Hi @staceysmith.. For the past year or more, new loan offers have been coming much later than they used to. I’ve fielded questions from other sellers who are waiting until their 90% payoffs and even higher before receiving a new offer. And I’ve seen more than a few who completely paid off all loans and waited weeks, if not months, for new offers. There’s no way to predict this.
It may or may not help to keep in mind that the lending market worldwide is in a crunch right now. Lenders — even card processing merchant loans like Square — are being very conservative and limiting their exposure on their balance sheets right now. This means that new loan offers are coming later than they might have in the past. It also means that many sellers are seeing lower offers even if they have higher card processing volume. Hopefully, the lending market will ease up as 2024 progresses, but of course there are no promises. If you are absolutely hurting and need a loan now, your best bet would be to reach out to a local bank.
Best of luck,
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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