Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[aceshighcyclesh]

so you have had this ineligible screen before? this is the first time I've ever had that come up.

[Me2018_]

Yes, it’s actually a good thing. From my experience once you get over that 65% based of your transactions and eligibility factors, it goes in and out of it. Only after coming out of it will the system have an offer. This is the only time in a year it has gone this far without producing an offer and it seems to be others as well, so thats why i’m assuming its an internal thing with square . I been studying it because it’s honestly really a good source of funding and i’ve dealt with a lot. By far square is the best.

[DD_2019]

Mine went onto that screen on Easter Sunday and changed back Monday. Then changed to it again on Tuesday, and then back to the one with the factors on Wednesday and that’s where it’s been at since. Very strange. 

[aceshighcyclesh]

huh, I did not know that. The last offer I had back in June it got to roughly 70% paid off and I had an offer waiting the next morning. 10th loan here and I have never had this screen before so I was worried of course as the loans are a great source of extra capital for my business, especially as we come into our busy season.

[Me2018_]

Yea, you may have missed it , but sometimes it goes onto that screen for a couple hrs, sometimes a day or 2 etc. I been paying attention to it for the last year everyday. Your the one with the seasonal business?

[aceshighcyclesh]

Yes. It is quite possible that I did miss it. I have only been keeping an eye on it daily for the last month or so.

[Me2018_]

Ok, yea it’s a good thing. Don’t feel discouraged. Hopefully something comes thru for all us waiting sooner than later .

[aceshighcyclesh]

That is good to know! I am hopeful we will all get our offers soon! good luck!

[Me2018_]

You too, thank you

[aceshighcyclesh]

no. not as of today. still on the ineligible screen.

[Me2018_]

Same here, 83% and tommorow will be a week at the ineligible screen

[aceshighcyclesh]

83% as well for me and been on ineligible since last Monday.

[Rayhubbard]

Oddly enough after my $4000 loan being paid off , even paid it off early  they offered me a 1260 loan.

I'm doing more transactions then ever , never been late on my previous loan .

A 1260 loan is an insult so I'm holding out for a higher offer.

[Me2018_]

Sorry to hear ,I believe manually  paying it off early doesn’t really favor us, unless its  thru the transactions 

[Me2018_]

Was this just an offer  today?

[Jjpainting]

Makes no sense at all. How long did it take them to make this offer after being fully paid off?  

[Dolledup2018]

At 80% today and back to the eligible screen after being on ineligible for 3 days. I have paid more off in this loan than I did my last: this is my 10th loan with square and normally I am offered loans around 78%-79% every single time. Sitting on 80% and nothing and I need this loan more than ever! 

[Paula_hanks19]

I’m still showing ineligible as well but when I click the drop down that will show all of the factors that are considered, I show the green “good” on all except for the loan repayment and it shows “in progress “ which I have never understood why I would not show as a green “good” seeing how they are taking well over $1000 a week towards the repayment and I have always exceeded the 60 day minimum payment amount within the first couple of weeks within each 60 day period. I have already repaid over $20,000 since November and am at 73% as of today. Like most that I have been following in this thread, I am desperately needing an offer right about now because with food costs being higher than ever on top of coming out of the worst first quarter that I’ve ever had since opening, I need the boost to help replace some broken equipment and purchase inventory now that sales are finally on the upswing.

[JonathanBarber]

Square Capital knows something. They know the financial meltdown that is coming and have out on the brakes. They did the same thing very very early in 2020 even as the reaction to the pandemic hadn’t taken  hold. They know what’s going on and I don’t believe for a minute that they will open up the purse and offer the loans to Square merchants anytime soon. I am 100% paid on 7k and nada. This is my 9 loan and all have been repaid with impeccable regularity. We would all do well to consider that funding has dried up. 

[Paula_hanks19]

I have that same gut feeling as well after I reading the number of comments from other merchants like myself out there, who have all been waiting for an offer, on top of keeping up with the things transpiring almost daily in our government and our economy. 

[aceshighcyclesh]

I have always paid my loans off ahead of schedule. currently on my 10th loan and was showing all green until a week or so ago when it switched from showing eligibility factors to a white screen saying I am not eligible for the square loans program at this time...very strange.