Solved: Loan Process 2025 - Page 20

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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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.

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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.

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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

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Minion

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

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.

Dan
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Twpchair

Sending you a pm

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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

Dan
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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

Damien_H

Good luck

Fuzzhe

I'm on my 6th loan currently at 83% and my new loan offer is almost like half of my previous amount, and the percentage is only 3% lower? I've processed more with square this year than ever before just paying the loan down so very confused and wondering if anyone experienced this before and any advice to get the loan amount higher?

kgucc

Did they just offer that today?

Twpchair

Unfortunately, it does happen, and I have seen it too many times. You honestly have two options either pass and hope the next one is larger or accept. At your percentage just my 2 cents here. If you are not in a tough spot I would let it go and keep processing as much as possible and the volume of them u. Good luck I hope everything works out for you.

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Minion

@Twpchair wrote:
Unfortunately, it does happen, and I have seen it too many times. You honestly have two options either pass and hope the next one is larger or accept. At your percentage just my 2 cents here. If you are not in a tough spot I would let it go and keep processing as much as possible and the volume of them u. Good luck I hope everything works out for you.

I second all of this^^^.

If you are not in a bind, simply let it slide continue paying it back and maybe another one will come back with more and you'll be that much further ahead.

Just keep in mind that nothing is guaranteed.

Best of luck.

Dan
Square Champion
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Twpchair

Sometimes it works holding out or you get around the same offer. I just can’t say I’ve seen anyone myself who connected their bank and the next offer was a big increase. But that’s just me.

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kacey_k

I’ve connected different banks and did nothing different