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. 

[aceshighcyclesh]

Awesome! So happy for you!! Were you also on that terrible ineligible white screen as well when the offer came in? 

[brown17]

yes I noticed they now time stamp and date it updated under factors on a daily basis.  Ususally anywhere between 2-4 pm eastern time 

[Hudson7484]

Awesome! I finally got an offer today at 83%. It was 3k less than my last loan but I can't complain! Not sure of a reason for the drop though.  The part on my screen that said I was ineligible was gone and a few hours later I had an offer. They accepted my offer within an hour. Anyone know how long before I see the funds?

[DD_2019]

Mine took about 10 minutes depositing it into my Square checking account. 

[Sammie_C]

Hi @Hudson7484!

Thanks for your question!

We send your loan funds the next business day after your loan is approved. Your bank’s processing speed will influence how quickly funds arrive in your bank account. It can take 1-3 business days for the funds to be reflected in your bank account.

You can confirm the bank account on file by signing in to the Bank Accounts section of your Square Dashboard.

Learn more about Square Loans in our Support Center.

Let us know if you have any other questions!

[Ralphael84]

I just moved to a new shop and I need a boost myself currently 91% everything green hopefully they help me out 

[TheRealChipA]

Sales are irrelevant. Card processing volume is the key metric. Flat processing volume is as bad as declining volume. That’s obvious from the loan eligibility metrics page. Flat processing volume almost always indicates that a business is not growing. Lenders hate that.  They consider that as bad a risk as declining processing volume. 

I’ve tried to point out another fact. In this economy, with the current risk of business failures being much higher than average, loan offers will be lower. Lenders are just not taking on as much risk right now. It’s not a good business decision to load up their balance sheet with a lot of outstanding loans right now. 

Paying off your loan early will cause all current offers to go away. For at least 10 business days. Waiting for better offers is risky right now. Unless your processing volume is showing a definite increase consistently since your last loan. 

Yes it is taking longer for loan approval and funding right now. The money supply is tight. Lenders are really scrutinizing the projected health of all loan applications. What used to be a good risk is not as good a risk in this economic environment. 

Read the business journals, folks. It’s not just Square. It’s every lender. It’s every day. It’s every where. You aren’t alone. And the short range forecast is not great. This credit crunch is predicted to last at least another year at best. Three years at worst. 

It won’t be popular to say this but I don’t care. Square is taking care of the financial health of Square first. If they don’t do that, we all lose. They can’t focus on any one of us just because we might need it right now. It’s all about the big picture. 

Lastly this needs to be said. Square is a card processing and POS company. Lending is just a perk. It is not their core business. They’ve never guaranteed that past loans are indicative of future loans. In fact they are very clear that they constantly reevaluate what they will offer based upon many factors, not just our business with them. To rely on anyone as a source of funding that never changes is insanity. 

[Ralphael84]

I agree and definitely appreciate there business and loans it’s helped my business tons im just happy to be 93% done with my loan either way but a loan of the same amount would be clutch for me since I moved to an upscale location 

[TheRealChipA]

@Ralphael84 it won’t be the same amount unless your processing volume has gone way up since your last loan. It will most likely be less, I’m afraid. . That’s reality in this economic situation.  Be reasonable in your expectations for the next one. Adjust your expenses and such as you can. I truly believe that the economy is going to experience a soft landing this time. No deep recession. But it won’t be an easy uphill battle, either.

i wish you well. 

[Ralphael84]

I here you but my processing volume is higher no charge backs account history flawless and my processing and pricing has risen but thanks tho

[GlitzyCow]

Not true. My business just got an offer today at 86% repaid over 3 months and my sales are up 700%. Loan amount is down 3400$ from last one taken March 1. I’m a year ahead on payments and my card volume is up. It’s very frustrating! 

[TheRealChipA]

@GlitzyCow I’m sorry to hear that.  I didn’t say my observation was a guarantee for every seller all the time.  I only said that it was a pattern I’m observing, not an absolute.  Nothing about loans is absolute, period.  I’m sorry to hear your new offer is less than you expected.  While processing volume (not sales, but the card portion only) is a strong factor, it is not the only one.  Hopefully your offer will get better soon.

[GlitzyCow]

I’m not sure how much better it can be. Consistently processing 3-4K a day and loan offer isn’t even 15k. Paid off in three months. They are making bank on me. The only good thing is the percent of daily went down 4%. How long do people tend to leave it sit before the offer goes up?

[TheRealChipA]

I can’t answer that question.  No one can.  Also, there’s no guarantee it won’t go down the longer you leave it sit.  Honestly, I doubt many people gamble on that, so anyone who guessed at time frames for new offers would only be doing that — guessing.  I wouldn’t trust anyone who told me any differently.  Even other people’s experiences with Loans will be different from yours, and you can’t really compare your experience to mine.  We run very different businesses and won’t get the same results.

[TheRealChipA]

For example, I’ve been with Square for 12 years.  I am on my 9th loan, with a 10th offer.  Offer history:

#2 was double #1

#3 was half #2 (back to #1)(

#4 doubled #3

#5 plus 50%

#6 was half of #5

#7 was no change

#8 was plus 30%

#9 was plus 20%

#10 was plus 30%

Nothing has ever been consistent about my loan offers, even when my processing volume was the same or higher.  I quit trying to figure it out because there was no need to.  I take what I’m offered, or I don’t.  Those are my choices.

[Twpchair]

I looked at mine as well with everyone posting and good luck with that 😆 🤣 😂 I bounced just like you with at some years pre covid 4x higher and a lesser offer but the next one was my highest offer. I gave up guessing and I do the same if I need it take it if I don't I have passed on offers. Trying to compare my business to your business and different states with different economical issues all matters so it is what it is. 🤷 I've had offers at 74% and 89% there is no guarantee that's the bottom line. 

[Twpchair]

I've been with square since 2014 or 2015 I've had (I just looked 16 loans) I've never had any loan go up if I let just sit. I have seen others say they didn't respond in a certain amount of time and the offer disappeared. How, when, what % is hard to predict especially lately 😕 I have read down the thread a good bit and a good handful seems to have had increases and most were less. Like the other comments I wish I could tell you a straight forward 100% reason as to why if you're sales are all up, your growing or building your business up it would seem that it would have increased but I can't. I would just hate to have you wait if you need it and have it disappear I don't know if they have a timeline how long it stays on your dashboard. Others that the offer has disappeared might be able to tell you how long it was there than gone. I either know ahead of time I'm going to take it or I have passed on offers as well. Good luck to you and your business keep on doing what your doing great job! 

[TGHOST]

I’m officially 100% paid off for 3 days. Dash good all green. Still no offer. I don’t understand what more else I can do. It’s already 100% paid off!! It’s extremely frustrating with zero hole in sight. How can we be 100 % paid off and still not be eligible for a loan. Seriously thinking about moving over to another card progressing unit. 

[BIGK]

That’s exactly what I’m going through right now. $12k paid completely off since 6/24 and still no offer despite being all green + 200% sales/processing increase for the past 4 months! 

[PricklyElder]

I'm glad to see that I'm not the only one in this exact same situation. I thought that upon reaching 100% paid off I would be for sure be receiving an offer. This was my 7th loan paid off - for $47,000. I don't know how much better of a candidate I could be, I have been with square for 5 years and year after year all my metrics have gone up.

[GlitzyCow]

What is your annual revenue?