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!
You and everyone else. The old days of pre-COVID and that almost guaranteed a 75% loan offer is done. All summer actually this would be the 3rd summer rough really bad. Then comes late Aug/September and boom off it took again all sorts of ranges from 60s-paid off. Keep swiping every day, increase the swipes if you can and promote and get in new customers. Those are key and a healthy business. Please keep me posted ok.
Yes, loans are going out daily. It's nice to see you again! The metrics hun are more of a tool for us to use to see how we are doing, what needs work, etc, and right now it's key to watch your daily swipes, the volume, or dollar amount of each swipe. Also new vs return customers. All of these are key indicators of a strong healthy business. Square still takes into account your past history and how long you've been working with them. It sounds like all is going good. They are going out, so just keep those cards swiping and that algorithm will do its job! Good luck and fingers crossed!
It's a 50/50 shot. I've seen some receive much larger offers and others never budge. Imo going from 40k to 5k is a lot like a payday loan and you would blow through that fast. If you aren't starving and the lights are getting ready to shut off Myself only i would rid it out. Just my 2 cents. Good luck with your decision
A bit old now, but I would definitely just let that offer go away and see what comes down the pipe if you are really looking for a loan. That fee wouldn't make financial sense for that small of a loan.
Did you get a different offer now?
Hello, right now the percentage rate has really been bouncing around. Like you said, yours is in the upper 60s to 70s, when all summer 90% of the offers were high to be paid off. I received one 2 weeks ago, almost 3 weeks ago, 67/68%; four months prior it was mid-90s for that offer. What the key is, is swiping every day and the volume of the swipes. New customers vs. your same old regulars. This is all leading to growth and a strong, healthy business vs. just barely keeping the doors open. I'm retail furniture, and I can run a good sale from Thursday to Saturday and boost all those numbers and take 5-10% of a loan. With everything else improved overall each year, and it I'm in loan range. It, or the algorithm, is picking off those stats. Square is a business and answers to stockholders, and numbers need to look and do good for them as well. What type of work do you do? Are you processing more vs. cash? I know people connect their banks; how much that plays a factor I’ve never seen stats on it. The metrics are a great tool for us to know what we need to kick in fast. They are no guarantee of any loan. You know the golden rule of no guarantees. But if business has, say, tripled over last year and prior year 2x the year before, that’s a great thing, and you’re a great investment. It’s seeing what you can do to push that 87% and the others; they are looking at it closely now. Also, your prior history, processing volume, and years with Square, that’s a factor. Stay away from disputes and chargebacks. Give me a little more info and keep swiping and doing exactly what you have been.
Let me tag in a few others and the mods and maybe they can get this post in the right thread. This is my first time hearing about a waiting list type thing. There have been a lot of changes with the credit card since it first rolled out. @TheRealChipA @abbeyc @nika is there is a thread regarding this?
