Re: Square Loans second offer requirements

chefparrishg3 · ‎10-18-2017

Hello first and foremost i would like to thank square for providing me with what I consider to be an effective pos solution for my current needs. They have been an intricate part of what is proving to be a very successfully rapidly growing contract group i am lucky enough to have been able to start. I have the opportunity of a lifetime to get a very large contract (almost double what I currently have) and I need to get more loans ASAP. I am 70% through paying on my first square loan in less than 4 months, have just signed my current client to a 3 year contract (which will include a 500 person increase with their expansion in a year), am averaging [Personal Information Redacted] a week in sales minimum, have zero debt, use all the square resources available, recommend square to all of my colleagues many of which are business owners themselves and feel as if I meet if not exceed the credentials needed to be offered a second loan. There is absolutely zero risk in giving me a second loan only reward. Normal circumstances I would be fine waiting until i got noticed in the large ocean of sellers but realistically things come up and the funding could literally put me in a position to triple my current financials. As we all know timing is quite possibly the most important factor in successfully growing as an entrepreneur and I need the decision makers to take a look and capitalize on me so i can capitalize on my opportunity. I have reached out to be given the standard email and that was fine but as the time the contract is becoming available for bid nears I need another offer PLEASE. Any recommendations are appreciated and I am willing to provide any sort of documentation to verify my credit, my growth, my current contracts, my p&l bank statements, business plan etc etc.... Thank you all in advance and lets do this!!!!

LaDora · ‎10-20-2017

Hello @chefparrishg3,

Sounds like you have some great opportunities on the horizon - Best of luck! Please check your inbox 📩 for an update from a Loans team member.

Soulsquad · ‎10-24-2017

Hi @LaDora, Square Loans has been a great asset to my company as we have surpassed last years sales already with 2 months left to go. My growth is directly attributed to being able to hire more help and advertise more; im curious as to why we received 3 offers last year, and only 1 this year in April and have shown growth with new customers, new contracts, and new opportunities, we have a big holiday push we want to do, can you look into our account in regards to an offer? We are at 72% paid; we’ve received offers at 50, and 65% what determines this? Thanks

LaDora · ‎10-24-2017

Hi @Soulsquad,

Congrats on the growth of your business this year 🎉

Currently, we are unable to provide many details about becoming eligible for a loan. Offers are based on many factors of your business, including but not limited to its processing history and volume. The timing of eligibility can vary from loan to loan because each loan through Square Loans is evaluated individually.

While you may not be eligible at this time, we will continue to monitor your account as you continue building your business.

Soulsquad · ‎10-24-2017

Thanks! I’ll keep looking hopefully we get an offer before the year is out!

Soulsquad · ‎01-03-2018

We are Cranking along, now at 84%, how does one get offers at less percentage? I understand each account is different but I lose hope a little when i hear folks getting offers at 60%, or getting NO offers at all. I'm in the running for a huge Gov contract, but need capital to complete it, Companies out there, would kill most of my profit; so im just trying to keep more Profit, which in turn helps me grow, hire more people, buy more equipment; This is a huge Opportunity! PLease Assist! If you can't Im still with Square; just have to ask. Ive got tons of new customers!

Regina_B · ‎01-05-2018

Hi @Soulsquad! Thank you for your post.

Congrats on the new customers!

You are correct, each Square Loans offer is unique and there is not a set percentage at which you will be automatically offered more capital.

However, be reassured that we are actively reviewing your account. You may become eligible when your plan is closer to being repaid. While we cannot guarantee that you will be extended an offer before your current plan is repaid, or immediately after your plan is completed, we encourage you to hang in there and keep rocking it!

We appreciate your patience and wish you a Happy New Year! 🎉

gabbyn2627 · ‎07-12-2018

I switched over to square from PayPal and it was the best decision ever - I got a square loans offer for [Personal Information Redacted] and paid the loan off in less than 2 months . I still have not been offered a new loan - it’s a little uo setting - I know I could go elsewhere but I love the convinence of how square takes the payments. We want to grow more and purchase more inventory but need a loan to do that - why would I not be eligible for a new loan?

Regina_B · ‎07-13-2018

Hi @gabbyn2627 - Regina from the Square Loans team here, thanks for your post and interest in another loan! While we cannot go into specifics about eligibility because the information used is based on a proprietary underwriting model, please check out this Support Center article: Square Loan Eligibility

Feel free to reach back out if I can help with anything else!

chefparrishg3 · ‎10-24-2017

Hello just wanted to let you know we got approved and are awaiting deposit today!!!! Thank you so much and everyone on your team

SheetGuys · ‎04-20-2018

Hello @LaDora

Like @chefparrishg3 I too appreciate all the services and resources Square provides, particularly for small businesses like ours. It seems, reading all the comments on this topic in many threads, that we all agree how valuable the Loans program is. The only concern everyone seems to have is the opportunity to receive specific advice on our account standing in regards to new offer eligibility. While it's understood that each account and loan offer is unique, it's nice to see a forum like this where we can share our our stories and success testimonials with Square products and interact with the Square team expressing our objectives and possibly have our accounts reviewed for individual feedback.

I've had a few Square loans and have typically received new offers at around the 80% mark. Currently I'm a few bucks shy of 76% and look forward to re-up again soon. I sell bedding products at special events including many outdoor street fairs and farmers markets. Jan, Feb, March are already my slowest months of the year with limited amount of outdoor events. So it hasn't helped that the unusually large amount of rain we've had in SoCal caused several cancelled sales events. I know this slight drop in sales volume may affect the amount of my next Loan offer as I believe it's based on past 12 months sales volume, but...

I've been able to utilize some of the added downtime to take advantage of some of Square's other products and services, which I understand can be a factor in determining eligibility for new Loan offers. I've subscribed to the customer loyalty program, launched my Square online store and added the eGift Cards to my store. I've also set up promo codes for item and gift card purchases and used marketing campaigns to reach my square customers.

I also know Square Loans looks for good mix of new and returning customers. I'm not sure what is considered "good" but I think that is one of the stronger aspects of my business.

Obviously the objective with any sort of Square loan or advance is to fuel overall growth. However, occasionally it can also serve as a valuable resource to limit the impact of adverse circumstances as it has recently allowing me to sustain without sacrificing future growth and secure participation in this year's big sales events.

I would love to have someone from the Square Loan team review my account for possibly a new offer soon as I ramp up inventory and feature new products for a huge Peak Season year!

Thanks for letting me share!

erica90 · ‎07-30-2019

Hi I have also had multiple square loans and am currently at 78% repaid on my current loan!

farango · ‎11-11-2019

Hi Erica! Do you remember how far along were you paying off your first loan when Square offered you a second loan?

Thanks!

KayLynn · ‎04-22-2019

I just want to say that Square Loans has helped my business in a lot of ways. I have have a few loan offers through Square Loans. Right now I am at

78% in 4 months paying off my current loan which is the fastest Ive ever done.

In January I decided to take my business online only for person reasons. But since then I have had 6 disputes within 3 months. It’s so weird because I haven’t had any disputes since 2016. And it was literally only 1 dispute. I do live is a high fraud area ( Detroit, Michigan) where they “glamorize” scamming and things of that nature. So I am guessing that when I announced that I was going online only I became susceptible to people trying to scam my business.

I guess with more money more problems right ? So Since then I have made customers agree to a “ Return Policy” on my website so that I can further protect myself from things like this. My only concern is that these recent disputes with thwart my opportunity for a new loan. A new loan offer will really help boost my hair business to a bunch of new levels. Hair business is a Billion dollar industry and I plan on getting some of that lol.

Im planning to take my business to places it has never reached before and I know I can. I just hope and pray that I get a new loan offer soon because the summer is coming and this is the time where my business booms the most ! If I don’t end up getting a new loan offer ow won’t be terrible. I love working with square and it’s super easy check out in store and online. I have there regular POS system for in store but when I come back to the store scene I definitely want to get the newest point of sale system !

Regina_B · ‎04-24-2019

Hey @KayLynn!

Thanks for sharing and so happy to hear that Square Loans has helped your business!

Per our Support Center Article, if you do become eligible for another loan through Square Loans, it is possible for Square Loans to decline your loan application if your business has received too many chargeback claims. To find out more about chargebacks and proper documentation, please visit the Town Square Blog: Chargebacks 101.