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. 

[ianssoph]

The loan I was offered today still had a minimum payment due. My due date resets on the 25th of each month.

[Kacey_W]

I’m currently at 96% paid off and only owe $76 now and I have a busy day tomorrow which I’ll then be at 100% with no offer in sight. Really could use right now unfortunately! Hopefully soon!!!

[Damien_H]

Once mines was completely paid off, I was offered a new loan 4 days later 

[Kacey_W]

Well I guess that’s positive to hear! Thanks 

[Abby_M]

Hi @bckstgeboss 

Thanks for posting on the Seller Community

Your business may become eligible for a new offer when your existing plan is closer to being repaid. If approved for a mid-plan offer for our loan product, we will use a portion of the new loan to repay the remaining balance of your current plan. Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

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

[marielmt]

Hi @bckstgeboss !

Appreciate you taking the time to post.

The minimum payment amount if not reached should not affect eligibility if you are still within 60 day timeframe.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Kacey_W]

I always met my minimum BEFORE it was due each time and got my loan ($1400) Nov 21, 2024 and it was paid off (with sales not early pay off) by March 2, 2025. There were so many times I just wanted to pay it off in full during that time too. I’m no longer stressing or hyper fixating on my next loan. It just adds more stress to my life. When it comes thru so be it!

[bckstgeboss]

Oh no I keep seeing people they’re high 90s-100% with no offer. I’m at 82% and have been having a busy week so hopefully something soon. 

I keep getting emails being offered the credit card but I’m not interested at all 

[Kacey_W]

I didn’t even know there was a credit card 

[Twpchair]

Yes, it's been in the Beta group for a while now. If offered one its kinda like a loan you can't apply for one they will notify you that you are eligible for one and how much your limit is. Remember you can't have both at all period. Either the loans or the card. So weigh out your card offer vs your loan offers and then you know what is best for your business. 

[Kacey_W]

Interesting yeah I’ve not seen anything about a credit card. I’ve only been using Square for a year this time. I used it for about four years before, but all I did was take payments. I didn’t do anything else and now I use it for a lot more so it’s like I am learning Square for the first time But really not if that makes sense.

[Twpchair]

It does! Especially, in that 4 years Square has grown from just swiping a card to a full-blown processing company, updated and extremely good tools to help you run your business faster and easily to free up so much time that before it was 2-3 hrs plus doing sales, ordering, stock, etc. Now, about 20 minutes, and while I am doing that im backing it up on Excel for the bookkeeper at the end of the month. 

[Kacey_W]

Yes I am so shocked at how much Square has changed for the better and honestly, I was pretty shocked that I even got my first loan offer as fast as I did. I think I started using Square consistently in June of 2024 and I had my first loan in Dec of 2024.  I was pretty surprised that I even got an offer that soon because while I use Square for card payments, a lot of my clients pay me in cash now if I could prove my cash payments with Square I would probably get a lot bigger offers with loan like my sales at the salon, I would say probably 40% his card. The rest is cash. 

[Twpchair]

There are 2 ways to help improve your offers. I use a terminal and register so I ring up cash and checks. It doesn't of course increase your daily sales or pay off any more of your balance but it does show your overall cash flow and honestly, everyone knows you don't have just 25 cards processed or whatever and you've never taken a check or cash. 2nd and this is up to you and how you feel about it. You can link your bank so that Square can see that say prior to an offer you took in 55k in cards only but your bank account said 32k in cash deposits and 12k in checks. Those are just random numbers. They can see and base your offer to include that 44k into some factors. Again, it states no guarantee that it would automatically increase it, and you control what they can and can't see. Its totally optional. Going off of the people who post here a good 75%?said their offers went up and all metrics were great. 

[Kacey_W]

I actually already have my bank account linked and it’s crazy that you say that because it was shortly after that when I linked my bank account that I got my first offer and since I just basically started in June of last year, I’m in all green, like it’s way up there. I’m currently at 96% and it’s taking everything I have not to pay off the remaining like $75 and that’s not even due until March 22. That’ll be paid off by tomorrow

[Twpchair]

Way to go!!! Congrats on the sales. Yes, hold off or that 10 business days to process, and then back into the algorithm over 75.00 I wouldn't chance it either but that's just me. I've noticed and noted that loan 2-4 seem to be a longer time. The algorithm is finally getting good data on how you process, how fast you are paying off the minimum before it is due, and crunching numbers. I think at the time my biggest loan offer at the time was loan 3-4 and it was 16k higher than before and that was prior to the metrics and I thought I hit the lottery! 😆 

[Kacey_W]

Yes I am definitely not going to push myself back 10 days. I did that last month twice like an idiot. It’s all been a learning curve for me

[Twpchair]

Yes, I have been asked about it for a while. Did it give you the option to opt-out? It should have if it doesn't would you let me know so I can relay the message it will help you and anyone else getting repeat messages. Thank you!

[Kacey_W]

Would that be in my email cause I’ve never seen anything about a Square credit card

[Twpchair]

Email or dashboard. I'm not sure if it is just me or not but my dashboard is the fastest way for all communication vs email. My offers a good day before the email and any other information or messages all the dashboard first at least for myself. 

[Kacey_W]

I agree my dashboard is where I find everything