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.
I have processed around $385k in the last year and paid off my 45k loan in 6.5 months. Today's makes 10 weeks since payoff through card processing. Everything green, up YOY over 💯, and nothing. I have been with them for 11 years.
Oh wow! I do feel like Square has an estimated amount of time they want to pass before they offer a new loan whether it’s paid off or not. I think that is how they are staggering the money they are lending out. Just a thought.
The last 2 years I averaged $550k in CC processed through Square. The majority of my loan offers are well over $50k.
Thank you for the insight.
I'm in the 270-300K range
Thank you for the insight as well. I’m guessing you have seen offers over 50k. We are similar but I haven’t seen anything too far over 30k.
Yes, all over 50 except my last one. 44K in May I'm now 53% paid back and I don't care if they offer another. I set up a savings so I won't need another loan. I'm trying to stop taking the loans.
450k annually for 40-50k. I feel like it’s typically around 10% of your annual sales.
I just recieved an offer at 74%. Its the exact same amount I was offered last time. Hope this helps yall out!
Mines at 100 percent paid off and still nothing
Im sorry to hear that. Based off the threads here I was definitely not expecting an offer anytime soon. Most seem to be upper 80% to fully paid off. My processing frequency has been up a lot the last month and thats the only thing I can think that may have triggered it.
My last loan was 1/4 of the amount of the previous although sales and everything are up. I took it regardless. I’m now at 50% paid off in 3 months. Hoping they’ll offer me another, larger loan more appropriate for my current sales and history with Square.
This is my 5 loan, mind you they are only ever in the 6-7k range. 100 percent paid off and still nothing. I have seen people say they are getting offers at 45-60 percent paid off on massive loans .. just makes no sense.
This is somewhere around my 15th loan with Square since 2020. They’ve all increased all the way up to this one which like I mentioned is only 1/4 of the previous loan amount. I’ve gotten offers in the 40% all the way up to 90%. Because I’ve paid this last one to 50% in just 3.5 months (4.5x the minimum amount due), I’m hoping the algorithm catches on that a higher offer would be more appropriate.
I see it’s not moving so hot right now 😩
I just got a new offer this evening. I was at 76% paid on my last loan. It was slightly less than my current loan. I usually get them a little earlier, like 70% so slightly longer than expected but I was thinking it would be any time. Now just waiting for approval but it’s usually been next day or two days.
I got an offer yesterday evening. I was at 94% payback on a $50,000 loan. Processing was about $600,000 from February of this year until now. The new loan was a lot less. They sent an offer for $27,000. I took it, and it was approved probably within 10 minutes.
You have processed almost $100k/month the last 6 months and were only offered $27k? Wow.
Definitely surprised but I have saw if you waited a few more days the offer may have been larger. First one was 49k this one 27k. Which are my first two loans with the company.
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