Hi @ggbluejune All sellers are different. All Square Loan offers are different. Comparing another seller’s experiences to your will only serve to frustrate you, trust me. The loan offer algorithm is a black box that will send you and offer when it determines your are eligible for one. It has always been that way.
Square Loan offers are triggered by regular reviews of our accounts and activity and when the algorithm determines it is time for another offer, one arrives. There is nothing that we can help you do in the seller community, and Square employees won’t be able to accelerate this, either. For most of 2023 I saw lots of similar threads here where sellers had paid off their loans then waited weeks, if not months, for new offers.
I can offer some context, however. Even a cursory reading of economic news reveals that the worldwide lending market is being very conservative right now. All lenders are being very cautious about when they offer loans and especially how much they offer. With worldwide interest rates so high, all loans are very risky for lenders so they aren’t being as free and easy with them as they once were. This is a reality that is going to stick around for a while not just for traditional lenders, but for merchant lenders like Square. Hopefully we will see some loosening in the overall lending marking in 2024, both in the area of interest rates and qualification requirements. But regardless I expect that it will be a very slow process.
Sorry to be the bearer of unwelcome news, but at this point it is at least reality.
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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