Well today was quarter 1 2024 earning results day for Block/Square. Square loans up huge again this year. Amazing.
Square Loans facilitated 129,000 loans totaling $1.32 billion in originations, up 17% year over year. That's huge with an average of 1,450 loans per Day! and an average of $10,200 per loan.
So while it may seem like you aren't getting a loan for whatever reason, there are literally over 10,000 loans happening a week. Personally I think Square even starting to offer loans before the first one is paid off was a complicated decision. Because once you get the taste at 73% or whatever now you think that is standard.
Best of luck to everyone in your businesses and may your cash registers sing.
Thank you! I try to tell people what we see here is such a small fraction of actual square businesses that post here. I agree also, usually the first words that they say is "I use to" I understand use too but it hasn't been that way for most (not all) a higher percentage paid back. I actually like it! If I need it or take the offer I'm getting more of that loan instead of paying off 25% of a previous loan. That's again for posting this!
Yes it is good for people to see that yes there are a few people posting here about loan issues but in the meantime every minute of every day a new loan is started. That is basically not something that can be comprehended that so many are happening.
129,000 in 91 days (131,040 minutes) so almost exactly 1 loan per minute.
Hmm, that's just strange to me? You're the 2nd business I have seen in the last couple of weeks saying the same thing? With the amount of revenue I wouldn't think that less than 5 returns would be the only factor? We have a no return policy so that doesn't help with your situation. When you call are you just getting regular customer service that gives you the typical script or can you get persistent and get to a loan agent or at least that department? After your other loans that you had were you offered any and turned them down? Sorry for so many questions it just seems odd and you are not the first now unfortunately. The other was pretty similar 2/3 yrs no offer, doing roughly 300k a year. I believe if I remember correctly about 12 yrs with square and did 3/4 earlier on in the first few years. They did turn down 4/5 in a row and boom nothing since? Good luck and maybe @Vankalker can suggest something else?
Yeah, I think you just keep getting the same answers because they can't go off script and say something different as then that can be used against them or some other thing.
If you can't get Square loans, I would say the even better option is to try and talk to a few banks about a Line of credit. It'll be way cheaper in the long run. I haven't had a loan in over 20 years once we got our RLOC setup. just hit it and use it for the 15, 20, 60, 90 days you need and pay it back and you only get charged interest for the days you borrowed. When rates were low we were literally hitting the LOC for 60 days cause it was cheaper than pulling CDs or taking investments out of the market.
