Has anyone received a new Square Loan offer in 2021?

[Tran1313]

[The title of this thread has been edited from the original: Has anyone been offered a new loan through Square Loan? 03/17/2021]

Hi everyone! Has anyone been offered a Square Loan this year 2021? Is square still offering? What is the maximum loan amount Square is offering? I’m almost paid off but still haven’t seen any offers from Square. 

[Erikgalo85]

Hi, has there been new changes to your square loan offers. I normally get to around 80% and get a new offer for the last year and half. I’m almost done paying off my loan and have not received  anything. I’ve been reading reviews and users are saying Square is doing things a bit different now. Any info that I can get to speed up the next offer will help!

[isabelle]

Hey @Erikgalo85.

Because we cannot discuss account specifics on here, I would suggest giving our Square Capital Team a call. 

Additionally, take a look at our Becoming Eligible For Another Loan Through Square Capital article for more information. 

Let me know if you have any questions about this! Happy holidays 🎆

[Erikgalo85]

Very vague article and it’s not telling me anything I didn’t know already. 

[jmcgowen]

I was wondering the same thing. I’m almost done paying my loan not even a year and I’m not receiving offers either.

[apriljohnson74]

Yes, I am wondering the same thing.  I have consistently been offered a new capital loan through Square when my loan is almost paid off.  Now it is completely paid off and still no new loan offer.  The article about eligibility for loans through square capital does not help with answering any questions.

• Square processing volume.  - We process almost $10k per month on average, they (Square) want at least $10k per year.
• Square payment frequency.  - We process payments bi-monthly, they (Square) want consistent payments.
• Your customer mix. - We have a lot of returning customers and a mix of new ones also, they (Square) want a good mix of new and returning customers
• A healthy, growing business. - We have more than doubled our revenue since our first square loan 4 years ago, they (Square) want you to process more through Square.

Watch Out For These Factors

• Chargeback history. - Only 1 in 4 years.
• Multiple Square accounts. - Only 1 account!
• Failed debits. - Never happened!

According to their own Eligibility requirements, my business meets all of them and yet, nothing...  we didn't even slow down for COVID-19.

[paulamartin]

This was 2019 & 2020. Are there still no loans now in 2022?

[Laura123]

Hello @paulamartin,

Happy New Year, and thanks for your question! The Square Loan program is still ongoing in 2022.

We appreciate your loyalty when choosing to partner with Square for your past business loans. Please know that your loan history is reviewed in determining loan eligibility, but there are other factors of your account that are also considered.

Currently, offer eligibility is based on payment processing data, which means eligibility can change as frequently as your business does. Loan processing data includes your processing volume and your processing history, such as failed debits, chargeback history, and changes to your processing behavior, among other factors.

We understand that it is frustrating that we can’t guarantee that you’ll receive a new offer because you’ve had previous loans with us in the past.

Square accounts are reviewed on an ongoing basis to ensure that each business gets the right customized offer. We can’t predict if or when your business may be eligible for an additional Square loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

If you have any other questions, please feel free to contact us directly.

[Dirtydogadb]

Has anyone received an offer recently?  Like since Jan 2021?

[Joe]

Hi there, @Dirtydogsadb 👋 Thanks for reaching out and joining us here on the Seller Community!

Just a quick housekeeping note, I've gone ahead and merged your post into the Loans board. This will give you a better chance of receiving a helpful response from other Loan users directly, you may even get a response from a Loans Team member.

Let us know if you have any questions in the meantime!

[Oxbow]

7 loans paid off early and now it shows ineligible???

[Joe]

Hi there, @Oxbow 👋 Jumping in here quickly to let you know I am moving your post over to our Loans board. This move will increase your chances of getting a response directly from a Loans Team Member.

Cheers!

[Kimmiekay]

Did they pause loans again to do PPP loans? I’m at 97% again and no offers. 

[Kimmiekay]

I said same thing, did they stop them again? 

[Cameron_]

Hi @Kimmiekay, 

Thanks for reaching out and raising your question. I'm happy to explain

While Square Loan offers may be available to some businesses, we are still actively making updates based on the current state of COVID-19 and changing public health guidelines. The status of restrictions and reopening in your location and industry may impact your eligibility. To account for local and state restrictions related to COVID-19, eligibility criteria has been tightened. Due to evolving health guidelines, your offer may be smaller than expected or the offer amount may shift in real-time. 

We understand that funding is important to businesses now more than ever, and we are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another Square Loan.

If you’re not immediately eligible, we’ll continue to monitor your account as your eligibility may change at a later date. To learn more about Square Loan eligibility, visit our Support Center.

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

Let us know if you have any questions, feel free to contact us.

[Joe]

Hi there, @Tran1313 👋 Thanks for reaching out and asking your question here on the Community.

Just a quick note, I've gone ahead and moved your post over to our Loan Board. This will improve the likelihood that other Loan Sellers will see and be able to provide a helpful dialogue to your questions. Cheers!

[Tran1313]

Thanks Joe! I’m new at this still 🙂

[kristenlprice]

Has anyone got a square loan lately? I’m edging close to finishing this one out and have always got them around 60-75%. I know they paused during COVID but I’ve since got one. I know they’re talking about PPP loans but just wanted feedback on what percent and possibly how much? I know this last loan for me was a shock at how low it was compared to my others that I pay off very quickly. 

[Joe]

Hi there, @krisenplace - thanks for joining us here on the Seller Community!

Just a quick housekeeping note, I've gone ahead and merged your post into an existing thread Square Loans Board, this will increase the likelihood of dialogue concerning loans with other Sellers who may be able to answer your question with their own experience.

Let us know if you have any questions! 

[heavymetal1]

Has anyone received any new loans after paying off a recent one that was much lower?

[facegirlbyday]

No offers here, 90% paid off and never missed min.  Before used to get offers at the 80% payoff level.