Solved: 94% but no loan offer yet

HealthySF9 · ‎06-17-2022

Greetings fellow sellers,

Hope everyone is recovering and business is booming again!

We are on our 2nd loan now since everything reopened again here in CA. We are paid about 94% in now for a loan of about $25,000. We usually get offers after paying around 75% mark.

I'm confused why we didn;t get new offers yet, business is picking up again and we are way ahead of payment schedule.

Eagerly and patiently waiting for another offer. Square loans keeps us alive during this difficult time and is tremendous in helping businesses grow.

Good luck everyone, hopefully we get out new offer soon. Could really use new inventory and more marketing budget.

jules72 · ‎06-21-2022

Hi @HealthySF9,

Thanks for your post!

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

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

Jules
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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Doran · ‎06-17-2022

Have you tried going into your loan dashboard and looking up your loan eligibility status? Click on your current loan and then to the right there is a box that says YOUR NEXT LOAN. Click into that and you can see how your business is measuring up to a new loan offer.

Doran

Esthetician
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jules72 · ‎06-21-2022

Hi @HealthySF9,

Thanks for your post!

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

While you are not currently eligible for an offer, your account is automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact potential future offers. If you become eligible again, we’ll notify you directly through email and your Square Dashboard.

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

Jules
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

LegacySS · ‎06-24-2022

Must be on hold again because we are 100% paid on our 5th loan and last one was $70,000 and paid it off in under 3 months and still no offer. We Score green in every category so they must be on Hold again for some reason.

jules72 · ‎06-24-2022

Hi @LegacySS,

Thanks for taking the time to reach out to us.

You can use the eligibility page located in your Square Dashboard to gain more insight into the status of your Square Loans eligibility. We take your business’s data and compare it to key factors that determine eligibility, such as processing volume, payment frequency, and account activity. If any of your eligibility factors need work, you can look at the tips we provide to strengthen your chances of becoming eligible.

Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole. Do not rely on the information we provide in the Square Loan eligibility page to predict a loan offer. We cannot promise a loan offer, even where all of the factors on the eligibility page are “Good.” If you become eligible, you’ll be notified directly on your Square Dashboard and via email.

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

Jules
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

PartyManiaMD · ‎06-24-2022

For what it's worth they are still issuing loans. I received my first loan last week and I have to say Square literally has saved my business in so many ways. It's great that Square offers loans and makes it a lot easier when banks make you jump through tons of hoops only to tell you to try again later.

My business has been going for 11 years but I took over at the beginning of the year and so it's technically a new company, Square pretty much made doing business viable when things are already difficult in the retail industry.

To those waiting for loans hopefully they come through, definitely check your eligibility and know they're still helping businesses.

www.PartyManiaBethesda.com
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