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Is Square still offering loans?

I have paid 81% of my first Square Loan. Very curious if Square is still offering Loans anymore? And if so... when?

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Super Seller

Yes, Square is still offering Loans.  Every Square Loans offer is individual, there is no set percentage of a loan payback where you will trigger a new offer or even if you will get another offer while having a loan outstanding.  There are 100s of variables that are used to figure out Square Loans offers.  

 

anecdotally, I have seen some people post about getting new loans at 75% and some not until a month after paying off the loan, but every loan is different and every seller has different circumstances.

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We repaid our Loan back in December with no new offers we are trying to expand curious if this is just us?

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Yes that is weird that you paid off your Square Loan in December and over 3 months later still no offer. But from what I have been told is that all loans are computer generated. So which means that everything is considered when waiting for another Square Loan. For example how much money is processed over the past year, how many transactions to date, and any charge backs or fraudulent charges over the course of your current loan, etc.....  I’m at 97% completed with this being my first loan thru square with no offer yet.?i will definitely post here in the community if and when I get offered a Square Loan.! Hope this helps you out while your patiently waiting like I am 

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Square

Hey @Skings1994!

 

I understand that you have not received any Square Loans offers. At this time, Square Loans are offered by invitation only. However, we are constantly reviewing your account for eligibility.

 

Timing and eligibility differs between Square accounts and is based on a variety of factors including payment processing volume, account history, and payment frequency. To learn more about how you may become eligible for another loan through Square Loans please browse the Seller Community or visit our Town Square blog.

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Hi Regina_B I wasn’t going to comment because i know the volume of owners looking for loans. I’m sure is very high.

I was just going to wait but what the hell.

can you please have loans review my account. I am close to 75%. First loan have paid off fairly fast. Not one charge back and every day have several new and repeat clients. 

I do outsource many of my larger jobs so my plan is to purchase a sprinter bus which will add $15-25k more a month in sales.

personally, I love square I wish I would have been using it for the last 3 years in business.

Thank You

caroline 

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im on my 6th loan paid of 89% have had more sells this year than ever with new clients and still no offer i had always get them at 74% any thing i csn do to accelerate the process 

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 Honestly we had PayPal we will pay off the loan and receive a loan the minute the loan was paid off I am thinking of switching back because what is the point of going through a third-party to get a loan off of your merchant account that cost you hundreds if not thousands of dollars I’m just not sure how they determine when you’re eligible we paid our loan off of [Personal Information Redacted] in 6 1/2 months and been paid off for now over four months with no offers !!  Sincerely frustrated 

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@Skings1994 Reading things like this makes me nervous that I won't be seeing an offer. I'm 90% paid, and have always had offers by this time. I just wish they would tell us if the structure for getting them has changed. My sales volume is up considerably. Well, I guess the positive is I won't have the fees

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Yes the good thing is you will have no fees however I would prefer a small daily loan on my processing than take out a daily repayment loan that hurts our cash flow we are also up on revenue this year and have been paid in full since Dec.2017 we want to expand our buisness which with a square loan would help our goals as well. 

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I have a fiend who processes with PayPal and has done good history with the loan program.

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Regina,

We are 74% through our 3rd consecutive loan in 1 years time. The first two we paid down 70% within 90 days and were immediately offered another at 50% increase of the previous offer. Our 3rd loan came through at the start of our slow season (Christmas Holidays) so it has taken just about 6 months to pay down to that 70%. Is that why we havent been offered another loan? We are heading into our busy season and were wanting to expand but if it is unlikely that we will be offered another loan then we may decide to hold off until next year. Anyway to let us know where our account stands? 

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Alumni

Hi @GoMobileMecha - We can't give any more insight into account specifics Loan inquiries here in the Seller Community, nor is it the appropriate place to ask for another loan. You should contact the Loans team directly by emailing them.

 

Go to squareup.com/help/contact

Click "Square Loans"

Click "I don't see my issue"

Select the option to email!

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Katie,

I was asking a question similar to one that Regina already answered -- so if it wasn't appropriate then why did others ask the same one and have their questions answered?  My question was not up for grabs from anyone who decided they wanted to answer it. It was directed at one person imparticular.

Secondly, I wasnt asking for a loan. I was asking for information regarding HOW the system works and where our account stands in regard to that system and how to go about finding out that information.

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Unfortunately businesses can't depend on a lender like Square. Square's "secret formula" for new loans prevents you from making plans for the future. 

 

As of today I have paid 98% of a nearly [Personal Information Redacted] loan in fewer than six months. Square has told me that no new loan is coming because of [Personal Information Redacted].

 

I was planning to expand my business this summer but can't now. 

 

Square didn't lose a dime on those chargebacks so why should they care? In one case I was scammed for $500. In two other cases the customers apologized for the chargebacks saying they misread their credit card statements and they paid me.

 

Square charges fees that are higher than other services and I accepted those higher fees because of the Square Loan program. But without the Square Loan it makes sense to use a different credit card processing company, and then find a reliable source of capital. 

 

As it stands now, Square has made it impossible for me to launch an expansion of my business.

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It is very hard to plan, that's for certain. 

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But we have to be able to plan. 

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Yes, a business must be able to plan, but don’t include Square loans as part of that plan.

 

You cannot solicit these loans, the majority of the data points are proprietary and never going to be revealed, and no matter how many loans you’ve had in the past from Square and how well you’ve paid them off they can stop at any time without any explanation or reason.

 

Square loans are not traditional loans, and it’s only setting oneself up for disappointment and frustration to believe they are. Instead, they are only offered at the whim of square. If you get one, consider it a nice surprise. But don’t expect them or rely on them.

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Square says to keep processing charges and of course they'll say that because they don't want to lose our business  

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Well, continuing to process charges is the only way to change your metrics to the point where their algorithm may find your account favorable for a loan.

 

Yes, it would be helpful if they gave specific reasons why an account does not qualifiy for a loan. For example, they could say the ratio of new vs repeat customers is too low, or whatever. But then there would always be situations where people who improved those mentioned metrics would still not get loans and continue to demand more specifics as to why.

 

But square can never truly answer those questions, because the answers are constantly fluctuating based on the markets, square’s own financial situation, and who knows how many hundreds of other factors. It’s impossible for them to know whether anything they say at the moment will be true in the future. So they wisely do not make promises they may not be able to keep.

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That's right. Fortunately, my business isn't dependent on a loan, and I so appreciate every loan I have had. You just can't help but feel that twinge of disappointment when you see your credit card sales alone are up 83-85% from the previous year and know square loans helped with that. For that I am thankful 

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