It sounded like you were newer to loans. It's so hard to try and make a guess on it with the first few loans especially. Besides me telling you there are no guarantees of if or when the next offer might come. The difficult part is Square and the algorithm trying to figure out your processing pattern. With any new account, you have to start somewhere. The algorithm is a tremendous help for us to use but it's not a guarantee of an offer nor is it a bust if something needs work. Square takes into account your whole profile. Time with Square, previous loans are huge. All the good signs. Increase in sales, volume of swipes, and new customers. The algorithm is doing its job and crunching numbers and recording data. It does look at your account daily. If you can help it increase sales or boost the number of swipes maybe that might trigger it to take a 2nd look at your account. That's just a wild guess. Something has to! Good luck and Keep us posted ok.
Yes, I understood you. It transfers over the next day. Now, when you go to make your loan payment it takes 7-10 business days to process. Once it is cleared you are eligible to update and go back into the algorithm. If or when, with no guarantees, it's hard to say. The last time I paid off a loan in the upper 80s to low 90s, I was 14 days (federal holiday) fell in there to process the payment and clear through the system. Then it took 2 days to go back into the algorithm. Through this process, I was already paid off from sales. Before paying off your loan double-check to make sure you don't have any offers. If you do it will cancel it out during this process. Good luck with your journey!
It’s going slow, a higher percentage paid off to completely paid off. It’s been going this way for a good year and a half now. In the old days of 70-75%, you could almost guarantee an offer, unfortunately, it’s not going that way anymore. Most (not all of course) are in the 80s-90s before a new offer. Maybe 1-2 will post I just got an offer at 76%!!! Offers are coming in relatively close to your previous offer. Some may be 2-3k higher a good percentage is lower than the previous. There’s a lot of factors going on and most have nothing to do with you or your business. Lenders have been very tight with lending out larger loans and watching the markets, the interest rate, the economy on the whole. All of which affects us and we are feeling the crunch with loans. Most are people are posting “why is my offer lower and my sales have doubled or tripled”? Hopefully, things swing sooner rather than later. My last 3 offers were 84%, 91% and yes 69%. Consistencies hasn’t been very clear. I’ve been with Square 12 years now and like everyone else 4-5 years ago I could almost guarantee an offer at 70-75% and each offer was larger and larger. It’s just not happening now and hasn’t been for some time. If you were use to a certain % or business has doubled and hoping your new loan offer will continue to grow with it and I am just being honest with just be prepared to not get to excited. I could count on my hands how many people who at least post here who’s offer went up 20k or doubled with their increased sales. When the economy turns around and the rates start to drop hopefully we can get back to normal. Good luck to you and everyone waiting for an offer. I’m now at 84% all green metrics, sales are up, and fact so far this year 2-3 times higher than normal, and yet nothing.
April was the one I was offered at 69%! Thank you for sharing that! I follow the trends and that's interesting that's about when it turned around and slowly went higher and higher percentage paid back. From about June till August it was quiet in here with offers. Same for myself, during the peak of COVID my offers were still pretty high and roughly still in the 70s a few at 80 or 81% I am in Michigan, and we had some of the strictest conditions, and one of the last few states to open back up 2 years later! I would have to look back but at the very top, it tells you how you become eligible for another loan. I believe around June/July is when they added the economy, the market, the stock market, and the shareholders section. I just know what I have been seeing for well over a year now and it's a higher percentage paid back and roughly around the same offer as the previous offer. I hate to be the Ole Debbie downer person but I would rather let you know what's been trending rather than say “Well good luck to ya!” I am the positive type person and its been pretty slow. Of course that's not everyone because we are all different, our processing is different, and our volume and dollar amounts. The biggest thing to keep to zero or as little as possible is disputes and chargebacks. That involves a lot of people going back and forth and you as the owner provide everything under the sun to prove or provide all the information. I really hope you are one of the rare ones who gets an offer soon! Good luck and please keep us posted. It really does help others who are waiting for an offer.
Hello, I just received one Friday and I believe I was 82% when I looked in the afternoon after my update around 1-3 pm. I didn't receive an email regarding the offer but I haven't been either only in my dashboard. Around 6:30 I jumped on and an offer was there. I did have 3 very busy days in a row and my % paid back went to 84/85% I believe. I accepted it at % I will have to go back and look it could have been a point or 2 higher paid back. I don't take offers in the 60s or 70s if at all possible because I don't want to eat up 30-40% of my new offer. It was 5k higher than my previous offer. All metrics are good. Projected growth increased, new customers grew, and above all no disputes, chargebacks, or returns. It's hard when every one of us is different, we process differently. That's about all we have here is each other and posting our information and following the current trends. Until @Minion cracks that ole algorithm we are it and keeping each other undated. Good luck!
You know it! If more people posted and used these sites it would help others see their percentage, a tad higher offer or the same, etc. The like the one above who posted I lurk but wanted to share that she received an offer and 2 others this week posted a new offer higher than the previous and both were approved in under 40 minutes and deposited that night. Unfortunately, mine will be on Monday sometime. My old loan is gone and I rolled over 1,183.00 I believe or close to it. I am ok with that. We did better on Saturday than I thought and today for a short day did well. It's a coming I didn't think till March/April but we have been very busy since late October its almost doubled in sales. Which is good but a day off is needed badly! Good luck and keep on swiping!
The good ole wintertime post-holiday blues. I guess I didn't think about beauty salons or barbershops. I know most here in Michigan hibernate with the animals in the winter 😆 now that I think about it even though we work with the public in the winter I seem to color my hair once and maybe a trim? Not like the spring and summer even the fall too. In the square settings in your profile do you adjust your hours? I don't know if you close on certain days or not. The reason I am asking is because it is supposed to pick off that dip in sales as closed so your metrics don't drop. When we are slow in April and August I am retail furniture and April is usually when people are gone on holiday, between seasons, and usually rains every day or snow. August is back-to-school month and it's just expensive for clothes to supplies. We don't close but my metrics dip for a week or 2. If your metrics dip try that and see if it helps. It takes a couple of days to adjust most say but they maintain better. Good luck and hopefully people will get out and get a fresh cut soon!
That's great! My offer went up last week when I received it. The same is all good. Sales are up, trending up for projected growth, and new vs returned customers are all up. We had a crazy mid-October up until last Friday (the day I accepted and approved) 2 major storms (Michigan) and were in 3rd starting today smh. We got 10-12” just about both storms and this is calling for 8” smh. I have never been closed this much in the 12 years with Square as I am now. Good luck and let that offer be a great one!
We started picking up in October instantly and never slowed down until 2 weeks ago. But I don't blame a sole. I'm a retail furniture and decor store. My metrics before that were just amazing up 35 over the previous year and projected growth up 55% it is what it is we can't control the weather or the algorithm! Just roll with it the best way you can until it breaks. Good luck to you!
