Hey @Craftsmandrywal. First, I know for a fact that loan offers are going out. I’ve receive at least 4 (a few more I think) in the past few months, even though I’m not looking for a Square Loan.
I can give you some insights but of course no concrete answers.
It seems that right now Square Loans are coming later, even much later, than in the past or what sellers expect. Why? Because if you read the news, or follow the financial journals, you’ll see that all lenders are being very conservative about how much they have on their balance sheets. Rates with the Fed are still high and will only come down slowly. There is talk every day of a looming recession, which I think is crazy since the signs for recession just aren’t coming together. But markets don’t like that kind of talk. The point is Square is not the only lender who is holding back. I’ve seen sellers here waiting until the 90% range to get a new offer, and more than a few who completely paid off their existing loans and then waited a while (weeks if not months) before a new offer showed. This, as they say, is just the way it is. The lending market is being highly conservative and cautious. Hopefully, that will change soon.
Unfortunately, no one at Square can tell you much more. Square uses an automated algorithm to determine whether or not offers will go out, and human intervention for this process does not exist. The loan status dashboard just highlights potential problems and bottlenecks, but it DOES NOT guarantee that if everything is green then an offer should be coming — soon or otherwise.
If you really need money now, of course I’ll suggest that you reach out to your local bank or credit union. They might be able to help, but they might not. This conservatism and reluctance to have too much loan exposure on balance sheets is worldwide right now, unfortunately.
Regardless, I wish you well. And, if this LONG reply is too much — and all you meant to do here was vent your frustrations and didn’t want feedback — then please accept my apologies.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
