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. 

[RL35]

I received an offer this past Tuesday and my current loan is 75%paid off. But it's been 2 days and they havnt approved or denied my loan application yet. It has never taken this long for them to make a decision.  It has always taken an hour or so for them to approve my loan apps in the past. 

[Sammie_C]

Hi @JonathanBarber!

Thank you for bringing this subject up!

We appreciate you sharing your concerns but our Square Loans program is still ongoing and we are still extending loan offers. We are still continually re-evaluating Square accounts on a daily basis to determine if they’re eligible to receive another loan offer.

Please let us know if you have any other questions!

[Sammie_C]

Hi @Paula_hanks19!

Thanks so much for reaching out!

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

We will continue to review your account daily for loan eligibility. If you become eligible, you’ll be notified directly on your Square Dashboard and through email.

Let us know if you have any other questions!

[aceshighcyclesh]

@Sammie_C Is there any info you can provide regarding accounts not showing eligibility factors anymore? Mine have always been viewable but about 2 weeks ago it no longer lets me view said eligibility factors. I was curious if this is some sitewide change or what?

thank you.

[Sammie_C]

Hi @aceshighcyclesh!

Thanks for your question!

Due to your current account activity, we are unable to evaluate your eligibility for a Square loan at this time and cannot predict when you may be eligible in the future. If you do become eligible for a Square loan, you’ll be notified directly on your Square Dashboard and via email.

Let us know if you have any other questions!

[aceshighcyclesh]

Thanks for the response, I am still confused about what that means exactly as I have been and continue to process almost daily with square.

Thank you for any other info you can provide!

[YPC]

Like many people I used to get a new loan offer after around 70%. But the last 2 loans were only offered after the loan was paid 100%, but I would get a loan offer that day, or the next day. I am currently 83% into this loan and all the eligibility requirements are green except that I still paying down this loan.  Really, Really hope I get an offer soon or as soon as I pay off this one.

[Vermiciousknid]

I’ve been in business using Square for ten years and have never taken a loan with them. They always offer me between 40-50k, but this week it dropped down to 10,000.  My sales and credit usage have been consistent and steady for years. So I know it’s not anything on my end   The only other time this happened was during the beginning of Covid shutdowns. They took away all loan offers completely. Came here to see if anyone else experienced this this week. I think the issue has to do with the overall economy and a lot of people defaulting on their loans and going out of business, not any particular users. Hope that helps.  

[aceshighcyclesh]

That is where my thinking was leaning… before, during, and after Covid our sales have remained consistent, yet no offer in sight and a weird screen saying we are ineligible for the loans program now. The economy is in big trouble so it would not surprise me if they were tightening the purse strings a bit.

[hum3kimp]

My loan amounts with square was $19,500, $30,000 then $46,000.

i'm about 93% paid off the $46k one and I just got a loan offer of $12,450 only. My sales haven't dropped much at all so this is quite shocking. Thats lower than my first ever loan with square.

[Me2018_]

Yea, it’s pretty shocking , i’m assuming the economy situation as well. What type of average sales you doing monthly to get those amounts if you don’t mind me asking ?

[hum3kimp]

We were averaging around $20-25k monthly on square sales if that helps at all. Just card transactions. Sales have dropped a bit the last couple of months, but I wouldn't think they warrant such a low loan offer.

[Me2018_]

Yeah let’s all just hope for the best, most people on this thread have been waiting almost 2 weeks now and are above the usual percentage . How long have you been with square? 

[hum3kimp]

Been with them since early 2020. You?

[Me2018_]

I been with them since Feb 2022, i was with paypal, i also average about 20k a month but usually only put about 12-13k on square and rest in paypal. But i think i’ll start putting it all on square as they seem to give out higher amounts. So far i been offered 3500,4000, 5600. My 1st loan was in july and i usually get an offer around every 3months so far besides this round here. And sales only been going up

[Vermiciousknid]

We’ve been with square since 2013. 

[Me2018_]

You never accepted an offer?

[Vermiciousknid]

We run about 20k a month on average. 

[aceshighcyclesh]

@Me2018_ Did your eligibility factors ever come back or are you still on the white ineligible screen?

[Me2018_]

I’m still on the white ineligibility screen for a week and half now with continuous transactions and 85% paid 

[aceshighcyclesh]

Same here. 85% paid as well, consistent transactions and have been on that screen for 2 weeks now.