Hi @Fromwithin. Square Loans are still going out. To clarify some widespread confusion, though, understand that just because everything is “green” does not mean that loans SHOULD be offered. The status page only shows what big issues might be present with our accounts so that we can hopefully fix those.
However, other factors come into play. These include things like Square having limits on the total amount of loan risk they are willing to take and have on their balance sheets. Another good example of when we might be “green” and still not see a loan is this scenario. Let’s say that our card processing volume this year is very close to or slightly above last year. In this case, because of persistent inflation and high interest rates, our ability to repay a loan might be considered lower. Like most lenders, I would imagine that Square likes to see not only growth year-over-year, but they need to see marked, steady growth. Stagnant sales do not give lenders confidence that loans can be repaid in an economy with high interest and still growing inflation.
Obviously, there is no way to know for sure. Since Square is not obligated to offer loans we are at the mercy of their algorithm. I just wanted you to be aware that the loan dashboard doesn’t give you the complete picture, nor does it say “all good so we WILL get a loan.”
Anyway, I can attest for sure that loans are going out. I’ve received 4 offers over the past few months. I’m just not interested at this time.
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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