Solved: Re: Loan Process 2025 - Page 21

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_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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kacey_k

I 3rd this one!!!!

GandK2025

I received my 3rd loan offer on the 3rd but it was much lower than I was hoping. My sales since then have been higher than ever so I’m hoping another offer comes through soon. Does anyone have insight on how long another offer might take? Tomorrow will be two weeks since the initial offer.