Has anyone had any offers this year yet? Usually i get mines ay 63-65% rn im at 73% and haven’t get one yet… starting to get anxious 😬
Hey there @Jso1961.. I'm paying off one at 75% now. And I'm not expecting a new offer any time soon. For at least the past two years, new offers have been coming much later than they used to. These days, I'm hearing from LOTS of sellers here that a) offers aren't coming until the high 80% at the earliest, with many not receiving offers until the previous loan is completely paid off, and b) many are experiencing lower offers than they have received before.
Honestly, this doesn't surprise me too much given the absolute shambles of an economy we are experiencing, with no real reasons to expect that it will get better any time over the next few years. The lending market doesn't react well to uncertainty like we are experiencing, and it is not just Square's loan arm that is being conservative and cautious.
Keep in mind that I'm NOT saying that you definitely won't get an offer soon. I'm just saying that the overwhelming experiences I'm reading about here on a daily basis say that you should probably not have high expectations. And you definitely shouldn't be anxious, unless your business depends on loans to survive, which is a different story. Another offer will come if your card volume is growing and your other business milestones are where they should be. But I believe (and many other sellers here believe) that the days of new offers at 60-70% are in our rearview mirror.
Hi @KEC413
Thanks for posting on the Square Community.
Loan eligibility and offers are based on a variety of factors including payment processing volume, account history, and payment frequency. We routinely review eligibility of our sellers for Square Loans.
If you don’t see an offer in your Square Dashboard and haven’t received an email noting you’re eligible, you are not eligible at this time. If your business becomes eligible at a later time, you will see loan offers in your Square Dashboard.
Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.
Good luck!
I see a lot of familiar names yet! 😭
Update : I got a loan offer today ! $600 less than my last but definitely a good amount ! 😅
Congratulations 🎉 so nice to see this! Hopefully, the first of many!
Congratulations!!!!
Congratulations 🎊 👏! What percentage were you at when you got the offer?
81%
Were you completely paid off ? I’m at 91 with 680 left to pay and nothing still.. congrats for you though!!
Nope just hit 81% Sunday night and got a offer Monday around 1-2
That’s awesome for you ! I check my account everyday and nothing . I’m getting stressed out
Congrats!
Sitting at 82% paid on a 49k loan 14.5% of sales are taken for every invoice paid. Super high payback
and the least that square can do is give me an offer. This is our 3rd loan and we have had offers at 43% and 55%. Everything is in the green and we are 125%
above sales from last year and monthly. Don’t know what’s going on but the algorithm is missing our numbers:/
Well I’m at 93% paid off this is my 4 or 5 th loan now . I only have like 530 left to pay, this loan was only for 6,500 . I just don’t under how people that are at 70-80 % paid off on 65 thousand dollar loans are getting offers .. it’s just craziness at this point .. what is seriously going on here !
I understand your frustration, it would be amazing if this someone that is familiar with these types of algorithms could give us some sort of feedback. But that would make life way too easy.
Last week I got my latest offer while I was at 62% on the current loan, offer was in the 20k range. The algorithm makes no sense, no clue why I would get an offer but others haven't that are at a higher %. I have had a ton of new customers in the last couple months, that's the only change I can think of.
I hope everyone gets an offer soon, I know I needed it pretty bad.
I’m struggling for sure , 98 percent paid off and nothing …
Real question. I have been with Square for a very long time and was apart of the first group of people who received loans when they started introducing them. I would like to know what some of you all are bringing in annually to receive loans over $50k. Does anyone mind sharing?
I have been with square for only 3 years, but this is my 5th loan. I bring in between 85k -100k yearly. My highest loan offer has only been 7.5k. I am at 98% paid off no chargebacks, no returns, processing volume the same, no missed payments. Everything is green and going well. I only have 150 dollars left to pay before it’s at 100 percent paid off. And I have not received an offer. I was going to just pay the rest but many people have suggested not too, since it could set me back even farther from getting an offer again. I am beyond frustrated at this point. People who are getting 50 -100k offers for loans after only paying 27-45% off is more than frustrating. I need this offer so much right now and nothing .. I’m really at a loss on what is going on. Only think I can see that’s different lately is a lot of people have been using cash instead of card and of course square doesn’t look at that.. to pay it off or not too pay it off that is the question, but I’d be in the same boat as I am now really…
Don’t pay it off. I have never paid off a loan. It looks better to let your daily sales pay it off.
That’s what I heard as well. It seems easier to just pay it but I’m getting pretty desperate at this point so I’m willing to try anything really.
What we know is if you manually pay it, it can knock out your reconsideration for about 2 weeks. Lol resist the urge. I’ve had about 16 loans and the amount increases every time, because I’ve been able to grow my company more after each loan.
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