I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%. All the other things are in the green.
I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions.
UPDATE: 87% with only the original loan fee left. Note: I made a prepayment to see if that would do anything after reading so many posts on here about different percentages etc. They said it can take up to 10 "business days" to process prepayments which I find ridiculous. But....they took the payment from my sales on the 28th of October. BTW...this was my December minimum payment balance that I wanted to just go ahead and get it done and see what happens since I'm close to payoff. It's still showing "pending" into day 5 even though it was paid out on the 28th. And as long as it's in "pending" status, I won't get any offers. Nothing else that square does takes more than 3 days...even getting a loan. So, in my eyes it's more of a punishment to make any additional payments. So, I would advise not to, but I wanted to test the waters. I'll update any changes.
we are 98% paid back on a 98k loan. After e-mailing support with some questions I got an offer this morning on our dashboard for $30,000. That is laughable amount for us considering the last loan was $98,000. We average about $80,000/month. I don't understand this at all haha. We will not take it and continue to process more. Disappointed to be honest.
Last received one that was about 40% higher than the previous in July at about 65% repaid, now at 51% on that loan and hoping for one soon since I've been paying all of them back long before the minimum required. Will keep you guys updated! 🙂
I just wanted to update you all that I did receive my offer. 1 day after I posted here asking I decided to contact Square via chat. It was the basic response that everyone else got. I asked them if they could please review my account for a new loan offer. Again another basic response from them telling me they do daily reviews. Well, the next day (yesterday 11-15-2023) I got a loan offer. It was several K lower than my last one and my payback % is 2% higher. I did have a really slow year for my business. Never got behind on payments but It did take me almost a year to pay back my last loan. I was at 84% with a balance of 2K when they gave me my loan offer.
Anytime we get a loan through Square it’s a blessing. We have been fortunate enough to get funding since 2019. We never pay early, just let the sales cover it. I am hoping a new offer comes through for us to purchase inventory for the holidays!
Do people see offers pop in before or after their daily check-in shows up? I've heard of some users getting random offers late at night and on weekends
I am currently sitting at 79% waiting on an offer. I’m on my first loan though. Paid $6k off in about 6 months. Really could use the extra bump in my business. Do I need to pay my first loan to 100% to get another offer? Thanks yall!
I just hit 79% today and I've had 15 loans with square throughout the years. I can't remember when percentage I've gotten them at before , but I'll post here when I do get an offer !
thank you all for contributing, 61% all green, got them in the past in 50's, 70's, 80's and 90's %, never in 60's, I get an offer twice a year, june and december, keep us posted, good luck to you all
We just reached 81% paid off after today. We usually see new renewal offers around 70-ish%, right during the holidays. Some extra holiday inventory would be nice, sooner the better!
Hey you guys, just wanted to chime in as I have been stalking this thread *lol* to see any trends and have no clue of what Square is doing. So we are on our 4th loan and always pay the minimum way in advance. Usually an offer comes in at 60% ish. We hit 82% yesterday and got an offer. The offer was 25% less than our previous loan. We were expecting a lot more but it is what it is. Here is to Square opening up the pocketbooks and lending again! Cheers! Have a fantastic, abundant 2024!
Congrats… still nothing for us… 90% paid sales are on point all green
We are always paid way before the min is due wish we could get ours to hit as it’s the perfect time of year for us to sit in some capital and get some equipment
I too am at 86%, this is my 6th loan never been so close to paying it off with out receiving a new offer. I am on month 8 of 16 I pay about 2.2 times the minimum 60 day payment. I hope I am one of the lucky ones that get a offer before I get into the 90% marks 🙏🙏
I usually always recieved my new offer at 75% paid off. I’m on my 6th and I’m sitting at 84% paid off and have had rxrllrnt sales lately, all green markers. Hoping to receive something very soon bc I need it more than any other year. Good luck to everyone
1st time posting here. I too am in the Square Loan waiting game. We’ve had 5 previous loans and always paid them off much faster than projected. We are at 72% paid off on our largest loan and still have not received another offer yet, which is odd because usually we’ve always received one once we paid into the mid 60% range. Much like everyone else, we were budgeting for it for end of year and can not understand why we haven’t received a new offer. Sales and card processing are all record highs for us currently and all of our metrics are in the green. So not sure what the hold up is, but it would be nice to receive a new offer!
