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.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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