reasons why. Have you called, have you received any emails to follow up regarding this? If and only if this was a slower payment that hit and between that tone you paid off your off your loan per swipes and not a prepayment it is still going to take a little time for the algorithm is catch up and reflect this. Will it take the full 10 days to clear to get back into the algorithm system. I know it stinks waiting but unfortunately, those are the rules. Hopefully, it's sooner than later. When this happened to me. I paid off my loan at 75% during this time i was still processing payments were still adding up. I received it back and i did wait till it cleared 10 business days. Once I hit the algorithm the 2nd day i received an offer. Again, only if this is this is why. Myself i would call l customers service and ask them how or why it's there. @abbeyc can you she more light on this privately?

[B-dot]

All dealt with.  Turns out it was a overpayment from "several" loans.  Once it was explained to me ( 7 calls over 5 days and four direct messages all unanswered.... The customer service totally sucked until the final call, which was really helpful), I received an offer the next day for almost 70% LESS than my previous loan.  I took it anyway, as I treat every loan as an investment to grow. Very thankful for it. 

[Twpchair]

I’m sorry to hear about the 70% decrease. Additionally, there have been several overpayments, not just on your part but in general. This serves as a reminder for all of us, including myself, to closely monitor our loans, prepayments, and both checking and savings accounts. 

I appreciate having my savings here, as it helps keep them out of sight and out of mind for me. However, I do check it regularly because it often updates with 4-5 deposits at once, not always on a nightly basis. I go through it every day to double-check everything. It’s always accurate to the penny, but the multiple updates spanning several days can be concerning if you’re not paying attention.

Thank you for sharing this post. I hope this situation doesn’t happen again, but perhaps it will provide a solution for someone else facing a similar issue.

[B-dot]

I guess my question is why did I get a service credit? 

I owed about $1,600 on the loan, and they gave me a $1,600 credit to pay out the loan. Why?

[KalBabino · Accepted solution]

Did you ever figure this out? Same thing just happened to me for $1400 and I am confused. 

[kacey_k]

@Twpchair do you have any insight to this? I’ve not seen this before.

[Twpchair]

How many loans have you had? Were all paid on time? Did you pay off prior loan with sales or pay it off in advance? A little more information will help. Thank you!

[kacey_k]

Thank you!!!! 😊 

[Twpchair]

I've done this a few times, each time differently. #4 loan was just a gauge test, and the next offer was bigger. 2. They had both a card and a loan pending at the same time. Definitely check your dashboard. Prepayment at the end is a killer especially early on loans. 

[Ann14]

I’m at 80% wish me luck 

[Twpchair]

Good luck to you?

[Damien_H]

Good luck 

[Alexanderoep]

am at 70% everyone wish me luck would love to get approved soon at $250 of my minimum payment before September would love to buy new inventory.

[Damien_H]

Good luck 

[Lostone500]

Had my loan paid off in full July 29th. About to hit a month exactly. And still no offers. And everything is all green currently. 

[Twpchair]

Could I get a little more information that would help me get you to the right place? These last 2 weeks now loans are finally moving along with quite a few posting they finally received one. How long with Square, how are your numbers with swipes per day, and the volume of of swipes? New customers vs regular? Are sales increasing each quarter and not just maintaining? The metrics are great tools for us to use to seeel how we are doing vs previous months and years, but not a guarantee of a loan. They are looking for a good strong healthy business that is going to reinvest back into your business vs just maintaining or enough to keep the doors open. Green is good growth and those number doubling or more is huge. With no loan guaranteed if or when increasing a boost in the above-mentioned are huge.  Also, negatives try hard to stay away from returns, refunds, and disputes.  Loans are moving at a good pace right now. Above all Square takes into account your history, prior loans, and how long you've been with them.  Let me know about the above so I can help you get to the right person. Hold tight and keep swiping those cards.

[Lostone500]

I’d say this is the best I’ve been business wise. More sales. Higher on the chart for sales then before. No disputes or anything like that. Usually I get a loan offer once a week passes once paid off. Haven’t had anything for over a month. And did about 4 loans before. So far the longest I’ve waited. 

[Twpchair]

Ouch! Have you called? 4 weeks completely paid off is a bit. Did you pay any off or all card sale?

[Lostone500]

I called and nothing they can do really. Just the basic same stuff I’ve heard before here. Most of it was all card sales for about 95% of it. Then I paid the other 5% of it off myself on that day July 29th. Ever since paid off great sales, all green, nothing but good. Just odd since I had loan offers before usually a week after it’s been paid off. And nothing now. Could really use it currently.

[Twpchair]

I know it says it usually takes 10 business days once you pay it off. It also took me another 2-3 business days to get back into the algorithm. Do you know or see if you’re updating daily? Once you sse that then you're back into it. I made the mistake of paying one off early in the 90% range an a holiday in there. It took 15 days total and two days later came in. Now, if I prepare my loan I do it at 60-low 70s. That way it puts me roughly low 90s and I can kick in sales and I don’t get caught up in the prepayment process. Good luck. They are still doing loans. It has been been moving pretty steady the last 2/3 week.