Solved: Re: Loan Process 2025 - Page 17

BobH02 · ‎01-09-2025

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

Twpchair · ‎02-06-2025

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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Minion · ‎03-31-2025

@Kacey_W 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_W

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
CoatingWorx
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Twpchair

Whether it's just a coincidence or the algorithm working, a few of us have noticed that once you get past the smaller offers, you pay off pretty quickly and receive your highest offer, your % paid back is higher. No, concrete or 100% accurate information, just a few of us watching a trend with offers. In the end, with no guarantees, all of you who report your status help us to help others. This isn't the first, and a good 80% state the same thing. Depending on how you're processing now, sales are up, swipes are up, the dollar amount of swipes is up, and new customers are up. Those are key now, along with your history, years with Square, and no negatives, returns, chargebacks, disputes, etc. Hold tight, loans are going out daily worldwide. The algorithm is looking every day. Congrats on the largest offer, and here is to another one! Thank you for all the information that you provided.

I did copy and paste from the post two down from yours as they are the same. Keep swiping cards daily, the dollar amount of swipes up, and new customers vs return customers, and no negatives if you can help it. All this plus your history equals a good, strong healthy business that's growing. Loan are going out daily just keep doing what you have been doing and let that algorithm do its job! Congratulations on your largest loan.

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Twpchair

Whether it's just a coincidence or the algorithm working, a few of us have noticed that once you get past the smaller offers, you pay off pretty quickly and receive your highest offer, your % paid back is higher. No, concrete or 100% accurate information, just a few of us watching a trend with offers. In the end, with no guarantees, all of you who report your status help us to help others. This isn't the first, and a good 80% state the same thing. Depending on how you're processing now, sales are up, swipes are up, the dollar amount of swipes is up, and new customers are up. Those are key now, along with your history, years with Square, and no negatives, returns, chargebacks, disputes, etc. Hold tight, loans are going out daily worldwide. The algorithm is looking every day. Congrats on the largest offer, and here is to another one! Thank you for all the information that you provided..

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Twpchair

It's been pretty quiet in here these last 2 weeks for those who post here at least.

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Damien_H

Heyyy. Still here. Just working hard EVERYDAY lol

Twpchair

Good to see and hear that

@Damien_H wrote:
Heyyy. Still here. Just working hard EVERY DAY.

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Twpchair

Did everything work out with the offers yet?

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Damien_H

I got my last offer on May 27th. Biggest one ever. On pace to complete sometime next month if not sooner

locksmithnick

It seems like they’re giving me 18-20% of what I’ve ran in the last 12 months. Is that an accurate figure for your loans as well?

locksmithnick

I’m at 62% on loan #23….ill update once my offer comes through.

Twpchair

On the whole, it's been running higher percentage paid back. With that being said your processing and sales especially increased in volume of swipes, the dollar amounts up, and new customers vs return all up have been triggering it and we have seen offers in the 60s and up..

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locksmithnick

My March loan came in at 68%. Sales are up over 31% YTD. Transactions up 34%. Customer mix is something like 78% new, 22% returning (I’m in tourist town). My March loan was the largest yet, so we’ll see just how much they like me after this next one 😎. I’m hoping it’s BIG!

Side note, I also have the Square Credit Card.

Alexanderoep

At 80% still no offer with a $650 minimum payment to pay

Twpchair

How many offers have you had, are you fairly new?

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Alexanderoep

hi, I have been with square for over eight years and had over 12 Loans with them so very shocked an offer hasn’t came in

Crispin2k253172

I'm On my 5th loan. I have been with square 2 years. first was 9k paid off in 30days, 2nd 20k paid off in 2 months, 3rd was 36k paid off in 3 months, 4th was $69k paid in 7months. on the 5th loan im still on and they offered the same 69k (same as the 4th loan). Now im at 80% all green and still no new offer. All past ones I have been offered at 60%-75%. I dont get it but Im being patient all loans where paid on time and no delays what so ever. Any body have any Ideas?

Minion

@Crispin2k253172 wrote:
I'm On my 5th loan. I have been with square 2 years. first was 9k paid off in 30days, 2nd 20k paid off in 2 months, 3rd was 36k paid off in 3 months, 4th was $69k paid in 7months. on the 5th loan im still on and they offered the same 69k (same as the 4th loan). Now im at 80% all green and still no new offer. All past ones I have been offered at 60%-75%. I dont get it but Im being patient all loans where paid on time and no delays what so ever. Any body have any Ideas?

Ahh its just an algorithm thing tbh @Crispin2k253172 . We could all throw out our guesses but that is all they are tbh By the sounds of it your business is doing great, being paid off that quickly. Have you looked into other lending options from banks, with lower fees by any chance? Just throwing that out there if you haven't thought of exploring that avenue?

The good thing is, your at 80% now so if/when you get an offer at least you will be able to keep more of that vs with your past loans and 25% of that going to paying off the previous loan! Keep up the good business!

Dan
CoatingWorx
Square Super Seller
Check out Square support center for additional help.

Crispin2k253172

Very true at least I will get to keep more of he loan since im at 80% now. I have tried other ways on my own. like CC, line of credits stuff like that but my credit is not so good so they always ask for personal guarantees so I can never qualify. Square has been the one there for me since I started with them. I dont rely on the loans but it does help boost my business a lot better as far as having capital.