That's great to hear! Hopefully, hubby can get some relief soon! So glad to hear business is going great and that cards are coming in! You are building up your relationship with Square fast and have a great track record! Here is to a great offer soon! Keep up the great job and I imagine pulling double duty is tough but we always seem to manage it. Not much else we can do but push through it. Good luck and hopefully something soon will happen to get him some relief. Just checking on you!
Just a quick refresher:
1. All your metrics are good. I believe you had a significant increase in sales recently. Your prior loan history is excellent as well.
During a time of tight lending, the key factors that matter are:
- Strong performance (good is good)
- Growth (great is even better)
Some of the important considerations include an increase in sales compared to the previous time frame, an uptick in transaction swipes and the volume of those swipes, as well as the number of new customers. These factors are assessed alongside your business history and previous loans.
It's important to note that no single factor will drastically boost or decrease your standing. Instead, it’s the overall health of your business and your previous history that matter.
Why do some individuals receive offers at 82% while others are fully paid off completely for two weeks? That’s a complex question related to an algorithm that evaluates your account to generate an offer based on your numbers and history.
If you need further assistance, unfortunately, you will have to contact them directly, as they cannot discuss your personal information on a public forum for your safety. Good luck to you. I know that you have been working so hard to get that big boost and you did it! Have you tried to call them and see if there was or is a factor that needs attention instead of saying “Where is my loan” that will get you the same answer of No guarantees if or when? Try asking them for assistance with your metrics and how they are looking and then go from there. Keep us posted. You have had a long journey here. Best of luck!
Thank you for sharing your thoughts. I completely understand where you're coming from. Your history and previous loans indeed play a significant role in the loan process, which has transformed quite a bit over the years. In the past, securing offers around 70-75% felt almost automatic, but things have changed. The pinned post by the Mods provides some valuable insights into this, breaking down the metrics that are now considered.
I’ve been in this space since the beginning of loans, so I can empathize with the frustration when expectations aren’t met. It’s easy to feel like something is wrong when the process shifts, but rest assured, that isn’t always the case. Square operates on a global scale, and new loans are still going out in large numbers each day. The information in that pinned post is crucial; it highlights that the overall repayment percentages have improved, which works to our advantage. By reducing rollover, we’re able to focus more on new offers rather than paying off significant portions of previous loans.
I also share your desire for transparency in these matters. I’ve noticed a gradual trend toward higher percentages over the past year and a half, and it’s understandable to seek clarity amid these changes. As business owners, we all want to know what’s happening and why. While the communication could have been clearer, I have great respect for our Mods, who handle a lot of negativity that isn’t their responsibility. The algorithm behind our loans is continuously assessing data, and it can be frustrating when you don’t see immediate results.
It’s important to recognize that while the Mods are here to assist us, they can’t provide specific details about individual accounts without looking into them. That’s why reaching out to them is often recommended—they’re equipped to help you navigate this process.
Even if you see some offers in the 70s or hear of some loans being paid off, it can still be disheartening if you’re currently facing challenges. I truly empathize with anyone who feels stuck, especially those at 80% looking for opportunities and feeling the pull of uncertainty. There’s so much at play, from the economy to individual circumstances.
I know that lenders often make grand promises, but it’s crucial to remember that regardless of your history with Square, starting with a new lender is starting from scratch. It’s understandable to be skeptical of those enticing phone calls; I get them too! It’s always wise to ask for something in writing before getting too excited.
Here’s to many more years ahead, and I sincerely hope your loan situation improves soon. Best of luck to you and everyone waiting. Nice to see a fellow long-timer! We have been through the good, great, and not-so-hot times. In the end, we are still here! Any business owner should be proud of what we all went through and our doors are still open. That's why small business owners truly are the backbone of businesses!
Congratulations on your first achievement! The first statement was you received both a CC offer and a loan. 1. Square is not going to let you over-extend yourself to where all your money is going to be paid back and not reinvested into the growth of your business. Several factors contribute to securing a higher offer. For instance, your sales have increased by say 65% compared to the previous timeframe, and both the volume of transactions and dollar amounts have gone up. Additionally, you've gained new customers and have a strong history with Square, including previous loans. All these elements combine to create a healthy picture of your business.
One single factor isn’t likely to change the outcome dramatically; it’s the overall performance that matters. If your business is growing and the numbers support that growth, usually (though not always), the offers go up as your business grows and your income grows. If your sales dropped 35% I wouldn't expect a big ole offer as it does not support it. The economy and lending conditions also play a role. In my case, I was 91% paid off on my last loan, and even before I updated my sales numbers from a busy Friday, I had seen a 55% increase since October. I had also maintained good standing with all my previous loans and had been with Square for 13 or 14 years.
It’s important to note that lending conditions can be tight due to broader economic factors. My recent offer was 3-4 times higher than the last one, which was already $1,000 higher than my previous offer. Sometimes, the outcome isn’t solely about us, our businesses, or our numbers. Square operates like any other point-of-sale system, but it has to consider its stockholders as well.
Many factors influence both when and how much your new offer will be. The algorithm runs continuously, analyzing data and processing loans every day. The moderators have a list that outlines this information, and there’s a button to click for more details. Congratulations again, and keep up the great work. Keep your processing!
Give it just a bit. They are still going out daily around the clock. I know it's easier said than done, especially when there are no guarantees of if or when. It’s been trending higher for the most part. You still see a few handfuls of 70s rolling in. The way I look at it now is that paying off more and not accepting an offer at 70% is like a 30% increase regardless of the rest, especially if you get an increased offer. We just became too used to that 70-75% guaranteed to roll on at any time. I don't even look or anticipate anything till I am completely paid off, and my last offer at 91% was a plus. Good luck and let that algorithm do its job and here’s to a nice new offer soon!
You are correct there! I do understand both sides of it as a business owner and Square’s is a business as well and stockholders to answer to. It does make much more sense and in the end, with a little bit of patience, you get so much more by not rolling over a loan and getting the most out of the money you are accepting. You nailed it though, a lot of hit-and-runs come in and fly out. How long have you been with Square?
That is amazing! That’s a great way to start off with Square. Your history and time with Square will help with those offers, especially the way you are growing. The key things to always remember are to keep processing and try to increase the dollar amount of each swipe and the volume. New customers vs. your old faithful returning customers, that’s another sign of growth. The metrics are a great tool for us as owners and do play a factor, but it’s not a guarantee of an offer. Good is just that, good. If you want to keep moving up the ladder, it’s to keep doing what you are and have been. I’m not sure in the line of work that you would have much of a return, or chargebacks vs. online sales is a little harder to minimize. I think some people use it as a way of getting out of something they didn’t have much intention to pay for anyhow, or you’re never going to please everyone all the time. That’s a big plus in your favor as well. I have a zero return policy. All of our new furniture comes with anywhere from 5 years to lifetime warranties already from the company. It’s just that most customers don’t fill out the papers to send it in. That’s where I come in and fill everything out for them as they’re waiting for it to be loaded or scheduling a delivery time, and before they leave, it is done and I walk it down 2 buildings and put it in the mailbox for them. I have never had any issues with it, and it’s clearly posted. Thanks for popping in and helping out. We have a lot right now on loan 2-4, and really just trying to find out how it operates and why the wait for number 3 vs. 2 type of a thing. I have seen you have helped out a lot of users with that. Thank you very much. I noticed you picked it off right away.
