Loan Process 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

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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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@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
Square Super Seller
Check out Square support center for additional help.




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

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Heyyy. Still here. Just working hard EVERYDAY lol

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Good to see and hear that 


@Damien_H wrote:

Heyyy. Still here. Just working hard EVERY DAY.


 

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Did everything work out with the offers yet?

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

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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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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. 

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

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

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