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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Yay! It’s so encouraging to see some of these offers coming in around that 65% mark! Fingers crossed for the rest of us 🩷

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I need loan $1000

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I just got a loan offer on the 4th of July! Wahoo! Paid the balance off manually on June 20th at 97% paid..it completed on the 26th as my payoff date and now 8 straight days later I just got my offer! It's about 1 grand more than my last one! It's pending..hopefully it goes through. Please! Crossing fingers!!

Happy 4th everyone! 

(By the way the alert went to my "promotions" part of my email! I didn't see it in me regular primary email or on my Square Dashboard.)

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It just got approved! Wahoo! Happy 4th everyone! And good luck to you all with your loans! This forum is amazing for info! 

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Community Team

Hi @Megashine 

 

Appreciate you taking the time to post

 

Congratulations on the approval of your new loan! We hope you continue growing your business with Square, and share more of your successes with us.

 

Feel free to reach out to us directly if you have any additional questions!

Abby_M
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.
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Congrats!!!!

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Congratulations, I should be close as it would be a huge help. Currently right around 90%, hopefully this week as we need new inventory 😁

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Been with square over 11 years have received and paid back over 350k in loans. I'm currently at 80% of my current loan with no offer yet. Normally I'd receive an offer before july 4, not the case this year

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Community Team

Hi @Movecrew 

 

Appreciate you taking the time to post.

 

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. 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.

 

Please contact us directly if you have any other questions

Abby_M
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.
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My last comment disappeared, so I'll repost.

 

I am currently at 94% paid back on my current loan. What I have noticed with my loans is the higher the loan, the higher the payback percentage before a new loan is offered.  Although this is not a firm rule, and not everyone experiences this, it's something I've noticed specifically with mine.  I use my loans as an investment into growing my business.  I buy inventory to boost sales and grow volume.  I don't use it for operating costs or to pay bills as that's not what the loans are designed for.  Although I don't "need" the loan, I always appreciate them as every loan so far has built my business from a $2000 flea market startup to a $800,000 a year retail store in just three years!  I accept the loans not because I "need" to but because I "want" to, and I am always thankful to Square for helping build our success.

 

Now to the point of the post that disappeared....

.... Although thankful for the loan offers, which we all know is"not guaranteed" and follows an algorithm, I'm somewhat disappointed in the inconsistency of the algorithm itself.  Here you have a group of people that are in the high 80's up to 100% paid off, all green metrics, and no offer.  Then you hear comments from some folks who are 67% up to mid 70% range who say they got an offer with "needs work" or not all green in their metrics.  It starts to get frustrating as there's no consistency.  Yes, the offers are totally random and never guaranteed, but there has to be another answer as to the loan process besides the generic "loans are not guaranteed" and "follows a algorithm that is proprietary to Square".  There has to be a reason that can be given as as to why someone with 72% and "not all green" gets a loan offer and those with 89, 90, 91ish percent and "all green" don't.

 

Personally, I would LOVE to receive another offer, and as always would utilize it to grow my business, as I have done with the last 10 loa..... investments!

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Just paid off my loan with a good sales week, but no offer. Previously I’ve always gotten them at 85-96%, but my sales have been down a bit this year due to surgery recovery (self-employed). We’ll see! Crossing my fingers. 

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I was at 97% paid off this morning... Now I'm at 100% paid off.  Why? Because of something called a "service credit".

 

What is a service credit, and why did I get it?  Does that hurt my chances of a future loan? I've never seen that before so just curious.

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Square Champion

There are many ways to get that. Most are Square doesn't charge a fee to our customers for using a card. But, some businesses can add a service fee say for special delivery, some fees are taxable and others aren't. If you didn't break any rules then there is no issues. It's difficult when you see people at 100% paid off and others at 57% with no reason why. Good luck to you!

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deduction from the contract price payable by a customer in response to a service provider's failure to meet a service level in a service level agreement. This is the only one I could find the semi close to your question. There are literally page of examples of why or how you could have received this. Without getting a clear answer from customer service all I can do is give you examples of what if’s. If you are paying off loans in record time and you had a payment pending to post to your account but you were 100% paid off. That payment in lingo would be returned to you. Does it affect your loan or not? Affect it in the future no, but it also takes time to adjust your account to reflect this. This scenario is applies if that was the issue. It could be 20 plus different reasons why. Have you called, have you received any emails to follow up regarding this? If and only if this was a slower payment that hit and between that tone you paid off your off your loan per swipes and not a prepayment it is still going to take a little time for the algorithm is catch up and reflect this. Will it take the full 10 days to clear to get back into the algorithm system. I know it stinks waiting but unfortunately, those are the rules. Hopefully, it's sooner than later. When this happened to me. I paid off my loan at 75% during this time i was still processing payments were still adding up. I received it back and i did wait till it cleared 10 business days. Once I hit the algorithm the 2nd day i received an offer. Again, only if this is this is why. Myself i would call l customers service and ask them how or why it's there. @abbeyc can you she more light on this privately?

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All dealt with.  Turns out it was a overpayment from "several" loans.  Once it was explained to me ( 7 calls over 5 days and four direct messages all unanswered.... The customer service totally sucked until the final call, which was really helpful), I received an offer the next day for almost 70% LESS than my previous loan.  I took it anyway, as I treat every loan as an investment to grow. Very thankful for it. 

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I’m sorry to hear about the 70% decrease. Additionally, there have been several overpayments, not just on your part but in general. This serves as a reminder for all of us, including myself, to closely monitor our loans, prepayments, and both checking and savings accounts. 

 

I appreciate having my savings here, as it helps keep them out of sight and out of mind for me. However, I do check it regularly because it often updates with 4-5 deposits at once, not always on a nightly basis. I go through it every day to double-check everything. It’s always accurate to the penny, but the multiple updates spanning several days can be concerning if you’re not paying attention.

 

Thank you for sharing this post. I hope this situation doesn’t happen again, but perhaps it will provide a solution for someone else facing a similar issue.

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I guess my question is why did I get a service credit? 

 

I owed about $1,600 on the loan, and they gave me a $1,600 credit to pay out the loan. Why?

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I’m at 80% wish me luck 

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Good luck to you?

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Good luck 

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am at 70% everyone wish me luck would love to get approved soon at $250 of my minimum payment before September would love to buy new inventory.

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