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We are currently paying off our 4th square loan (64%) and have been extremely grateful for the boost these loans have given us! I was just researching when to expect a new loan offer when i found a thread from last month where many biz owners state they are at 85% paid, or more, and have not received new offers. Since August of 2016, we've always received new offers before being paid in full so I'm obviously hoping for the same. Can anyone say if they've received a new loan recently, or can anyone from Square confirm that they are still extending new loans on 75%+ paid current loans? Just trying to figure out if I should start to panic now!
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Every single Square loan is individual and therefore they can not be compared to other business. One person may have added 25% more sales over the last 6 months while paying off their loan, while another could have had a cold streak and lost 20% in sales in last 2 months, and another could have added a second location more than doubled their gross income. There are literaly 100s of variables that go into Square Loans offers so there isn't a set in stone tablet percentage you will be offered one at.
Every single Square loan is individual and therefore they can not be compared to other business. One person may have added 25% more sales over the last 6 months while paying off their loan, while another could have had a cold streak and lost 20% in sales in last 2 months, and another could have added a second location more than doubled their gross income. There are literaly 100s of variables that go into Square Loans offers so there isn't a set in stone tablet percentage you will be offered one at.
Hi @fullcircle
I'm glad to hear that Square Loans has helped your business!
@VanKalkerFarms is correct here, as each Loan offer is unique.
Our Loan team reviews each account for eligibility on an ongoing basis and each offer is evaluated separately.
Continue being a great Square Seller and our Loan team will reach out directly as soon as you become eligible again.
@EJ_is there any way to have a square rep take a look into our account and give us direct feedback as to what we can do in order to receive another offer? Since each account is individually looked at?
Hi @MarleysTreats,
I will have another member of the Loans team take a look at your account and reach out in an email 📩
Hi @EJ_and @LaDora! Happy friday to you both. I am starting my day with confusion as to why I’m not seeing an offer from Square in my dashboard. I just paid off my 5th plan early, and was hoping for another offer in order to expand my business this December. Square has helped me grow exponentially! There would have been no way I could have grown this much in this short of time without their help. I realize all accounts are looked at differently, and evaluated constantly. But I would love for someone to reach out to me and just give me some insight as to why I didn’t get an offer this time considering my sales have gone up consistently each year I have been with Square. For us small business owners, Loans means the world 🙂 Thank you for your time, and I look forward to hearing back from someone soon.
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Hey @AudraR,
Congrats on completing your plan 🎉 Once a prepayment is made, it can take up to 2 weeks for your payment to be confirmed and your account to be re-evaluated for potential offers. For more information on paying your loan back early, visit our Support Center.
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Is there a way to get my account looked at for another loan offer? I am looking into opening a new space, that would be larger and bring in more clients as well as a larger advertising budget. An offer would be super appreciated right now. Or maybe an idea of what I can do to get a loan in the future. Thanks!
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Hey! Thanks for posting. While we cannot talk about account specifics on the Seller Community, I can encourage you to reach out to Square Loans and ask if they can take a look at your account for you. You can get started here: squ.re/contact
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
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Could you please look at my account as well? I have been trying to pay off my account but I keep getting a red error message. I hope things work out. I love square it feels like you have a friend. Thanks so much!!!
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Hi @Pamy63,
I see that a member of the Loans team has reached out directly with more information about your account. Feel free to respond to that message if you have any further questions.
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Hey @LaDora -- THanks to you and square my taxi business has grown considerably! I need some new loan soon and would appreciate if you and your team could look at my account for a new offer. I am currently at 70 percent on my 3rd loan. If someone could review and either send a new offer (hopefully increased some as each one has been) or reach out to me an update after review I would greatly appreciate it.
Check out my Yelp reviews and you'll see your money is going to a great cause under Dave's Taxi in Orange County Ca.
thank you
Dave Schadick
Owner, Dave's Taxi
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Hi @Beerdedbrothers - I suggest you send the Loans Team an email to take a closer look at your account. To send them an email:
1. Go to squareup.com/help/contact
2. Click "Square Loans"
3. Click "I don't see my issue"
4. Click "Send Email"
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I’ve been waiting for an email reply since 4/4. Is there a way to look into getting my question answered?
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Is it possible to have more loans added to your square loan? I'm about halfway through mine and pay pretty frequently, and was wondering about adding to my current loan to help out with expanding my business. Thank you!!
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there isn't a way to add to a Square loan. a lot of people get additional Square loans once they've paid back 80% or more of their loans but that is not guaranteed.
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Can they look to my account I want to have a higher loan soon
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hi Ladora, any way you could do the same for my account? I'm %100 done and haven't seen an offer
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@LaDora @hello! I know that this thread is old, but is it possible for my account to be reviewed as well?
I’m finishing up my third offer and am at 84% paid. In the past, I’ve received an additional offer when it was a little less than that. I have a couple big things coming up soon and would love the additional loan to assist.
Thank you!