Loan Process 2025

[BobH02]

Good Evening ALL & Happy New Year! I just have a quick question.

Our Co has been with Square for a few years now. We had our PPP Loan through Square, and we also have had multiple Loans Offered & Approved that were all paid off early. On our latest Loan Offer, it seems like the approval process is taking much longer than usual. We are at 5 business days 2day, and still at pending status? No other info has been requested. And our other Loans usually were approved in 1 or 2 days and then funded the next day. I’m just wondering if this is something new in 2025? And also, if any other of you folks may be having the same issue? Please let me know.

Thanks, 

Bob

[Matt49401]

We have one go fast, and then one take a few days. I think I read that they were doing more thorough screenings. I’m not sure what’s up, but they are really missing the mark with these loans. Their rivals (mainly stripe) have it down, and have it reliable so you know when a new offer is coming in, and if nothing change the approval is same day.

[Twpchair]

I’ve had some late Friday take till Monday and Tuesday deposit. My last one was 30 minutes max and deposit that night. I’m sure there are some accounts that are reviewed and others random. The timing of the Holidays and mid-week really slows things down from approvals to offers on down. Hopefully, we can get back to normal here soon! 

[BobH02]

Hi, I finally got mine approved 2day after calling. 

[Twpchair]

Congrats! Thank you for the update! It helps others especially right now. Good for you! Here’s to a great 2025!

[BobH02]

You’re right. And ty. And, To you as well! 

[Twpchair]

Thank you!

[Minion]

Hi @BobH02 

If it has been more than 5 business days and your loan still has not been approved you could try and call into the loan team and see if there is any more information that is needed. It is possible like @Matt49401 mentioned that maybe a more thorough manual review is happening or they could just  backed up. I assume  they are processing and approving a large amount of loans daily

[BobH02]

Hi Dan, they said they have received all the info they needed. But it still says it’s awaiting approval or pending status. But maybe like others have said there is a deeper check in 2025. And the process is now taking longer?

[Minion]

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@BobH02 wrote:

Hi Dan, they said they have received all the info they needed. But it still says it’s awaiting approval or pending status. But maybe like others have said there is a deeper check in 2025. And the process is now taking longer?

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Ahh, well the good thing is though then that nothing else was needed. unfortunately its now just a waiting game.  Maybe it is a deeper look into the approvals for some.  Best of luck though and hopefully today the status will change for you!

[BobH02]

Yes & thank you

[Twpchair]

I'm going to go with @Minion with this. If they don’t need anything unfortunately, for a couple of weeks it was pretty slow so I’m sure it’s backed up. It not even be you but a dozen ahead of you holding or slowing things up. The Holidays landing on Tues/Wed really mess things up. Good luck and keep watching your dashboard and not just an email. 

[marielmt]

Hi @BobH02!

Thanks for posting on the Seller Community.

Square Loans applications are reviewed on a case-by-case basis. Due to regulatory requirements, the review process may have changed from any previous Square loan application reviews. It is a part of our due diligence process to confirm some of the details of your application.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[BobH02]

Hi, I actually finally got mine approved 2day after calling.

[Twpchair]

Congratulations!!!! Well, you sound like me when I call customer service 😂 if I don’t like the first answer or they are new and put me hold 7 times to see if they can find out that answer then I let them go and wait a few and call back. That’s the bad part you can call 5 times and get 5 different answers with our cable provider and finally I’m done and want a supervisor please! I’m glad it worked out for you! Honestly, weekends tend to longer so does especially the Christmas and New Years timeframe especially right in the middle of the week. I looked back 3-4 years and just about every one was posting 3-5 business days. 

[BobH02]

You’re right. And thank you. 
All is good now. The $ went into our Account on Saturday. 

[Twpchair]

Beautiful! Just an FYI in the future if you’re stuck again look at the calendar and see what federal holiday you missed or those late night/early Saturday morning offers. I’m a Saturday for the most part and Monday for the most part if not Tuesday it’s there! Now, if you get in that spot again a little info for you go to your loan board and look at previous loans and if you’re current loan is in and paid even though no cash yet. It’s processed you’re just playing the waiting game. My little credit union shows pending deposit and I can usually see it there on a Saturday for Monday too. Just a couple of different ways to check instead of the scripted call. 

[BobH02]

I gotcha. And, thanks for the pointers. 

[Twpchair]

You’re welcome ☺️ 

[Ashleyw87]

Hi! I’m having the same issue. Usually will be approved within minutes from applying but now it’s taking hours and still no approval. And I’ve had five other loans before, all paid off, no missed payments, etc so not sure why it’s taking so long. What was their reason when you called? 

[Twpchair]

If you see the post above it took 3 days. He called the 2nd day and on day 3 it was deposited. Hun, honestly if it was you or your business square will send you an email asking for more information or we need verification of this type of thing. If not welcome to the new normal or not the norm. I get it too honestly after 12 yrs and used to an offer at 70-75% and a 15-minute approval and deposit that night. That was also Pre- Covid and unfortunately, there is no norm. We are all so different and who handles mine vs yours might have a backlog of a loan 3 ahead of yours that needs more information or an in-depth look and just slows things down. It's like Square offers what they are trying to do is a good thing that the higher % paid back to pay off means you get all of your offer, not 60% or 70%  I understand people get used to something, and it changes but in the future and going forward everyone should know now the 3 offers for myself since June have been 84% 91% and 69%!!!!! I accepted the 91% only. I am not rolling over 31% of nearly the same offer or slightly higher. I want the most out of my loan. It does hurt when equipment is down or a deal to good to pass up. But we have to get used to it on the whole. Not everyone, of course, we all are different. Good luck and hopefully tonight that cash will hit!