60%, 70%, 80%??? Loan Approval?

[Mansellmc]

I'm waiting on a loan renewal offer. As I am reading through all the posts on thread, I notice that all %s at renewals is so much different than each other. How is that even figured? Some have had offers at 50% others at 85% and some in the 90% range. What generally makes 50% payoff better than 85% payoff if that is based on the payoff length of time? Make sense? I'm sure other factors play into it.  It would really be nice if loan eligibility was clearer.  Being so vague is really discouraging. I believe that communication is very important. So, the same generic scripts that you receive in email for your questions does not help anyone. On Square's side or the merchant's side.  It's basically the same scripts on the "Learn about Square Loans" link. 

I am currently at 76% paid off. All my markers are green and good. This is currently my 11th loan as I have been with Square for a while during my growth every year. I just recently upgraded to a larger, nicer location. It would be awesome to replenish what I have spent with the upgrades. Plus a few more upgrades and equipment pieces are needed.  

[TheRealChipA]

Hey @Mansellmc.  I think most sellers, even those like me who have had nothing but great experiences with Square Loans, would agree with your observations.  You are probably aware that Square will probably not weigh in here with anything more than they have decided to share.  And, of course, as a fellow seller I have no insights, either.  The most frustrating part of Square Loans is the black-box aspect of the whole process.  Otherwise, I find the loan and repayment terms to be reasonable, by and large.  But after over a decade with it, I’m no longer holding my breath that the black box will be replaced with anything else.

I’m sure that someone with Square will read this and add it to the pile.  And, otherwise, I wish you well and hope that you see an offer that you like/need soon enough.

Regards,

[Mansellmc]

I too have found that Square Loans is easy to use and the terms are reasonable. That's another thing that makes using Square Loans so frustrating.  I like what they offer as a whole, but I don't like how the communication is. 

[TheRealChipA]

Ah, communication.  It sounds like you’ve also been around long enough to know that Square’s communication skills are much better today than they were even five years ago.  But, as a Super Seller here in the Community, I think they’ve grown weary of hearing me harp on communication, communication, communication! LOL There are a group of us who remind them that there is always room for improvement, and I can assure you that I and a few others have made strong feedback to them regarding the needless confusion surrounding the loan process.

One thing I do know is that Square eventually hears us, but that the wheels of corporate change never turn quickly.  We’ll keep on them until they quit listening!

And you’re welcome.  You are not alone.  Let us know if you need anything else from us here in the Community.

[Mansellmc]

I never ever assumed they would respond. Thank you that you did! Makes one to feel less alone. 😁