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

[Twpchair · Accepted solution]

Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day. 

[Minion · Accepted solution]

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@kacey_k wrote:

I actually have a question for you so I got my second loan offer two weeks ago and it was less than my first offer but the few weeks leading up to me getting my offer literally no card payments except for a few here and there most people were paying cash so I understand why the offer was low. My question is do you think it would be stupid of me to pay this loan off and then that way the algorithm could see because since I’ve got that loan, I’ve had nothing but card payments. It’s back to how it was before I got the loan. 

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Hey @kacey_k 

So I personally would advise against doing that for a few different reasons.  First one being the most important one is the fees that you are going to eat for practically nothing in return.  It would be like throwing away all of that money literally.  Second reason I wouldn't go this route is that it can take  10 business days for the funds to clear, and the loan to be paid off.  You then get tossed back into the algorithm and an offer is not guaranteed at any point in time regardless of paying it off. 

If I were you, I would just do business as normal, and when it pays off, it pays off. But that is just y .02 though.  I would do/take what you can with that loan that was offered, recoup the fee;s that were spent and then hopefully your next offer when that is paid off if you decide to take it is the amount you are looking for if needed!

[Twpchair]

Good luck with yours! Having that extra inventory or being able to get a great deal is huge! I will be waiting for your offer!!!

[Damien_H]

Congratulations 🥂

[Twpchair]

Thank you! I'll be looking for you!!! Good luck!

[Damien_H]

Loan officially paid off as of yesterday. Took exactly 100 days. Patiently waiting on a new offer soon 

[ianssoph]

Keep us posted!

[Damien_H]

Will do

[ianssoph]

Out of curiosity, how quick was your payoff on this last loan? Was it larger than your previous loan? Seems like there’s no rhyme or reason to these offers anymore. 

[Damien_H]

Received a new offer on the 12th. Two days after paying loan off. Offer was double the amount of previous loan 

[Twpchair]

I knew at your rate of processing it was going to be yesterday or today! And here I have been closed since Sunday due to the weather!!!! And we're supposed to get hit tomorrow and Thursday! This is unbelievable the amount of snow and I have lived in Michigan for almost my whole life. We just got plowed out our road on Sunday! Anyway congratulations on paying it off and keeping all the money until the algorithm picks you up and then you can decide by the offer or if you say I will wait for the next one. You have your choice now. Good luck and best wishes to you! Please 🙏 keep us posted on how long after fully paid if you don't mind. 

[Damien_H]

I hope you get back up & running asap. This weather everywhere had been CRAZY

[kacey_k]

as of today I am at 99% and I literally owe $2.85 I wanna pay it off so bad but I know that’ll screw me 99% and nothing

[Twpchair]

I'm not sure if my last post went through or not but congratulations!!! Sometimes we have to just say ok thank you and accept it if you need it! Congratulations again! Sorry if it double posted I wasn't logged in! 

[FirstLook]

Currently at 65% and starting to keep an eye out for an offer! I've had 3 offers in the 60's in the past, 3 in the 70's, and 1 in the 80's. Sales are up and I could use some new equipment so hoping something pops up soon, I'll keep you guys updated!

[ianssoph]

Hope you get your offer soon! I’m at 78% with no offer, but it’s just always a waiting game. I do know in the past my offers have usually come through when I have an influx of sales the week prior. Keep us posted!

[Twpchair · Accepted solution]

Mine tend to be more Saturday offers than any other day of the week. Our busiest days are Wednesday-Sat and I tend to get a late night Saturday offers than any other day. 

[Damien_H]

Mines have been early Friday mornings 

[Twpchair]

Is that leading up to your best day of the week? I’m a trender I follow the trends and try to connect the dots of that great almighty algorithm! 😂 

[Bcarnes]

Hello! My last two have been on Wednesdays 

[Twpchair]

What percentage are you at? I apologize if I missed it. 

[Damien_H]

I’m currently at 97% paid off. Will be paid off today 

[Twpchair]

Smh, 97%? Can I ask you how business has been? My metrics are all green. Bigger increase in sales volume now vs the previous timeframe. Up with new and returning customers and the amount per visit was up. No chargeback no returns or disputes all year or last year. Besides that, the metrics were about the same except for the projected growth was up vs the previous year at this time. The only thing I did last night was double-check my email settings for notifications and everything is on. So I can't honestly say when it came on Friday. I updated at 2 pm which im usually between 1-3 pm and I update regularly. Usually, im a Saturday offer and it is later on in the night and Monday deposit. This is what I mean by a higher % of completely paid off. I do not accept the 60% areas because im losing 40% of the new offer. I mean if it was a dire emergency I do have an LOC at my small credit union that is just for that emergency. It kills me when I see people whose pizza oven just took a dump or whose roof is leaking and who could use a loan right now! I was one when the rumors floated around of doing an LOC vs the algorithm and loans. They could still randomly check your account and adjust it as you grow and your business has doubled type thing. It didn't happen obviously. Good luck to you and definitely let me know. That's a high percentage. Something or multiple things are triggering it. That's all my information from my metrics.