No New Loan Offer After Quick Repayment – Is This Normal?

[LendaleF]

Hello Square Community,

I wanted to ask if anyone else has experienced this. I recently paid off my second Square loan, which was for $6,000, in just 20 days. This wasn’t from any kind of prepayment—it was paid off strictly through my regular card processing activity. I’ve been processing consistent and substantial payments, so I expected another loan offer to appear soon after, especially given how quickly the last one was repaid.

However, I haven’t received a new offer yet, and I’m wondering—is this normal? Does Square have a standard waiting period or reassessment process even when a loan is paid off early through regular processing?

Any feedback or similar experiences would really help. Thanks in advance!

[Donnie-M]

@LendaleF The only thing standard is there is no standard.  The algorithmic entities that be don't follow a pattern that we can predict.  There is probably a period of time minimum before the next one would pop up, but I haven't done a square loan, but I get new offers all the time.  It is very varied as I have multiple locations, so I will get offers based on each location.  So I might have a 12k offer on one store, and 59k on the other, but not always at the same time.

I do know this from my anecdotal expert observance of my opinion.  Whenever you are looking for a loan offer after you pay off a loan or near paying off a loan, it is like looking for water in the desert.

[Adalynn]

Hi @LendaleF !

We appreciate you reaching out!

The Square Loan program is currently offered by invitation. 

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility.

Don’t hesitate to contact us directly if you have further questions or concerns!

I hope you have a great day! 😊