Another squre loan offer in 2024

My loan is currently paid off 74-75% ^_^

wanted to know when dose sq loan algo going to give me another loan ? 

if i pay some cash into current status i heard that it resets the loan algo ? Idk but 10 days ? Reset ? Just wanted to see when am I going to be offer another one

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Community Team

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Hi @Jb1983 !

 

Appreciate you taking the time to post.

 

If you’d like to submit an additional payment toward your outstanding loan balance, you’re able to do so from your online Square Dashboard. There’s no fee associated with early repayment.

 

Once the payment has been submitted, it can take up to ten business days for payment confirmation and for your business to be re-evaluated for a new offer. This may seem like a long time, but we need to make sure your payment is confirmed.

 

We can’t guarantee that you’ll receive a new offer after you make an additional payment or pay off your loan, but if you become eligible, you’ll be notified directly in your Square Dashboard and by email.

 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

 

marielmt
Square Loans Team
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This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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Square Champion

Hey there @Jb1983

 

These days — and for the past couple of years — new loan offers have been coming much later than they have in the past.  I can tell you that 75% is probably the bare minimum, based on my own experience and on what I’m reading from other sellers here.  It seems that the algorithm that handles offers and monitors our accounts is trending to more like a 90% (ish) completion before considering new offers.

 

Please forgive if this paragraph is repeating things you already know.  I find that not all sellers read the news or know what is going on economically and in the world of lending, so I tend to overshare.  Basically, because of higher inflation (which did NOT go down in the past month as we were promised, but actually started going up again after going down in Q4 2024) the Fed has decided not to think about lowering borrowing rates any time soon.  This impacts all lenders — including merchant cash advance lenders like Square — as you can imagine.  Also, default rates on business loans are going higher every month, and all lenders are being very cautious about how much exposure they have here.  With the threat of trade wars on many fronts, and with the prospect of a ballooning unemployment rate because of a much smaller available workforce in the US, this may only get worse in the short term.  Hopefully, all of this results in a lower national debt and lower federal government expenses, but so far there is no way to be certain that will be the case.

 

Anyway, I mention this only to emphasize that it might be a while before you see another loan offer.  For the past few years, I’ve noticed that not only are offers coming later (with many not coming until AFTER existing loans are paid off), but that new offers are more conservative than in the past.  So I’d also suggest that you not get set on what you think your offer amount should be.  It will most likely be less — at least for the community as a whole.

 

Lastly, if you do decide to pay extra to pay off your loan early, this has a couple of effects.  First, if you have any existing new offers they will be withdrawn.  It usually takes the algorithm 7-10 working days after the last “extra” payment before it resets and sends out another offer.  Otherwise, I’ve never seen any evidence that extra payments affect when you next offer might come, if you don’t already have one.  Nor have I seen any information about that case in Square help documentation.

 

No one — even Square employees — can or will hazard a guess about when you’ll get a new offer.  All anyone can do is wait, and it will happen when it does.  Trust me, this is not just a Square thing.  All card processors who offer merchant cash advance loans are in the same boat, as I’ve learned from some peers who use other processors.  I can say that if you have the ability to do so, I’d recommend checking with your local banker about the possibility of a revolving line of credit.  I was able to secure one last year based entirely on the strength of my business credit reports, without needing to involve my personal finances at all.  Honestly, it was the best decision that I’ve made in quite a while.

 

I wish you well.  Let me know if you have any other questions.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

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Hi @Jb1983 !

 

Appreciate you taking the time to post.

 

If you’d like to submit an additional payment toward your outstanding loan balance, you’re able to do so from your online Square Dashboard. There’s no fee associated with early repayment.

 

Once the payment has been submitted, it can take up to ten business days for payment confirmation and for your business to be re-evaluated for a new offer. This may seem like a long time, but we need to make sure your payment is confirmed.

 

We can’t guarantee that you’ll receive a new offer after you make an additional payment or pay off your loan, but if you become eligible, you’ll be notified directly in your Square Dashboard and by email.

 

Hope that helps, please feel free to reach out to us directly if you have any other questions!

 

marielmt
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

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