Solved: Re: When will I get a new loan offer

staceysmith · ‎04-25-2024

Hello! I have a current loan with square, and I have paid off a previous loan. My current loan is 78% paid, and I'm hopeful that I might qualify for a new loan soon. Any one have insight into when I might expect a next offer? I am in "Good" standing in all catagories...

TheRealChipA · ‎04-25-2024

Hi @staceysmith.. For the past year or more, new loan offers have been coming much later than they used to. I’ve fielded questions from other sellers who are waiting until their 90% payoffs and even higher before receiving a new offer. And I’ve seen more than a few who completely paid off all loans and waited weeks, if not months, for new offers. There’s no way to predict this.

It may or may not help to keep in mind that the lending market worldwide is in a crunch right now. Lenders — even card processing merchant loans like Square — are being very conservative and limiting their exposure on their balance sheets right now. This means that new loan offers are coming later than they might have in the past. It also means that many sellers are seeing lower offers even if they have higher card processing volume. Hopefully, the lending market will ease up as 2024 progresses, but of course there are no promises. If you are absolutely hurting and need a loan now, your best bet would be to reach out to a local bank.

Best of luck,

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

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TheRealChipA · ‎04-25-2024

Hi @staceysmith.. For the past year or more, new loan offers have been coming much later than they used to. I’ve fielded questions from other sellers who are waiting until their 90% payoffs and even higher before receiving a new offer. And I’ve seen more than a few who completely paid off all loans and waited weeks, if not months, for new offers. There’s no way to predict this.

It may or may not help to keep in mind that the lending market worldwide is in a crunch right now. Lenders — even card processing merchant loans like Square — are being very conservative and limiting their exposure on their balance sheets right now. This means that new loan offers are coming later than they might have in the past. It also means that many sellers are seeing lower offers even if they have higher card processing volume. Hopefully, the lending market will ease up as 2024 progresses, but of course there are no promises. If you are absolutely hurting and need a loan now, your best bet would be to reach out to a local bank.

Best of luck,

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a possible "best answer." I hate the term, and wish we could just mark posts as "helpful." But this is our only mechanism at the moment. Just remember "Best answer" should be interpreted as "helpful," and nothing more. LOL. "Best" (ugh) answers help folks possibly find solutions to similar problems they are hoping to solve.