No, I tend to be a Saturday person. Thatโs 9 now from Wednesday-Friday at least who posts on here. Hun, itโs been going on 2 years and the % increase has creeped in or up. Itโs posted in their guidelines now and has been along with the economy, and the overall health of the country. The market is starting to hold steady, the first numbers were released and looking upwards. We just have to get that 60-75% loans number out of head! We still have a few that pop in, same as totally paid off. But on the average itโs mid 80-90s for the majority. Not all of course, we are all different and there are no guarantees if or when. That said YES they are still lending all day everyday around the world! Hang in there ok.
Congrats on the offer. It is a shock when you expect or hope for more or at least the same. Hopefully , that will change soon! Thank you so much for posting and sharing your journey.it does help others in the 60-70s to see it hasnโt been trending that way for some time now. Again, congratulations
This amazing lady has been paid off completely and she has been so positive about it and helping others, encouraging them and just letting them know when itโs your time itโs your time. I have been pulling for her for a good month now. She earned this one! On the whole itโs been the mid 80s-90s. Of course not everyone we still see a couple in the 70s or a handful paid off. Key right now in a tough lending market is not just your metrics all good but this is important ok. Like she did was kick in her processing by spiking up the numbers. Increase in sales vs previous timeframe, increase in number of transactions, increase in average sales per transaction all of those indicators are showing growth and the negatives areas no chargebacks, returns, disputes. Or as minimum as possible and I mean like 1 to none is the best. All the good factors help to get you a better offer and or bigger offer. No guarantees on it as we are all different. Lenders are looking for businesses that are showing growth, and that is why Square posted for everyone to see that by paying back more of your previous loan gives you more flexibility to invest, save, supplies to keep your business trending up and up and not rollovers of 30% and then you start chasing loans after loans. It is hard when your so use to 70-75% and now it 93% or something and offer comes in. You appreciate that extra 30% than. Good luck and keep pushing sales through that machine!
I agree ๐ฏ and right now the lenders all of them are looking at growth sales are up vs previous timeline. New customers, increased in card purchases per transaction, and great job on all the negative stuff. The ones who have posted sales up 30% every thing else is up. Of course no guarantees but most of them are posting my offer was up 2x higher and I didnโt loose 30 % paying off my old loan. Itโs hard for some of that have been around during the 70-75% and guaranteed offers. Itโs been going on 2 years now that % have been slowly getting higher and higher for your payoff and square has it posted exactly why. It gives you more money to invest back into your business and take some and put it away for emergencies or whatever it is. Keep plugging away and keep pushing those numbers up and up. You will be happy when that ole algorithm hits and pings you off. Good luck and I will keep an eye out for you!
Yesssss!!! Thatโs exactly what you needed! Boost those numbers up, increase swipes, new customers one or all triggers it to take a look. Normally Iโve seen a 20% increase to 85% increases in % and it triggers it to take in the rest of the metrics! I am happy for you! You have been so supportive and helpful and patiently waiting saying when itโs my time itโs my time. You got your time! I hope it was a great offer and bigger offer. Thank you for letting me know and keeping everyone posted and positive vibes for everyone while you waited. Load up on more supplies and hopefully that will help your husband heal up and take some stress off. Congrats ๐๐๐พ
Are you with a big branch bank? I use to be and now well, since 2016 Iโve been with my little 5 branch Credit Union. About 5 years ago I called and wanted a LOC and asked what I needed and honestly, it was pretty much nothing. When I opened my account I took all my licenses, paperwork everything they needed for a business account. She asked me anything changed, nope. She said all my money from the business goes in and goes out with them. 2 hrs later and done. My coffee hut neighbor said hers big corporation bank had taken 3 months of board meetings etc. This is exactly why I switched to a small local Credit Union. They tend to be a little more flexible about loans. I will be honest the lending right now is tight and everyone is waiting and watching the market, stocks, interest rates etc.Good luck to you all.
Youโre getting there! Itโs been trending mid 80s-90s for the majority. Not all of course, a good handful in the 70s and the same with completely paid off. With no guarantee of if or when all we can do is try to find a pattern. The metrics and up 20% is a very good! Square lenders are looking for growth. Just like any lender they want those healthy numbers of increase in sales, processing up, average spending up, new customers up. The negatives areas of returns, disputes, chargebacks 0 if possible or very minimal and 0 especially in the last quarter. So keep those numbers up and push them hard right now and see if you can trigger that algorithm to take a look. Itโs hard getting use to the higher % but when you get that offer it is also nice getting all of it or not loosing 30% to pay off the old loans. Good job keep up with the numbers!
