Square Loans

[BigDad7]

Curious if others are having issues with Square not offering loans right now? Maybe the tariffs? Our service business is unaffected by these factors. Normally we have new offers by now as we are 73% done and have excellent metrics and are in solid financial condition. Needing a boost as we are expanding and it appears we are going to soon nearly double our 500K gross sales. Have to wait on this funding to implement. Anyone else having issues? 

[Minion · Accepted solution]

Hi @BigDad7 .

No issues with Square loans.  Based on the larger similar threads in the loan boards that are going its definitely a higher percentage (85 +/-) pay back, but that isn't really any new news.  Keep doing what you are doing and you'll get one sooner than later. Best of luck!

I also just want to add my .02 here based on % and what others are claiming they are getting offers.  Many sellers don't report their initial loan amount. So one seller who had originally a 5000 loan, and is at 75% will most likely get another offer before someone who is at 75% but had an initial lets say 50k loan.  I could be wrong, but it seems like a fair assumption just to keep in mind. 

[Twpchair]

Agree 100% 

[Abby_M]

Hi @BigDad7 

Thanks for posting on the Seller Community.

Thank you for your interest in the Square loans, keep in mind new offers are not automatically extended when a certain percentage of an existing loan is repaid, 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.

Please contact us directly if you have any other questions.

[BigDad7]

Hi Abby, 

Can you look into our account and see if there are any external factors that may be impacting our ability to receiver a new loan offer. We are at 78% and have been a long time customer with all green/positive factors. I know the algorithm has no consistent process and loan offers cannot be estimated or influenced buy customers or staff. So the standard answer for everyone is: just continue processing which we will certainly do. This time is a bit different for us as we are waiting for the new offer to fund an expansion that will immediatly increase processing by 35% (280K in revenue from turn key car washing services added with contract in tact). I do not want to seek altgernative funding at this time and may have to pass on the opportunity. Not in a panic, just weird not getting new offer and at 78% paid with no prior hiccups. 

[Abby_M]

Hi @BigDad7 

We appreciate you letting us know about your situation.

To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. 

We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

On the other hand i saw that you have been recently approved for a new offer Congratulations! 

Please contact us directly if you have any other questions.

[Twpchair]

You are amazing! 

[Twpchair]

I saw @Abby_M comment and congrats on the offer! She is amazing here.