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!
Mine have been bouncing around since last April. I believe it was 84, 91, and 69 and my last on Friday was roughly 82-85%. I haven't been receiving email notifications of an offer only when I check my dashboard. For the last one, I checked around 3pm (I usually update 1-3 pm) and I updated at I was 82% then I always checked after my 5pm cut-off time and we were extremely busy for 3 days. I could tell by the numbers I probably went up 2-3% and that's when I saw the offer. I took it about 5:30 pm and 20-25 minutes approved. If my math is close looks like around 10% I rolled over. My new loan is up and my previous paid off. I'm usually a Saturday person and deposit hits random on Monday during the day. All metrics were good, sales volume was up, and expected growth, finally new customers vs return customers were up. No disputes, no returns, and nothing in that area. My offer was 5k higher than the previous one which I believe was right around or 1-2k higher. Just sharing my info hopefully it helps others. There are a couple on here in the 70s, more in the mid-80s to upper 80s for their %. Offers seem to be going up and down which is great. Not all, of course, it's hard we are all different, and processes are different. Unfortunately, we have a few around 97% paid off or paid off by now. Thank you for posting and watching what is going on. It's not rocket science and no guarantees because there are none or when or why you were offered what you were. All we can do is keep each other updated and follow the trends. Good luck with yours and it sounds like you pay great attention to your account activities and you might be able to see what or when it kicked in that ole algorithm!
Hello, thank you for sharing! I just received an offer on Friday and I was roughly between the mid-80s for my percentage. I updated my normal 1-3 pm and 82 or 84% paid off but that was before a very busy day so I believe going off of the day and the previous loan 85-87% paid off. My offer was 5k higher all metrics green and increased in sales, and projected growth was up. New customers up with a mix of returning. No disputes, chargebacks, or returns. I didn't receive any email about the offer I checked my dashboard for the night around 6:30 pm and about 20-25 minutes later approved. The deposit came in today I checked at 2pm and it was deposited. The majority is a higher percentage to completely paid off. Not everyone of course, as we are all different and process different. For a good year and a half, it's been trending this way. I know the metrics come into play but I have seen many others who are slower in the winter or closed for 2 months and they have received offers. The overall health of your business is a good thing with those numbers. For days you are closed or anyone else reading this update your hours in your dashboard so those days with no sales are factors taken into account. Unfortunately, there is no spot for just slow or closed 2 days because of the weather, etc. Just keep processing as much as possible and if you scroll through the thread just about everyone but 2 I believe are 80s-90s. A couple in the upper 70s that's it. My last 4 have been 84%, 91%, 69%, and this one upper high 80s as well. I've been with Square since the loans started and unfortunately, the days of the low 60s-to upper 70s are gone pretty much. On the loan board from 2024, Square gives a better explanation of why. Less rollover means more of your loan as they explain and the overall health of the economy and its worldwide as is Square. Lenders on the whole have been pretty tight on lending for a couple of years. Hopefully, things will swing pretty soon. Good luck to you and I hope you get an offer soon! Best wishes to everyone waiting.
When you call in remember you are calling a call center first and getting through honestly is not easy. I am just being honest with you 100% and I do NOT mean anything bad by either company you mentioned but again they are reps and that's their job is to sell you the moon believe me after 12 years I have seen a lot of old faces return. 2 on here now actively this morning and guaranteed a 50k offer day 1. And 6 months later nothing. Most if not all require you to establish a relationship between the two and see how you are processing so the algorithm can set up the right loan for you. Square isn't going to overextend you with a larger loan than you can pay back or too small that you are doing payday loans pretty much. I will tell you going off of it a year and a half about 90% of the people coming here were right around 86/89-90/4% paid back. Lately, offers have been trending higher than the previous offer. The days of 70-75% guarantee almost always are gone and have been. Up above square updated eligibility criteria list. And its states roughly the higher the paid back the less roll over and you get more money to help your business. Does it change up the flow or the norm yep. But it is and has been the norm for the majority, not everyone though. The fastest results I have heard from here to get to a human was at the bottom and the smile face and frown. It's going to ask for why and give them the information and people who did this said 75% of the time someone called them back and go from there. Is it a given or guarantee I could not tell you that at all but it doesn't hurt and you might just hit that right person. Good luck. I sent you another message this morning and I am looking for it now ok.
I finally did get it to work and take it for what it is luck, just my turn whatever. But for 6 months I couldn't connect until and only a 3 way call (ID Theft) my credit union made Plaid call first and I said yes I authorized it put them on mute for password and code and with only me allowing them to see my checking account balance and saving balance, not my full daily transactions. You have choices when they get in what and how much they can see. Then 3 weeks later and about 90% paid off I received an offer at 6:30 20 minutes later and hit around 2 pm on that Monday. My offer was higher than the last 3 combined but sales were up 45% projected growth up. So I would say going off of me and others I don't believe it made a huge impact on my offer when about 78k was cash and checks. But I also allowed the access to the balance.
I know when I get around 80% retail furniture store I could use an offer and all metrics are perfect. I run a sale from Wed/Thurs-Saturday and kick in that processing and volume numbers and new customers go way up. I think about 75% of the time it's triggered something because im usually a Saturday offer later 7-9 pm Eastern time. This last one was Friday but from October until this last week and half of negative weather we have been as busy as pre-covid. Projected growth is up almost 2x over last year and prior. Sales are up 55% and that's not including cash and checks. So people are finally buying furniture now on an I don't know what im going to do with it but I want it vs if it wasn't broken down they were not replacing it. Where are you at for %?
I know it has been a brutal 3 weeks! I received my offer that Friday and Saturday and Sunday started storm 1. About 10 “ and then came the cold. Tuesday -Friday another 12” of snow and -25, below with the wind. Saturday and Sunday ok but only 1 degree outside and our road wasn't touched yet! Sunday @ 3:55 I am supposed to be a plane to Tennessee and boom pushed back till after 1 am. Again, heavy snow. I didn't think I would ever get on the plane. If my offer came a week or two later I would not have received it then. Any news yrt?
Hello, I wrote you a novel this morning, and boom phone automatically updated and I couldn't hit not now and powered off and lost it. So, I am not going to try to remember that book! First I get it 100% I don't “work” for the square I help out here and there just like any user can. Have the loan offers changed yes it has and it's posted above. After 13 years now 5/6 years ago I could guarantee an offer at 70/75% like clockwork! Not so much anymore for the majority of people and the algorithm isn't picking off me over you as it has no clue! Above it clearly states that Square is trying to give you the best bang for your business. When you take an offer say for 25k and you still owe 20-35% of the old loan and roll over that and it is eating away your new offer. There goes that 25k that the algorithm is gathering information nonstop. By upping the percentage to a higher percentage gives you the majority of it. This is because they want you to use it for continued growth. New equipment, advertising, remodeling whatever it is you need at the time. I only will not accept an offer at 65 or 69% that's a payday loan for me. I have been on here for close to 2 years now and I watch the trends like a hawk. Loans in January and early February were banging out of here. In the upper 80s -90s some paid off and a couple of 70s. 2. Noticed the majority with the higher percent paid off all received higher offers. Mine 3 weeks ago roughly upper 80s/90% hard to tell before my daily sales etc updated on a 5k swipe plus day and 2 days prior all crazy busy! Are you following me? I kicked in my processing by running a 3-day sale and metrics shot up! That night's offer came in higher than the previous offer and I accepted it 20 minutes later approved by 2pm money hit my credit union. This takes care of the first part ok? The middle of it is about the same thing. Now, the bottom part I caught that fast! It goes into the economy, the market, and the overall health of all of it. So they are watching how we are doing as well as how the economy, health, wealth, and stability of the world really as square is worldwide. Square has stockholders to answer to and has to account for your loan and mine and why I just receive an increase if need be. This part was huge for me. So again please 🙏 do not take this as I am picking you out or being mean and addressing you. I am one of the most laid-back easy-going and understanding people on here. Been there and done that many times myself. I go into full panic mode in Michigan come wintertime so I get it and understand it. I just wanted you and I hope everyone else will read this. 1. Things are changing 2. They can change again we will have to wait and see 3. Square is still loaning out 24/7 although we only see the ones looking for it here or even use the site. 4. I wish you the best of luck with your business and getting an offer soon! I will be watching for it. Keep an eye on your dashboard lately instead of the emails for an offer they are hitting the dashboard fast and the emails for my last 3 offers all the next afternoon! Let's get this thread rolling out with offers!!!
Unfortunately, it's been trending this way for well over a year. Higher percentage to completely pay off. They are still giving out loans daily. They do look at your metrics and how they are trending. They also look at the overall health of the business and any and all negative effects like disputes, chargebacks, etc, this has been the new norm. Mid to upper 80s to paid off. Not every of course as we are all different. The days of 70-75% are rare now. Good luck and hopefully soon
Let me see if I can help you with the slow time ok. Bare with I am not the tech guru so I called the regular customer service number and listened to the prompts. Hit tech support and I had a great guy number 1 is he was willing to help me and said I will not get off this phone until we figure this out. I am in Michigan and it has been brutal. Go to your settings just like when you set it up. Scroll down and you will see hours. Now, the best option I had was to average how many days we were closed and don't go crazy ok. In the past, we used to close on Tuesday and Wednesday, and he asked me as those the worse days right now, and honestly yes. But overall just a bad 2-3 of a brutal winter. I hit closed those 2 days only. Make sure each day scroll down and hit save. Desktop or laptop is better or turn your phone sideways. Squares team for new features are working right now 24/7 doing upgrades and new features for us to use and I hope this feature or a natural disaster will be available soon! You are 100% correct the algorithm is not a weather station and has no clue why I went from processing 100 to zero in 2 weeks and then boom metrics fall. Well, now our chances of getting picked off by are slim to a hair. Yes, it does take into account the overall health, new vs old, and projected growth as well but this is just imo if im splitting 50/50 with my metrics its not looking good until I get them back up, and this winter who knows? Do I have to wait till April and run a massive blowout sale or what? Try that if I missed anything please 🙏 call hit tech support and go from there. They are or have always been great with me. Good luck and I am hoping this breaks soon too!
