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Has anyone received a loan offer in 2023?

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

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Re: Has anyone received a loan offer in 2023?

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. 

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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.

Violet
Community Moderator, Square
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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. 

Sayra
Community Moderator, Square // Moderadora de la Comunidad, Square
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Hello, @bsa77

We understand that not being guaranteed a loan offer can be frustrating. 

If your business isn’t eligible for another loan at this time, rest assured your account is automatically reviewed regularly to determine eligibility.

 

We recently added a eligibility page that you can navigate to by going to the Loans tab on your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We analyze your business’s data for key factors that determine eligibility, such as processing volume, payment frequency, and account activity. Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole.

 

If you’re eligible for another loan, we’ll notify you through email and in your Square Dashboard.

 

I hope this information is helpful, but please do let us know if you have any additional questions or concerns.

Kacey
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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Hello

 

They have not told me anything regarding the "account activity" Needs work deal either but they did send me this - which shows me tey are looking at all accounts differently I guess - funny think is I have had 2 250k loans and never had any problems with them as far as paying back etc... that "your business is not eligible for square loans" is vauge - etc

 

Thank you for reaching back out!

We appreciate your interest in Square Loans, but unfortunately, your business is not eligible for Square Loans.

There’s no additional information we can provide at this time. We can’t go into specifics about program requirements because the criteria we use is proprietary. If your status changes, you’ll get an invitation email and see your offer there.

Let us know if you have any other questions!

All the best,
Sammie C.
The Square Loans Team

 

 

 

 

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I was relentless last week bc none of that makes sense to me. One can’t be good and the other randomly needs work shows up out of literally nowhere during an outage. 

I got one gal who stayed on the phone with me for over an hour while reaching out to them. She assigned me a case number. I called in twice yesterday after the supervisor kind of blew me off last week. Talked to the same kid. He was very robotic at first but the second time I called I actually reached the same agent and I made him look into my case number and I sent him real time screen shots and he got very quiet and then finally realized what it was trying to point out. Then this morning I got an email from the supervisor I was messaging last week and that they are aware of the issue. I wanted to reach through the screen and shake him like see I told you something was up. It’s like they have no idea and are so trained to give us robotic pre printed responses, they couldn’t get past that mental block. I’m optimistic maybe now we will have some answers. 

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Hello - just wanted to tell you that my ACCOUNT ACTIVITY that did say NEEDS WORK now says GOOD - I am still convinced there is NO loans being given by Square - they are laying off so many people and I think he is in  major Cash crunch - 

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How do you know about a layoff ? 

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Square Champion

Most big companies you hear daily or Google if such and such company is laying off. A lot right now are laying off middle management personnel and/or cutting back. Myself, I did not see anything about square but I didn't look it up either. Some see office layoffs but that doesn't always represent the move from a building to at home workers. The term "employees" to personnel is different apparently.  I know I was one a few weeks back that got caught up in the deposit delay and I called and honestly I got the nicest gentleman I could have who helped me bypass my 5pm deposit to manually and that didn't work so we went to the 8pm deposit and boom it worked. He spent over an hour and I could tell he was working from home the dog barked and I could lightly hear kids and that was fine with me it was his attention and was not getting off that phone till I had my money. He was absolutely the best! Many companies are down sizing and or working from home to cut cost. If that's the case hopefully we can see benefits from it. I see you so often and wish you the best! I've seen you in Super sellers too. That might be the best spot to ask privately. 

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To be fair many companies implemented that since lockdown. Makes perfect business sense to cut costs, doesn't necessarily mean Square have been losing money

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I got a loan yesterday finally praise the lord! $31,400

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Hey...congratulations....Send some of that good mojo my way. Sitting at 76% and hoping for a miracle soon.

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I will! I promise it’s coming. I had been obsessing over it ever since I hit 60% and I finally got up to I think I was 64% yesterday and I took a payment in the morning but I hadn’t looked at my offers then I finally looked and I couldn’t see my eligibility screen where it says everything is good or needs work and I see the bell at the bottom with the blue notification and I was ohhhh crap it’s here and I look and bad I called my husband and he’s like take it! We own a garage door business and need to stock up on supplies and I needed a new Mac badly! It will come just keep taking payments. 

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Thank you! I'm ok right now and I choose to take them if needed. I just like when people post they received one and what % it helps others keep hope or know to keep on the lookout! My loan a few back went to new office supplies as well! Laptop and printer both went in a few weeks and boom an offer came in and I jumped on it!  I'm glad it came at the right time for you as well! Here's to a great year!

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I know I'm in the UK but I've seen an increase in UK businesses defaulting on Square loans (also PayPal Working Capital and Shopify Capital) and asking for advice on forums. I feel like this affects Square's lending across all countries if too many businesses default.

 

When I contact Square Loans I am redirected to the US/Mexico agents who can't explain the algorithm or why there are less loans being handed out. 

 

I haven't had an offer myself since November. Maybe Square overdid it in 2022/23 and are either cherry picking or stopped lending altogether? Generally I am against debt but Square offer good rates/nice borrowing system.

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I’ve been paid off for six months. I’ve never had a problem so people getting renewals at 60% is very disheartening. The weird account activity that showed up during the outage did go away today. They told me they were revamping the metrics page but I don’t see any changes other than that for me. The not getting a loan offer is more of a concern to me bc I feel like I’ve done something wrong. Yes it’s nice to have capital but it is concerning when offers just stop for no reason.   Not saying I can’t make it without a loan but it sure makes you feel like something is wrong when you don’t get offers any more but consistently process plenty every month for one. 

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How many years have you been with Square if you don't mind me asking?

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I’m at 7 years if you are asking me. I get confused who tags me sorry if it wasn’t for me!

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The more people who answer the better! So it's not possible to become "immune" to offers then. I was thinking if merchants use Square as their main processor anyway, they might not feel the need to entice them into staying if that makes sense? But obviously not the case if long standing accounts are still receiving offers.

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😆 🤣 😂 I do too! I've been with square since 2014 if it was for me!

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I believe over 8 years now. 

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Were the offers consistent every year up until 2023?

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Yes. I started processing much more last year with our business but I don’t think square should see that as a bad thing. 

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I can’t believe you still haven’t received an offer! That is crazy! 

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The eligibility page is telling fibs lol. I take some payments through another method (have been for over a week) and everything is still green despite the average falling. A month ago when everything was above average it said "needs work." 

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