Solved: Re: No new offers from Square Loans? - Page 3

BrownButterNOLA · ‎12-09-2020

I’m sure I’m not the only disappointed Square Seller on here regarding Square Loans. We’ve taken 7 or 8 loans (5-6 figures each time) and paid back all well ahead of the end of the term. We had a loan floating out there pre-Covid. We understood completely why those loans were pulled initially, 9 months ago, but now, still nothing.

It’s a strange way to reward loyalty over the years. We’ve been courted recently by Toast, who is offering business capital, with a very similar rate and pay back policy. I’ve always liked the way Square did business, until this. Anyone have any experience with Toast, or has anyone had any recent dealings with Square Loans?

Cameron_ · ‎12-15-2020

Hi @BrownButterNOLA ,

Thank you for your question regarding Square Loans.

We thank you for your patience during these difficult times. We understand the challenges you have faced and are proud to partner with a business as resilient and flexible as yours.

COVID-19 definitely forced us to take a step back and recognize how this virus changed how our sellers do business. New signals and criteria are consistently incorporated into our lending models to ensure we can best serve you. Eligibility and offer sizing for loans through Square Loans is based on a variety of factors related to your Square account, including payment processing volume, account history, and payment frequency. More details on eligibility and offer sizing for Square Loans loans can be found here.

While we do not have a specific timeframe for when another loan offer may be available, the Square Loans program will continue to automatically review your account for eligibility on a daily basis. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

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

Cameron
The Square Banking Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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Magik5tattoo · ‎05-28-2022

We’ve paid back 13 loans, most recent one was 30k and were fully repaid and no offer just the same generic “keep processing” response. Awful way to treat loyal customers, we’ve been with square since 2017. Whatever changes they made is hurting there customers and small businesses.

JJ_ · ‎05-28-2022

@Magik5tattoo I will pass your feedback over to the team. Thank you for taking the time to share your input here.

JJ
Community Moderator, Square
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vickie_ · ‎05-31-2022

Hello @RockShopMNC,

Thank you for taking the time to post.

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

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. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

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

Vickie
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

Dixie1981 · ‎05-28-2022

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TheRealChipA · ‎05-31-2022

I’ll add my experience. This it the longest I’ve gone without a new offer from Square. With interest rates going up dramatically, exponentially and so forth, I’m sure that Square is being conservative. If we want them to survive they’ll have to be for a few months. I know that is hard, but it is not unreasonable. For my part, I don’t need a “re-up” right now. But I know others might, and do. I won’t discount that. I do know this. My regular bank is holding tight for the next 6-12 months. If they do offer money, it is with significant collateral. Seeing that, Square’s delay is not that unreasonable. They don’t want to be where all lenders were in 2020. It’s not satisfactory, but we’re all in the same boat. I wish you well.

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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Magik5tattoo · ‎06-01-2022

Nah that’s not an excuse, interest rates going up should not effect there ability to lend. They should just adjust there rate and charge us more for the money loaned and make themselves more money. Not offering is awful and is going to cause a lot of small businesses who’ve relied on them to fold and then in effect lose them money instead of keeping small businesses alive, giving them cash flow and making more money in interest. Since they switched banks they’ve made irresponsible business decisions and it’s going to result in a lot of users leaving. Get it together square, “insert copy paste square response here”

vickie_ · ‎06-03-2022

Hi @Magik5tattoo,

We understand that not being immediately eligible can be frustrating.

We are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loan eligibility, visit our Support Center.

Vickie
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.