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]

Did everything work out with the offers yet?

[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?

[Twpchair]

Way to go!!!! Congratulations on the sales and business that help those offers! Great to hear that. Here is to beating all offers!

[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..

[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? 

[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]

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@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? 

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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!

[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. 

[Minion]

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@Crispin2k253172 wrote:

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. 

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Yes that is correct, the process with Square Is nice and convenient for that as far as no credit checks etc (maybe a soft pull?).  I completely understand that 100%.  There amount of companies that offer strictly business credit options without a PG are very slim now days.   I would love to be able to give you the "exact answer and method" for a Square loan but unfortunately all we can do is say the same copy/paste answer.  It does see like your business is doing great by how quickly you are processing the loan repayment so that is a plus, and just keep at it and don;t expect an offer and then when one pops up you can go from there if your business needs it. 

Also.  Check into Myfico forums.  There is a wealth of information on there from including rebuilding credit to business credit.

Best of luck! 

[BoBos228800]

Hey @Crispin2k253172 any luck of an offer coming in? I've been at 80% now and waiting patiently. I'm new with square and wondering how this algorithm thing works lol

[Crispin2k253172]

Nothing yet. I was at 80% at the beginning of the week Im at 82% today 10-9-25 and nothing yet.  just checking on it everyday.  I got one offered in april these year when I was at 75% on the dot. As soon as I hit 75% the next day I got an offer. I thought it was gonna be the same thing this time. Bus I guess not. We just have to wait and see. 

[Twpchair]

Welcome first, and good luck with the algorithm 🤔😩 I can help you with a few tips and insights on what is essential to look at both positive and negative. 1st, when you are new, it's tough to determine how the algorithm is working. 1. It's trying to figure out how you process, daily swipes vs cash or checks, etc. It's key to remember to keep swiping daily, try to increase the number of swipes, and the dollar amount. New customer vs returning. All those equal a growing, healthy business vs just maintaining. Keep returns, chargebacks, and disputes to a minimum if possible. Square takes into account your history of prior loans and years with them. This is why it's harder to determine when you might receive the next offer. The more you do of the above, the better the algorithm will fit you with the best offer according to your processing. That's why it's key to keep those numbers improving. Please remember that metrics are an excellent tool for us to track our sales and trends, but metrics are ALL green, which does NOT guarantee anything. However, you are doing great. I've been around all these tools before, and my 1-3rd loans were in the 1-3k range. As I grew, so did my offers. I get roughly 5-6 offers in a year now (I don't accept every offer), and my sales are up close to 40% now vs last year. Business is doing great this year. I process about 80-84% all cards. Offers are going out every day, all day, worldwide! Keep pushing those cards and building them up each period, and you will be just fine.  Good luck to you!

[Abby_M]

Hi @Crispin2k253172 

Appreciate you taking the time to post! 

Offers are based on many business factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. We do not have a specific timeframe for when another loan offer may be available. However, we will continue to automatically review your account for eligibility.

If your business becomes eligible again, you will see loan offers in your Square Dashboard.

Learn more about Square Loans in our Support Center.

Feel free to reach out to us directly if you have any additional questions!

[Stanleybear323]

Just hit 57%, feel like I finally hit the mark where I can START to hope to look for one in the next couple weeks, these loans are so helpful going into fall/winter months, so nice to have a cushion! Good luck everyone!

[locksmithnick]

Yeah I feel the same now sitting at 64%. I’m on my 23rd loan since 2014, and I really love the process and how Square does things. I’d say eventually they’ll have a “request a loan” button in the dashboard of some sort for longtime customers, as they seem to always be evolving. I also anticipate them doing mortgages. Let us know when you get an offer! Hope you had a great year! 🤘🏻

[Twpchair]

🤔🤔🤔🤔😏😏😏