Loan Process 2025

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

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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. 

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@Kacey_W 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. 


Hey @Kacey_W 

 

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!

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.




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Got an offer when I checked this morning! Went up to 69% yesterday and was offered 17k, 6k more then the last one! Hoping everyone has lots of good luck today!! Thank you again for your advice, encouragement and knowledge!

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Congratulations! I was up north and had zero service for a week. I just saw this. Good for you! Love to hear positive post! 

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I am at 92% paid, all green and no new offer. I really need a new loan so I hope one is offered asap. This is my 10th loan since 2018.

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In my cases I usually receive a new 1 once 100% completed the next day. Had 1 that took 4 days

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You are a rockstar! You are always here to help and share your experiences. You’re climbing the ladder quickly, both in your business and in your desire to assist others. I appreciate your efforts, and so do many others. Having a good mix of users in the 4-5 range to their 16th loan is really beneficial, and your speed in completing them is impressive. Congratulations on all your achievements here and your last offer. 

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I appreciate your kind words. I’m just following your lead. We all better with the experience & knowledge of ppl like yourself. Let’s keep growing. 

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Thank you, you are so correct we are our best tools and information outlet. With no guarantee of if or when all we can do is share our experiences and watch the trends. You see yours now but the longer and the more you keep processing like you are that might change. The algorithm is getting better with each loan with you. I do understand that people are stressed out and come here looking for instant answers and unfortunately, on a public forum open to everyone they can't tell you what you want to hear. This can be a successful board and yesssss finally awesome board. Just go with flow each day is a new day. 

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You've been around long enough so it's just waiting on that algorithm to pick you off. How are sales, new customers, and increases in the dollar amount of each swipe? Green is good but it seems most are getting good offers that are showing growth vs just maintaining. They are still lending every day all day. I watch the trends and I notice a pattern pretty quickly 

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Sales are just consistent. I am a hairstylist so depending on the service there may be 10 swipes or 3 depending on length of services per day. But its consistent and its the way it's always been since 2018.

I'm now at 93% paid back..nothing yet. All metrics green and great. I will let everyone know when I get a new offer! I've had a mix over the years..I've been offered 2nd loans before paying current one off, paid off early then got a new offer as well. Last loan, I paid the balance off then I got a new offer 6 days after. So Ive had a bit of it all, and my hands are in the air with the aligrotham! Good to try to crack the code though I am not sure it ever will be. 🤗

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😆 You and everyone else! Just when you think you've found a trend, boom, something changes that! I have noticed hairstylists and barbers are extremely hard to try and guess. With cash payments vs. credit cards, it's hard to gauge. Good luck, and definitely keep us posted.

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Hit 95% paid..nothing yet. 

I owe just over $400 on an over 9 grand loan.

All green, no negative feedback, no chargebacks ever. All in the up. 

Just wanted to let others know for their own selves. 

I thought a new offer would come in at 75% and bou was I wrong! 

I know the lecture of all the data ect I've been watching for a long while.

Just wanted to give my own update with stats. 

 

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I’m sure you will receive a new loan once you 100% complete. I’ve had a few that came a day after completion.  

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Thank you for the update! And yes, for the majority it's between 80-90% paid back. A good handful state around 70% and about the same for completely paid off. The rest you nailed. Unfortunately, all we can do is sit and wait to see if or when and what new % you were at. 

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Thank you, it does help others. It's been a tight board lately 😭 Hopefully, it breaks soon! Good luck and thank you for the update. 

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Good luck! I'll be watching for ya!

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I am somewhat confused myself. Had my busiest month in the history of the business. Just hit 82% paid off with our 2nd highest weekend in the history of the business. And it still shows all green but no new loan. I am nervous because I see sales slowing down over the next couple of weeks due to our normal summer slow down and that's going to really hurt the loan chance. 

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The good thing is that Square doesn't Just take into account your metrics. Those are great tools for us to use as well. Your history, sales are up, and a couple of weeks won't drop them too far. You will still be above last year. Its history, prior loans, swipes, and volume of swipes, and new customers. They are looking for growth, not just maintaining to keep the doors open. You are doing all of that and then some. Good luck and hopefully very soon. If you go to the thread on loans 2025. That's the main one. The mods have a pinned post up top. In it is a spot that says click here. It tells why the change in the % paid back. And what they are looking for. Above all that despite metrics and influx or maintaining. They do take into account your history with Square, prior loans all the good over the years. Stay away if you can chargeback, returns, or disputes. That takes time back and forth with banks or credit card companies and a human only. You can never say never with it stating that there is no guarantee of if or when. But keep up with the amazing job and wow your best year that's amazing and exactly what they are looking for. Hold tight ok? 

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We are at 81% and still no offer. We had a decline in card sales the past week but our wifi was down at a show we did last week or we would have been closer to 86%. Shows a dip in sales but it was a technical issue with us having to miss 3 1/2 days of card swipes at one of our busiest shows of the year. 

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Hopefully something comes to you soon.

I have a strong feeling my offer won’t come until I’m paid off. I’m at 93% 

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I am feeling that as well! 😡 Two weeks of our road being closed and no real detour and a good distance from the city's car parks. Awfully hard to sell furniture. Yesterday, they finally paved one side and slowly let traffic through one lane only, and four lanes backed up all day. Four record-setting weeks to about three people on Saturday, our busiest day. So yes, I get it. Those things are out of our hands, unfortunately. That good ole algorithm doesn't understand that! Here is to all of us!

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Hope this doesn’t affect my future loan, got my first dispute yesterday, customer wanted two windshield replace, went out and bought from ware house and drove to install it, 5 days later random person from a whole different state called asking why did I charge her card and that her card was stolen hmm……5 days later though really??!!!!!!! So now what almost 1k on hold

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