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. 

[Damien_H]

Good luck 

[Lostone500]

Had my loan paid off in full July 29th. About to hit a month exactly. And still no offers. And everything is all green currently. 

[Twpchair]

Could I get a little more information that would help me get you to the right place? These last 2 weeks now loans are finally moving along with quite a few posting they finally received one. How long with Square, how are your numbers with swipes per day, and the volume of of swipes? New customers vs regular? Are sales increasing each quarter and not just maintaining? The metrics are great tools for us to use to seeel how we are doing vs previous months and years, but not a guarantee of a loan. They are looking for a good strong healthy business that is going to reinvest back into your business vs just maintaining or enough to keep the doors open. Green is good growth and those number doubling or more is huge. With no loan guaranteed if or when increasing a boost in the above-mentioned are huge.  Also, negatives try hard to stay away from returns, refunds, and disputes.  Loans are moving at a good pace right now. Above all Square takes into account your history, prior loans, and how long you've been with them.  Let me know about the above so I can help you get to the right person. Hold tight and keep swiping those cards.

[Lostone500]

I’d say this is the best I’ve been business wise. More sales. Higher on the chart for sales then before. No disputes or anything like that. Usually I get a loan offer once a week passes once paid off. Haven’t had anything for over a month. And did about 4 loans before. So far the longest I’ve waited. 

[Twpchair]

Ouch! Have you called? 4 weeks completely paid off is a bit. Did you pay any off or all card sale?

[Adalynn]

Hey @Lostone500 !

Appreciate you taking the time to post.

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.”

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

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

Don’t hesitate to contact us directly if you have further questions or concerns.

[Barbershop806]

Stay positive hopefully 🤞 you’ll get an offer soon. 

[Healthyketo]

Ok I’m so confused. Had our big Grand opening to our new location this weekend. Sales were good. Went about from 74% to 77% in a day. Got an offer just now for $600 less than what  i received before. My sales are way up for the year so far, we have a good mix of new and returning customers. No disputes. Metrics all green. I was anticipating an offer for at least a couple more thousand than the last one but it was much less. HOWEVER I am grateful for whatever offer comes through. (Just got the email now and as approved and funds are already in) I’m just confused on how the system works. Maybe it’s wanting to see how fast we can pay this off, maybe wanting to see if our sales will remain consistent before a big offer appears. I don’t know. I guess will wait and see. Just wanted to keep everyone posted 

[Barbershop806]

sorry to 👂 congratulations 🍾 just look at the bright side, more 🧢 to put towards the business. Stay positive and great things will come. 

[Twpchair]

I agree it's rough but finally loans are moving. When I saw the offer I was like yessss! They have fought and fought to get this far. Many would have given up. Now, 4 successful loans. I do understand expecting more and getting less but it's a positive movement and that needs to continue. 

[Twpchair]

I would guess your part 2 might be part of it. I have seen many open locations 2 or 3 and two things happens. 1. Your main loan is always went to one business.  They know your business, processing habits, etc. Add in another location how much is that going to change location 1? How well is #2 going to do and how fast to take off. Say all goes 100%? It's a double-edged sword without overextending you financially with 2 locations it's not a bad offer. I've seen half before. I know the extra would have been great starting out but basically that's what you are doing with the new location. Get that one rolling and start getting 2 offers. One for each location. I want to say congratulations though and good luck with number 2 and go get it!