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. 

[Hairbywhitneyjo]

Hey everyone! Does anyone else wish we knew exactly when they would be approved for another Square Loan? I have had 4 in my years of using Square and it has TAMENDOUSLY helped me get ahead on products, bills, etc. Im anxiously waiting to know! I could really use one right now. 

[HelloSunshineGA]

It would be a big help to have more information or a timeline for the next offer. I know Square doesn’t have to give out loans, but they do and a lot of businesses really benefit from it. Having a clearer understanding of the algorithm would be nice. A lot of us pay higher processing fees and stay with Square because of the loans, but it gets to a point of wondering if the higher processing fees and the unknown loan stats are worth it anymore. 

[MuttWorks]

Exactly! I have been extremely happy with square. Considering moving, bought the new scheduling app (dog training, etc), could have changed everything to them for less monthly. But we stayed because square has treated us right with the loan. But truly expected that with 400+% growth and paying off a. $20,000 loan in exactly 6 months would get us another offer. Paid off 100% just through transaction history (never actually made an individual payment) and still nada. Makes me sad. 

[ianssoph]

You have a paid off loan and still haven’t received an offer?

[MuttWorks]

Yup, paid off in full on the 27th of June. Loan was offered and approved the 27th of December 2022.

[ianssoph]

That’s crazy! Did you have disputes? Decrease in sales? Just wondering so others can see if they have similar situations! I have seen where it can take up to 14 days for a new offer to show up after finishing a previous loan, but I have never not received an offer before hitting 80%.

[MuttWorks]

Never had a dispute. Doesn’t look like a decrease in sales. We just hit our first year though, so there has only been the previous month to compare against. Not a previous year. But we stay at a pretty steady increase. Varies day to day, but averages with increases month to month.

[MuttWorks]

But I have not seen the loan dashboard in a loooong time. The last time I did see it, everything was green. 

[ianssoph]

You should probably check! My last 3 loans were on the dashboard, not via email.

[MuttWorks]

How do I find it? The only thing I find it the one that just says we are not currently eligible 

[Sammie_C]

Hi @MuttWorks!

Thanks for your post!

Your Square Loan information is located in Banking > Loans tab of your online Square Dashboard.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. We determine eligibility based on many factors including your processing volume and Square history. To learn more about Square Loan eligibility, visit our Support Center.

Let us know if you have any other questions!

[bsa77]

Not Pleased at all and have been on the rollercoaster way to long with square! 1st time in years I have not been given a loan in December. I will be departing and going to a different processing company. I have a stellar history zero charge backs, high sale volume for years! A bank that does tell you there are no guarantees on loan offers??? Clearly do not care about their sellers at all. Do better square!

[Kacey13]

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.

[bsa77]

Thank you I received an offer and still waiting to hear back. It is the uncertainty that is not ok! I could never expect my clients to do business with me in the same manner that square does business. Canned responses and lack of personal attention to matters is as  equally insulting. I have been looking into other processing options and most businesses are fighting for our business. High volume of sales in years and years of doing business with square with a stellar record proves to me sqaure doesn't care about anything other than making their dollar! Hanging by a thread here!

[MrRoadside82]

I don't see eligibility page

[frances_a]

Hello @MrRoadside82 ! 

I'm sorry to hear you have been unable to access the eligibility page. 

Is the link posted above giving you an error message? 

You can try copying and pasting this link in a new tab: 

https://squareup.com/dashboard/capital

Let me know if that works. 

Thank you ✨

[SPPhotography1]

Can you or someone please review my account??? I’m at a loss at what else I need to do to be offered a Square Loan again. I’ve been with Square for over 10 years and had 7 loans that I’ve have paid back early every single time. Every metric is in green, record sales year, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off and no new offer in site. This is the kind of stuff that causes businesses to find someone to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up from where we’ve ever had it before.

[Twpchair]

Good morning,  unfortunately it's like the other posted stated. My range use to be aroused 70-78% paid back. I've been with square since 2014. My last loan I received I was at 91% paid off. It seems to trending for most (not all) to come in when your loan is a bit more paid off. As far as other processing company goes, just becareful, read the fine print type thing. Jump on their comments and reviews and see what their customers have to say. Right now, I'm watching the market, banks pulling back on some lending institutions. I just think most companies are pulling back for a minute and making sure things settle down. I still see people posting every week they received their new offer so they are still doing loans. It's just a little crazy and different than what we've been use to. I'll be paid off around the end of the month. We're all in the same position so please don't think it's just you. Keep up the great work and here's to an even better New Year! Good work and hopefully your offer will come in soon. 

[SPPhotography1]

Can you help me at all? 

[danengine2004]

KACEY13 would you AS A REP of Square Loans care to comment on how Square Loans deceived at least Myself and GlitzyCow with this NEW criterion and NOT making us aware of it ? I think it would be only fair if you let the community know why it is Square Loans policy to operate under false pretenses. 

[GlitzyCow]

I knew it was put in place eight months ago on ONE customer out of hundreds but not until the criteria update that happened over the weekend did I realize it was affecting me bc SQUARE has told me multiple times that it wasn’t and not to worry about it. It’s literally on one of my hundreds of customers bc during my busy season (which is pretty much now through September) they thought they needed to put a limit on them bc they buy a lot of product from us. But legit told me it would be back to normal in 90 days if no issues. October 10th to be exact. That was clearly a lie. I’ve never had a single charge back on my account. Not even really any returns. This sucks. I used to love square. It was so easy and convenient. I’ve never had any problems. Recommended them to literally everyone over schmaypal. I still do like square but now feel deceived into processing with them as if all was normal meanwhile they knew exactly what the problem was and refused to tell me.  This has caused an extremely unnecessary amount of stress on me.