Hello, a couple of questions for you. How long have you been with Square? Your metrics are a great tool for us to use but all good and green doesn't guarantee a loan. Green is good but the majority I have seen have who have received larger offers have been up in sales 40-60% vs last year, swipes up, the dollar amount of swipes, and new customers. All pointing to a healthy growing business vs still good but you're just maintaining. If you can tell me how that is going and how long you've been with Square that would be great! Also, just an FYI, please don't share your personal information with anyone on here. This is a public forum between you and the call center. Good luck and keep up the good work!
This is exactly what I wanted to hear! Based on my experience and careful tracking of trends and data, I've noticed that right around loan 5 or 6 (well before metrics were introduced), my retail furniture store's offers took off. Whether you consider metrics or not, my sales doubled each year, and I saw an increase in the volume and dollar amount of swipes, as well as new customers coming through the door.
You're nailing all the key areas for a solid, healthy, and growing business. That’s why I was curious if you’re “good” or “great” with your metrics. Following trends and keeping track of numbers is essential, and sharing positive results not only helps you but also shows others what a good, healthy business looks like.
I’ve observed that recent loans offered to those with strong numbers and prior loan histories have been significantly higher. For instance, one borrower had about four more years of history with Square than you, and their last offer was five times the previous one. Most offers I've seen tend to be 2 to 3 times higher.
That said, it's important to remember that the overall economy and lending landscape will also impact future offers. And, let’s not forget the challenge with Square: there are no guarantees on when or if you will receive your next offer. While Square is still issuing loans daily worldwide, reports indicate that most borrowers are repaying 80% to 90% of their loans. A smaller percentage might receive offers at around 60%, which occur about once a week, often for those who have fully paid off their previous loans, possibly at a slightly higher rate. Thank you so much for sharing just your basic stats it helps people on here like me but other users who are in your exact shoes. Now, I am very curious where and when you hit! I will definitely be watching for your post! Good luck and fingers are crossed for a great offer!
What do you mean by you “applied” for a loan? 1. You can't apply for one it has to be offered that comes in your dashboard or email. Is that what you meant to say? If so, depending on when you accept it they have 3 business days to either approve or deny it. Then they notify you and you go from there. This hasn't changed and it states you've been with Square a long time. They are doing a better job of really reviewing each approval and making sure each business is who or what they say they are. I am not directing anything towards you just so you know. Others read these messages and it might help them as well. This is a public forum open to all to see. If you sent an offer and it's been longer than that I would call and double-check that they received it first. It had been up here this week sometime they were having issues with some of their iPad stands, or using iPads as their POS. It was fixed very quickly If any of that applies to you? I use both and have no issues at all for myself. Good luck and hopefully you can follow up on figure it out. Good luck to you!
The Mods have a pinned post above with a section that says “click here,” explaining the reasoning behind the slight shift in the percentage paid back. Factors like the economy, interest rates that have settled, and Square's commitment to its stockholders play a role. However, the most compelling factor is the rollover of the previous loan. Many of us became accustomed to the reliable 75-78% range, and then we encountered a new offer. Loans are designed for reinvestment, expansion, and growth. Yet, facing a 30% deduction from the new offer has been challenging for some, and it shouldn't feel like a relentless chase for loans. With the statement “There are no guarantees of if or when.” you will receive one one or not Generally, the majority fall within the 80-90% range. You might see some posts mentioning low 70s offers, but there are equally those who have completely paid off their loans. This isn’t a reflection on your situation or anyone else's inquiries. From my own experience over the last two years, my percentages were 87%, 81%, 92%, 69%, and the latest was 83%. I selectively accept offers, usually closer to winter, and only when the offer is compelling. Once we adapt to the higher percentages, it becomes clear. The 92% offer I accepted was remarkable, being three times higher than the previous loan, and the 8% rollover was almost double the benefit. I acted quickly on it, allowing me to stock up for winter and cover all lease payments in September for the whole winter This led to substantial business expansion, and the sales momentum has been unstoppable since October. While it can be challenging to gauge and elevate the bar, the satisfaction of receiving a substantial or full offer is worth the effort. Wishing you all the best on your journey; may success find you soon.
Congratulations 🎉!!!! I was really hoping someone in your posting timeframe would finally announce they would received one. I am a Saturday person usually and I get approval around noon - 2 pm my time and update pretty quickly deposit pending for that night. But yes, you are correct 1-3 business days. I am very happy to see your post!
