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 honestly a toss up really. The way things are trending most holding out now are going lower of course not all and no guarantees when it will come back to you honestly. Ive seen people holding out 2-3 times for an extra 2k. It’s comes down to you and if you are willing to take that chance or not. I haven’t seen anyone myself wait 1x and a month later offered 3x type thing especially now.
Normally, the longer with square loan 3-4 and then 5-6 they have your processing history stored and see an actual pattern of paying off quickly, sales are up, volumes of processing up and offers tend to go up. The longer you been with them the better data they have to go off of. No guarantees on anything but generally speaking that’s how it works. There have been a couple this week offered less but stated so have sales. Good luck but don’t wait too long offers disappear fast especially if you’re metrics dip.
I don’t take every offer either but I was curious was all I’m a trend watcher and getting ready to count you in or out. Definitely keep me posted though if you don’t mind and let me know how long before the next offer comes in and up or down. And yes I have seen the 200k loans. Not any 350k or at least that posted on here.
And no not accepting an offer isn’t always a bad thing if you don’t need it. Here is the catch though. Square uses a lot of factors to determine your loan and amount. We all know the metrics and keeping them trending up is key. Good is just that good. Growth is a healthy business. So if you’re increasing sales, volume of transactions up, new customers are up and returning customers. Maintaining the same volume is just that maintaining. Growth and prior loan history is also a factor. They are set up to be paid back in X amount of time. If you are just having an amazing 3-4 months and knocking out loans and numbers that algorithm is collecting data all the time non stop. That helps determine future offers. As you grow and your income increases and increases normally your offers follows that pattern. I just saw one who posted finally got my offer and 10% less than the previous offer but my sales were down 7% so they kinda figured it would happen and he’s has many offers. I don’t accept every offer. I prefer low -mid 90s less roll over and more of my offer. Normally my slow time is the winter and try to get a good offer from even September on and throw it in savings for the winter. With no guarantees of if or when I plan ahead but it has to be a good one or I will pass. So to answer your question you do what is best for you and your business always and 2nd a loan history is something that they do look at along with growth and no negatives if at all possible. Sorry, I apologize I totally skipped over that part of your question. Good luck and great to hear business is good!
I apologize I read that wrong. I paid my off a few times. I could see in my dashboard it said I believe (it’s been a bit) pending although cleared and square acknowledged that it was paid off and chart changed. It took mine 2 days from pending to complete paid off and no more loan showed anywhere but with prior loans. That is when you officially go back into the algorithm. I asked a couple of people like myself the first loan I paid off early and they stated that is normal timeframe once it clears through square and 2 days of no stop payment or bank rejections anything out of norm. It falls right off and back you go. Good luck and hopefully it fell off by now.
