Hi @Trell1983. Unfortunately, there is nothing you can do to speed up a new loan offer. You are correct that having consistently higher card volume is one of the top factors that the algorithm uses to determine when and how much to offer. But there are many other factors, including ones that are not entirely in our control. Think things like the global lending market tightness right now, high base interest rates (thankfully those are finally starting to come down). Also, Square has internal guidelines that determine how much loan exposure they want on their balance sheets, since they are also beholden to shareholders. The reality of the general Square Loan situation is that all you can really do is sit tight until the algorithm sends you an offer. Square employees — including loan department employees — can not speed that process up.
I had that same issue happen a few months ago — my main soft serve machine died after 10 years. I decided to go the more traditional equipment loan route to replace it. If you need a suggestion or two about such lenders, I can give those via Private Message since posting them here would violate community policies for advertisement and marketing of non-Square related stuff. Honestly, that’s probably your best and fastest route to getting back up and running.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
