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. 

[GlitzyCow]

Did they just ask you for documentation or is your entire account under review? I ask because when they asked me I submitted similar to what you are saying and everything was fine. That was the loans team. 

[pinkcottonco]

My account. I had to answer some questions about transactions and send in an invoice to prove services I provided it something. I was confused but answered the questions then submitted the invoice then 3 hours later got an email saying my account was cleared and in good standing. Loan still says pending. 

[Twpchair]

No. I was asked only asked to link my bank account and I did not! I had ID theft last February and my credit union small branch o have a pin and password attached to my account and didn't feel comfortable giving it to 3rd party nor do I think it would work.  I'm ok with that after what I've dealt with for a year they have my info from the same bank since 2014! Now, honestly with everything being hacked I keep my banking secure! If or would have been am offended say another 10/25%more I don't know but my bank is locked and I will keep it that way period!

[Twpchair]

I have been watching you for months and I'm baffled really and I've told you multiple times I do not get it or understand it really. Have things changed 💯 but what or why I don't know. I stay here to see how trends are going and that's about it. I remember you posting from around September time frame and I don't get it myself! You are fast qurenteed money. Myself,  I would jump on it. That's me though and I don't work for square and don't inside information that would help you or others. If it was me I would jump on your business and triple your loan because honestly you are paying it back and it's a huge investment for square. That's just me. When you deal with an algorithm that nobody has seen to understand it unfortunately YOU are caught in a circle of nowhere! You pay your fees, you swipe daily and I don't get honestly. You are the perfect candidate imo. 

[GlitzyCow]

I haven’t linked my account with plaid for square loans either bc of the same issue. Except mine was about ten years ago with something that rhymes with maypal. I refuse to give a third party my bank log in credentials. I have it linked for Ach transfers and that is all and hasn’t changed since I got a square account. I use the square debit all the time though. 

[danengine2004]

Hello no - they did not ask what they put up in “needs work” is under that new account activity tab, then you go down and the one that “needs work” says Payments limited - your account is e eligible for a loan because a payment limitation has been placed - SO I called the non loan line and asked about it - what they said is a card we processed yesterday for 3 engines $58113 total sale that the customer WANTED to use Amex for points on -THAT Card has a limitation for use again until a review is done MAR 29th - now I immediately sent in a signed contract, a signed credit card authorization form, TRACKING number showing delivery at customer location yesterday - what I think is spooking these people is that this customer can dispute the charge and they cannot get my money back cause I took it out of Square - WELL it’s simple - go back to a $250k loan that had me tide down and if it gets disputed - take it fr M the loan proceeds - I can’t possibly spend that much in 4-5 days plus this customer has bought 17 engines since April 2023 NEVER CLOSE to a dispute - I’ve processed 4982 transactions an Square had 10 disputes - 8 of them UNDER $500 for parts returned (which happens) and we approve the dispute as soon as part receives bed back in house - the other two disputes were a wife who was **bleep**ed her husband used her Discover to buy a $12k engine - in that case we had not even shipped yet so we approved the dispute and the money was there to give back and the second was an engine $13,880 we shipped and unfortunately 9 days after our sale customers card was hacked and his bank disputes ALL charges - in that case they wired us the funds immediately and we gave them back thier disputed funds no questions - now again - I’m begging square loans for the TRUTH if you are still offerering loans don’t you believe that customers like glitzy cow and me DESERVE A BETTER plausible answer? Again I only say “bots” because it makes NO sense to me what is going on AT ALL to us in light of the fact that you are having people “say” loans are being driver out in huge numbers - frustrating way to do business 

[GlitzyCow]

The new account activity tab that showed up weeks ago disappeared for me after about 7 days. Is it still there on yours?? 

[Sammie_C]

Hi @danengine2004,

Thank you for your post!

Our Square Loan program is still ongoing and we are continuing to offer Square Loans to eligible sellers. We’ve outlined key eligibility factors in the Square Dashboard to help sellers identify areas that businesses can focus on to potentially qualify for a future loan offer.

Please note, having a payment limit on a Square account can affect loan eligibility. For more information on payment limits, please visit our Payment Limits FAQ.

Since the Seller Community is a public forum, we are unable to discuss account specific information, I will follow up with you over email with more information about your account.

Let us know if you have any other questions!

[danengine2004]

Well it is now Squares choice then - 1. Take payment limits OFF eligibility requirement , for loans that customer has NEVER made a dispute and will not or 2. Force me to Stripe on Monday - your choice 

[danengine2004]

I’m done with Square starting all processing thru Stripe Monday am - you guys are pretty dumb

[Twpchair]

I saw on Sunday my loan portin was gone and 💯 paid off in my dashboard. Also, in the dashboard where it has previous loans my old loan was there also. All that changed before I was "officially" approved. You might want to check that as well. 

[pinkcottonco]

Thank you. Mine is still showing the amount owed on previous loan. I’ll just wait it out. Not in a hurry, just curious if I should be concerned. 

[danengine2004]

WOULD YOU TELL US "TWPCHAIR" WHAY KIND F BUSINESS YOU HAVE AND WHATE THE LOAN AMOUNT WAS AND TERMS? I;M HAVING A HARD TIME WHERE I AM AT BELEIVEING YOU ARE REAL - SORRY TO SOUND MEAN

[danengine2004]

Boy I have had 15 loans no decline is sales - last loan was sept for 1/2 of what was usual - and it came only after the previous was fully paid ( all others were at max of 75%) now this puny loan paid off on Jan 23rd and since then it’s been NO offer - I really do not believe there are loans - There is nothing out business could have done to deserve this it is buzzare - this thread is only one that has people saying loans are being offered - all others are nothing but NO LOANS and even describing Squares business woes in detail - so I’m not thinking loans are real but that Square just wants to keep its option open for the future - now If a square rep wants to review my account humanly and tell me what is wrong it may help BUT on not counting on it 

[GlitzyCow]

You are trending exactly what happened to me. I had a large loan paid to 93%. Then one half the size. Paid off. Now nothing. It’s been six months. I’ve seen others say something similar. I haven’t seen any of those folks come back on and say if they’ve ever been offered after that point. 

[Twpchair]

Ughhhhh,  hun I've never seen anyone in position either! I don't get it, I don't understand it either? I see the other one as well. Definitely, a head scratcher for me! I haven't seen anyone either paid off for 6mths come back on say they finally got one. I know that most as soon as they do they come back on till they are looking for the next loan type thing. You would think after that long they would. Good luck!

[GlitzyCow]

I’m technically 7 months paid on the 2nd. I think I’m done. 

[ianssoph]

@GlitzyCow i cannot believe you haven’t received another offer. Longest I have gone without an offer was 6 months, but I had been declined prior. 

[GlitzyCow]

I haven’t had any declines. They did ask me on my last one to verify one of my buyers and have a purchase card agreement with them so I did and they immediately approved the loan. I don’t have chargebacks at all ever. I’ve asked all my customers for feedback and they’ve been rockstars. I’ve gotten hundreds of good feedback responses. I’ve never been under review. Only for a short time in October which is our “off month” did I slip into needs work on processing. I’m still averaging in the mid 40’s every month consistently. Some of my biggest months are in the summer when we are cranking out production like maniacs so those months are double. I just have no explanation.  

[pinkcottonco]

What type of business do you have? I keep seeing posts on here about people having to send in verification for invoices and verify buyers like you just said. I’m unfamiliar with those. I have been under review twice, but literally for only maybe 30 minutes at most. They were both for swiping prepaid cards… visa, Amex just cards etc. I explained to them both times that I have a few older customers that don’t trust online or POS systems in general, so they pay using a prepaid gift card, and the account review was lifted immediately night times. I’ve seen your posts throughout the forum. I have no idea why you’re not getting anywhere. That’s awful! 

[danengine2004]

Lol so what these assclowns are doing now is under acct management - they have determined that I can process ONE of my customers only at $280 per Q - not a seemingly bad deal that customer does not do that much BUT because there is a “payment limit” imposed this makes needs work come up on an obscure area THUS making me ineligible for a. Square loan - anyway I have given Square too long to bring  relationship back to even. I’m finally done Monday morning processing for Db Sales will start for good on Stripe - hope you can finally get off this hamster wheel as well - take care and good luck