@danengine2004 I have had offers in the 100 to 250k range. I have never even thought about accepting a Square loan though as it has never made a lick of sense in the fee and short payback period for what the offer is. a 3-4 week payback loan of 150k isn't helpful and would cost 6 times or more what my RLOC fee would be for the same period. I think the algorithm just can't comprehend the seasonality of our business when I process between 10 and 100k a day for only a window of a month and a half.
Most of my friends in business are more in the 25-75k offer range from Square. All use LOC or RLOC from banks and none have taken a Square loan.
As for what Square can share, of course they can't share the ammounts offered per customer and the metrics, a bank wouldn't either. You can figure out the rough average of Square loans from their quarterly filings, In the last 3 months (Q2 2023) Square Loans has facilitated approximately 119,000 loans totaling $1.10 billion in originations. On average 1,322 loans per day with a value of $9,243 per loan, or $12.2 million a day. So from that you can deduce that most loans are lower amounts but about the same average as it has been over the last few years.
I'm not @Violet, but if all your factors are green but 1 that is just the loan that's being paid off is all. The factors have been around for a while and there for us to use as a tool to see if we have more return customers vs. new customers or days we're processing fewer cards. Etc. Once I got used to it, I found myself using it more often. I'm kinda old school and hate change, but I do use and like it now. It updates every day. Mine is usually 1-3 pm Eastern time. It's hard for all lenders right now hun and hopefully, it will loosen up soon. But I do know you are not alone, and that's why I asked for help to get you to the new thread. Good luck!
