Hi @aceshighcyclesh. This probably will be no comfort but I notice randomly/occasionally ineligible. Every time I’ve noticed it I, too, had a current loan I was paying off. So, it might mean something in your case, and it might not. I’d recommend contacting Customer Success, but I’m pretty certain that they will be able to offer any more information. Decisions about whether and when to issue an offer come from the algorithm with very little (if any) human intervention.
I don’t believe that Square has changed what types of businesses are eligible for future loans. But, it is VERY possible that they are tightening eligibility requirements due to things like the current interest rates which impact their business operations, a looming recession which may or may not happen, whether current loan offers are at the upper limit of what they want to risk in this economy, etc.
My local banker has told me that his company has made the decision to drastically slow down how much money they are lending, even to customers with amazing credit scores. Everyone is a little skittish in this environment and I wouldn’t be at all surprised if Square was feeling that as well.
Finally, here is a link to a Square Help Document about why loan applications are often rejected. While you aren’t in this situation, a lot of the reasons for failed applications are common with reasons why the algorithm might take longer to make a new offer, if it makes one at all. It’s food for thought, anyway.
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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