thread Re: Loan for repairs in Banking With Square

Loan for repairs

Trell1983 — Sat, 20 Sep 2025 12:20:06 GMT

My business just took a hit with a major equipment broke down. Therefore there would be a noticeable decline in sales, I decided to pay off majority of my loan so I could have my equipment fixed.

I haven't received an offer, is there a way to explain to square that the sales would pick up after I receive an offer?

Re: Loan for repairs

TheRealChipA — Tue, 22 Oct 2024 11:47:45 GMT

Hi @Trell1983. Unfortunately, there is nothing you can do to speed up a new loan offer. You are correct that having consistently higher card volume is one of the top factors that the algorithm uses to determine when and how much to offer. But there are many other factors, including ones that are not entirely in our control. Think things like the global lending market tightness right now, high base interest rates (thankfully those are finally starting to come down). Also, Square has internal guidelines that determine how much loan exposure they want on their balance sheets, since they are also beholden to shareholders. The reality of the general Square Loan situation is that all you can really do is sit tight until the algorithm sends you an offer. Square employees — including loan department employees — can not speed that process up.

I had that same issue happen a few months ago — my main soft serve machine died after 10 years. I decided to go the more traditional equipment loan route to replace it. If you need a suggestion or two about such lenders, I can give those via Private Message since posting them here would violate community policies for advertisement and marketing of non-Square related stuff. Honestly, that’s probably your best and fastest route to getting back up and running.

Re: Loan for repairs

Trell1983 — Tue, 22 Oct 2024 11:57:25 GMT

Yes, that would be great, how do I dm you?

Re: Loan for repairs

ryanwanner — Tue, 22 Oct 2024 14:43:47 GMT

Hello @Trell1983 !

Just to add to what @TheRealChipA said, I have seen multiple instances where sellers have paid off their loan or took a big chunk out of what was outstanding and it caused the loan metrics to reset. Ironically enough, the loan decider machine thingy has a problem when you pay off early. My guess is that the decider resets itself and has to redetermine your credit card volume from zero, and that will cause a greater delay in eligibility. Odd, I know. 😞

Re: Loan for repairs

TheRealChipA — Tue, 22 Oct 2024 15:05:52 GMT

@Trell1983 I’ll email you now. I’d recommend that you edit your post and mask your email address now. I have it.

Re: Loan for repairs

Trell1983 — Wed, 23 Oct 2024 01:18:19 GMT

Yea, that makes sense, currently I'm not making any sales so I guess a loan isn't going to be likely 😢 😢