Square Loan Eligibility

[Hineshospitalit]

The title of this thread has been edited from the original: Square Loans.

I’m curious if others are having issues receiving new offers. We have multiple businesses with square and have always taken offers because we are constantly expanding. I have one at 93% paid and another one that I took out on August 30th that is at 90% paid back. I feel that something is seriously wrong with the algorithm. Still not sure why they don’t have a manual process to fix things when they make mistakes. I’ve been offered substantial onboarding offers from toast and spot on. I’m for once actually considering making the switch. We love square and we love our local rep but when you count on these loans for expansion it becoming difficult to stay loyal. The loan I took out in August was structured so badly by the algorithm that they are recapturing the morning before we can spend it. Complete rip off.

[Katie_SQ · Accepted solution]

Thank you for sharing your experience with Square Loans, @Hineshospitalit. I can certainly appreciate how frustrating it would be when you're expecting a new loan offer but don't see one available.

Square Loans are offered through an automated eligibility system that evaluates multiple factors in your account. While having one loan at 93% paid and another at 90% paid might seem like you should qualify for a new offer, there's no set percentage threshold that automatically triggers new loan eligibility. In general, Sellers typically repay at least ¾ of their existing loan before receiving another offer, but this doesn't guarantee a new offer automatically.

If you don't currently see a loan offer available, I'd recommend checking the eligibility page on your Square Dashboard under Banking > Loans > Your next loan > View details. This page provides insights into your loan eligibility status by comparing your business's real-time data to key factors that determine eligibility. If any factors need attention, you'll find tips there to help strengthen your chances of becoming eligible. Keep in mind that Square can't promise a loan offer, even when all factors on the eligibility page are listed as good.

For more information about loan eligibility factors, please check out this article on our Support Center.

Thank you again for taking the time to share your thoughts with us here.

[Robertos]

I’m probably the best candidate for a new offer. Sales are up, paying back at a very rapid rate etc. not sure what else your algorithm is looking for. The one loan I was offered I took on August 30th and it was for 27k with fee 31k. I’m not even at my first 2 month cycle and it’s 90% paid off and sales have gone up 17%

[MPAV]

So Kate you said this...

"If you don't currently see a loan offer available, I'd recommend checking the eligibility page on your Square Dashboard under Banking > Loans > Your next loan > View details."

Heres what I see when i do that for reference....

 and sometimes ill see this...

 But that is the only thing I see i used too see the eligibility factors so I would know what I need to work on but I nnever see that anymore how can this get fixed square support told me theres nothing tthey can do for me to be able too see those factors and that everyone cant always see those metrics and theres nothjng that can be done to fix that issue and I call bs how can some people see that page bur my business cant see it anymore i used to be able too now i just get that generic message instead??

 

[lisap1970]

I only have one children’s boutique, however I am waiting for a loan also, 15 years with square and many loans and never a problem.  I am always offered a loan at 60- 75% and I’m at 81% and not a peep. We suffered hurricane Helene last year and I was offered a small loan with hardly anything paid. I’ve contacted by phone and by email and I got the same response from both. Exactly the same response. I feel like there is something wrong with the algorithm. Looks like to me a person would have to keep an eye on the algorithm and program. What I don’t understand is why they can't tell us nothing. I need inventory for the holiday season. It was a very difficult winter last year with no business from hurricane Helene. We barely made it.