Solved: Loan Process 2025 - Page 16

BobH02 · ‎01-09-2025

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

Twpchair · ‎02-06-2025

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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Minion · ‎03-31-2025

@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
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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.

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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.

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.

Adalynn
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.

Barbershop806

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