2025 square loans

[Arminius]

85% paid off all green and still no offer, does any know what's going on 

[Twpchair]

You are very welcome! It's been a pure pleasure meeting you and hopefully, fingers crossed very soon!

[Twpchair]

You're welcome!

[Twpchair]

I will 2nd that! I wouldn't last long in the loan department. I would be like Oprah and you get a loan and you get a loan…..Everybody gets a loan! Then fired! 😆 there's a good 5 I am watching and waiting for that day! So, one please start a trend here now and clear this board up! 

[kacey_k]

Oh same for sure!!!! My love language is giving and gifting so I would be fired within my first 48 hours lol

[Mpechlys]

80% paid only 500$ left no offers yet so we’ll see

[kacey_k]

I’ve been 100% paid off since last weekend and no offer in sight! It would be my 2nd ever loan when it does come thru. So I’m thinking since I paid off 1st they are running numbers etc for my 2nd. All green metrics etc 

[Mpechlys]

If you don’t mind me asking how long were you with them and how much was your first loan? How much are you generating, how long it take to pay it off, im in the same boat so just asking after closing today I’m 87% paid

[brown17]

I have a feeling things are slow with the way markets have dropped.  There is so much uncertanity right now.  Fingers crossed you get an offer soon! 

[Twpchair]

You nailed it, it is part of the equation, and it does state that in the newer or updated version of the loan section. Is the overall health of the economy as well as your budget. Square like any other POS especially one that offers loans has shareholders who they have to answer to and justify loans. Don't get me wrong square is still giving out loans every day all day worldwide but things are different just like they posted about the % paid back. They want you to get the most out of your new loan so you have more to use for what is needed and not eat up 30% of the previous loan. The market needs to stay steady and it's not just the United States. You have 2 wars going on, the European market is all over the place. Everything needs to calm down and stay steady, no more interest rate increase but decreases. The rest is metrics and your business's overall health good are your sales now vs the previous year up, is your processing volume consistent, and new vs return customers growing? No disputes, no returns, or very low. Those come into factors that affect it or your offer. My last one first Friday in February. Sales are up 55% vs previous timeframe, new customers up, and daily sales (swipes) up. No returns, no disputes, and my offer finally took a big leap 3x higher than the previous one which was 1k higher in late Aug /September. Our sales kicked in huge in October and hasn't slowed down except for about 2 weeks during the winter blast in Michigan mid February. Then back at it again. So yes, you were right about the market and the economy, and they are sticking with it pretty steady. Good luck and hopefully soon. Ps thank you for posting that reply. Most people have read the loan criteria so many times they don't realize that a few things were added or went into more details.

[kacey_k]

Thank you!!! When it’s my time it will happen then not any sooner or later. 

[Twpchair]

Absolutely and it's all yours! No rollover and I hoping for a bigger offer to boot. Just in time. 

[kacey_k]

I think markets are slow and just economy not so good but that’s nothing new for last like 4 years or so. Here’s to hoping we get back to the pre-C days or at least close to that. We all just need to find a happy medium (government, Americans etc) 

oh in a perfect world 😉

[Twpchair]

• Exactly! Too much going on around the world too. 

[kacey_k]

Been paid off since March 2 and nothing yet! Sorry to be bearer of not so good news! Upside is won’t have to roll over any with new loan 

[Mpechlys]

I just opened square in Jan 2025, made 10k first month, got offered 2600 loan in feb 4, now paid off, march 9th this loan thing is new to me so figure I ask how often loan offer comes 

[kacey_k]

Congratulations on a great first of year start! Square Loans are still very new to me. I used square for about 4 years in past literally only to take payments and then June 2024 I started REALLY using square and all it offers. Most my payments from clients are cash but every so often they use card so it took me a good 5 months to get my first loan and less than 3 months to pay off with sales. I could have paid off way faster but wanted them to see that I do sales etc. 

[Twpchair]

You’re very new yet and the algorithm is trying to gather information to offer a reasonable loan.  Loan 2-3 are the longest wait it seems after that they see your processing volumes and history. 

[Mpechlys]

Yeah I was surprised I got a loan offer that fast 

[Twpchair]

Your metrics must be rocking right now! That’s why I follow trends and try to tell people not everyone of course, as I do see a handful in the 70s and a handful that are completely paid off. But the majority are mid 80s-90s. I went from 90% to 69% then 84% ??? But my sales are up 55% and average daily sales up, new customers vs returning customers are up. A busy busy weekend could trigger it for an offer. Myself, I don’t accept 69% offers that’s just me.  I hate to lose 31% of an offer that was 1 k higher. I waited an 90% it was 3x higher then previous offer and took it. But every one is different and their situation is different and that’s your choice and your business, not mine. Until or unless you are paying my bills and getting my inventory then when or why you take any offer is all your business. I am just happy to see now number 4 this week! People need to remember that this is just a small portion who post here. There are loans going out all day everyday! Yesterday was great news with the economy, the market, oil, interest rates etc all are coming down.  That is huge for lenders to see and if it continues then they will loosen up and let the loans roll out more.congratulations again, and thanks for keeping everyone posted!

[Twpchair]

That was fast!

[Mpechlys]

Yeah so far paid off no new loan offer yet, don’t really care for it but would like to make it a trend and get higher offer planning on opening another location next year some time