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!

[Bdz]

Has anyone received a loan when processing says needs work. October and November are very slow for me, so of course my processing took a dip, but I am 95% paid on loan. Would love to purchase inventory during the next few months, because it goes on sale, during the slow times of my biz. Just curious, if anyone received loan with the needs work?, if I had some new inventory that stood out a little, I could raise sales a little,  not much, cause Oct, Nov always been very slow for me, just kinda sucks the timing happened like that, right when I may have been coming up for a loan. Thank you in advance for answering me

[Twpchair]

Yes, as long as you stay away from returns, refunds, chargebacks. It’s hard to say as metric changes daily and they aren’t a guarantee of a loan. They are a good tool for us to gauge how we are doing vs 6 mths ago or YTD.

[Abby_M]

Hi @Bdz 

Thanks for taking the time to reach out to us.

Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers even if the key factors displayed on the eligibility page show all “Good.” 

We will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

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

[Doe777]

Hi I am idling along at 80% hoping to get an offer. Everything is in the green and this is my 5th loan.....I hope it comes SOOOOOON!

[Twpchair]

Good luck! Hopefully, the algorithm will be kind this week. 

[Damien_H]

So I’m thinking of paying off my loan early. About $2400 left. 72% transaction wise but I usually don’t get an offer to my loans are completed. The last 3 have doubled but I’ve never paid them off. Opinion on if I should go ahead & pay off or just continue with my daily transactions ?

[Twpchair]

Personal with that left and then the additional days to process with a holiday in there.  I would myself pay it off in sales—just my opinion. 

[kacey_k]

I agree!! Get the full amount!! 

[Damien_H]

I’m on it, thanks. Was just a thought. I value the opinions on everyone in here. 

[Twpchair]

I have a feeling you will be helping out in another year—just my 2 cents. Good luck, and remember you want all, not half. If I pay down my loan, I usually do it to he 60% range. Jumps me up to around the 80s. 

[kgucc]

I’m 97% paid back and linked my bank account using Plaid at about 85%. I had previously just had my debit card linked and I’m wondering if linking it impacted my chances and I should disconnect it. I sell on other platforms and have an additional business account but this is linked to my smaller local bank. I’m still processing 6 figures in that account, but I also pay all of my business bills and expenses out of that account. Do you have any insight on this?

[Twpchair]

I have seen so many connect their accounts and no changes that saw as far as an offer. @ryanwanner @kacey_k 

[Minion]

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@Twpchair wrote:

I have seen so many connect their accounts and no changes that saw as far as an offer. @ryanwanner @kacey_k 

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I had mine connected before, and mind you I can pull a loan out and run it the full 16-18 months with the amount of cash/check I do and offers were always the same.  I simply refused to connect it this time around. 

[Adalynn]

hi @kgucc !

Thank you for posting.

Connecting a bank or multiple banks is optional and will not affect your current eligibility status. We hope to use this data to improve future offers!

Let me know if you have any questions 🙂 

[Twpchair]

Sending you a pm

[Damien_H]

Ok

[kacey_k]

Sounds good!!!!

[Damien_H]

I agree. It was a thought that crossed my mind. 

[Minion]

I agree with @kacey_k , pay it off with sales not a manual payment.  The fee is already adjusted in there, so you aren't gaining anything by paying it off early. If you are paying it off to stay away from the loans that is one thing, but if you are paying it off in hopes another loan comes around that is another thing, and a gamble. It will be a minimum of 10 business days for the algorithm to kick back in.   Just my .02

[kacey_k]

I paid off my first loan ever and didn’t know that I had to wait 10 days. Now I just let my sales pay it back 

[Damien_H]

I appreciate the feedback. Ive always just paid off, just a thought that came across my mind last night. Thanks