March 2025- Is anyone getting new loan offers?

[mrshuggins]

I’m getting pretty desperate at this point! 

We’re currently on our 11th loan and it’s 80% paid off at the moment. I’ve been looking at other posts here, and I’m so curious to know when or even if other businesses are getting new offers. We’re green in all of the parameters. 

I’m sure you all are feeling the same pinch we are right now. In the past, we’ve been able to kind of predict when there may be a new offer on its way. I guess I just need some hope at this point 😭

[Abby_M · Accepted solution]

Hi @Inked_By_Dougie 

Thanks for taking the time to reach out to us.

We understand that a Square loan offer is important to your business and not being eligible can be frustrating, Keep in mind new offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid.Your account is regularly evaluated for offer eligibility based on many different factors. . If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard 

If you have any other questions, please feel free to contact us directly

[Twpchair]

That is amazing! That’s a great way to start off with Square. Your history and time with Square will help with those offers, especially the way you are growing. The key things to always remember are to keep processing and try to increase the dollar amount of each swipe and the volume. New customers vs. your old faithful returning customers, that’s another sign of growth. The metrics are a great tool for us as owners and do play a factor, but it’s not a guarantee of an offer. Good is just that, good. If you want to keep moving up the ladder, it’s to keep doing what you are and have been. I’m not sure in the line of work that you would have much of a return, or chargebacks vs. online sales is a little harder to minimize. I think some people use it as a way of getting out of something they didn’t have much intention to pay for anyhow, or you’re never going to please everyone all the time. That’s a big plus in your favor as well. I have a zero return policy. All of our new furniture comes with anywhere from 5 years to lifetime warranties already from the company. It’s just that most customers don’t fill out the papers to send it in. That’s where I come in and fill everything out for them as they’re waiting for it to be loaded or scheduling a delivery time, and before they leave, it is done and I walk it down 2 buildings and put it in the mailbox for them. I have never had any issues with it, and it’s clearly posted. Thanks for popping in and helping out. We have a lot right now on loan 2-4, and really just trying to find out how it operates and why the wait for number 3 vs. 2 type of a thing. I have seen you have helped out a lot of users with that. Thank you very much. I noticed you picked it off right away.

[Mpechlys]

Yes most definitely, idk how other services work such as clover etc but square has been great to me.

[Twpchair]

most of the POS use an algorythm similar to Square for loans and offers. their policies are similar. Squares are available to the public. I have had zero issues myself and I waited to my highest paid back at 96% and the lowest was 65%. At 65% I  dont accept those with the higher  amount of roll over it just eats the new offer and the offer is just about gone. 90% is perfect for me and I am getting the majority of the offer. Throw in an increase in there and that is huge for supplies, updating anything that needs repairs or advertising to attract even more customers. That's just me and how I look at the higher percent paid back vs say 65%. Everyone is different and I don't judge anyone who accepts any offer as I don't pay their bills or know their circumstances. Were just here to offer some experience and help others who have just general questions on how loans work. 

[kacey_k]

I came back and let the community know. And I have tried to answer as many questions as I can, but I’m not on here all day every day. 

[Mpechlys]

Yes I remember you was patiently waiting on your loan

[kacey_k]

Yes!!!! I was paid off for 2 weeks before I got my offer!! 

[Twpchair]

You do great as well! That and a lot of times it's just starting busy season. More users in the late fall and winter. How is everything going?

[B-dot]

I can understand some of the frustration of the people posting on here, as there's a lot of inconsistency especially with the percentages.

For example, my last 4 loan offers came in at 80ish, 99, 67, and finally 56% a few months ago.

56% is unheard of... And even shocked the heck out of me.  Come to think of it, I think it was 54 and I accepted at 56 just to grow some inventory.

This inconsistency on percentage is frustrating.... But remember, Square is not obligated to give anybody a loan at all. They offer it as a service to help capitalize small business. No different than any bank, Square should not be expected to fund a business.

What breaks my heart is reading some of the comments on here as well as one of the previous threads where people make statements such as "I need this loan to pay my rent" and "I'm at 92% where is my offer?"

These loans are meant to inject capital into a business to grow the business. The loans are not meant to pay rent or staffing or overdue power bills or to float a business.  Honestly, if you "need" this loan for your business to survive, and you "won't survive without this loan", then maybe there is something wrong if your business model and you should not be in business. Sorry to be blunt, but reading some of these very very sad comments is heartbreaking, especially when everybody has hope for a loan and doesn't get it.

[snpink]

Shut up, no one asked you. 

[B-dot]

Well that is pretty rude....

[Twpchair]

It is very hard to hear some of stories and I feel for them I truly do. You are correct though. That is why when we keep repeating to push hard to keep processing daily, try to keep increase the volume (dollar amount) of each swipe. New vs returning customers. These all show a business that is growing and not just maintaining to keep the doors open type thing. For you to get the 50-60% range offer means you were processing like crazy and business is going great and sales are up. The algorithm gets triggers on certain things and if people actually listen to what the Mods say they tell you keep processing, new customers etc, it's to help you, but most see the "pasted post" and skip right past what they are telling you to kick in. Thank you for your post and I am sorry that people have to take out their frustration on you, but it's the truth. Good luck and keep up that processing! 👍 

[ApexSupply]

I am also currently waiting. They usually come through right on time, or just after. Which is about now? 😁