New Square Loan in 2024

[SPPhotography1]

I’m at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. I’ve been with Square for over 10 years, had 7 loans now that I’ve have paid back early every single time. Metrics are all in green, record sales year. In 2023, record numbers across the board, no refunds, no complaints or issues of any kind in our entire history. Current loan is 80% paid off, but no new offer in site. This is the kind of stuff that causes businesses to find someone else to process through! Please help! I’m sure I’ll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isn’t a single aspect that isn’t way up. I’m not sure if there is a new process they are using now, or if there is some kind of issue with my banking or something else I’m not thinking about or aware of. Any help would be much appreciated. Thanks, because I could really use some new capital to start the year off with and reinvest into my business!

[Twpchair]

I know customers service is hard to get through the script response but if you tell them I am NOT asking about a loan I NEED tech support please 🙏 I don't know if it would work or they can look and trouble shoot it? The only way I have luck with customers support is kinda stopping them so very nice and calm and tell them hun I am sorry but I don't need your help I need tech support please it's very important. I think one, they are happy you aren't asking about a loan but need to just be transferred they are usually more than happy to get you there fast. Yours would drive me nuts, honestly. I watch mine, and I want to know what % of new customers came in during the weekdays vs. regular. Were they using cards or cash? How can you days behind or not at all. That's a tool to help us and it isn't helping you and it should.  Good luck! 

[Minion]

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@Twpchair wrote:

Yeah,  that's not normal to go that long without updating I wouldn't think? @Minion have you heard of anything going on with metrics or loan section getting updates?

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Sorry @Twpchair   I am slacking on the boards here.  Between business and trying to get my moms new home finished up Its been hectic. 

I haven't heard of anything with the Square loans being worked on updated at all. But I'm also a person though that never cared to check for it.  I always felt superstitious about that in a sense.  Like the more I check it, the more I would have to wait for an offer. Tt was always nice just to log in one day and see the notification.  

[Twpchair]

Thank you,  I wasn't sure who was doing the tech support stuff or updated on it? I have not seen I report or anything in the back in about it. Good luck, especially with moving your mom and housework! I've there 2 years ago! I'm done moving 😆 🤣 😂 

[Twpchair]

Hopefully,  it's good news! Fingers crossed 🤞 here for you!

[Twpchair]

Ughhhhh,  I know what you mean a few weeks back I received one at 69% and waited weeks before saying anything because others had been paid off and I felt bad so I kept it to myself until someone else posted 70% and then I said something! There is no reason why or how the algorithm picks it up. All I did was a 3 day sale and processed like crazy! I updated 1-3 pm normally, and boom, about 7 pm offer comes in 2x the last, which was 1k higher than the last. All factors were good, but the loan part wasn't paid. I am so happy to hear this, and congratulations!!!! I am doing a happy dance! Let's keep this going all day every day! 

[jackiebee12]

we had a really busy lunch today after two ridiculously slow days and hit 98%. around 3pm i finally received a loan offer at a whopping $7150. my last loan was $22,900, but my sales are down about 14% and i’m about to change my hours to do breakfast and lunch only instead of lunch and dinner. 

i took the offer because anything helps right now! i will update if/when i get approved. 

[Twpchair]

I understand that especially changing up hours, anything helps. We have been seeing lower offers with a lot of businesses seeing more cash and checks vs. cards, too. Business is staying the same or increasing for some, but they are not using their cards. Most I here in retail is that way they stick to their budget better. Congratulations again, and definitely keep us posted. I know my offers tend to Saturday night, and nothing moves for me but accepted until Monday. I'm not sure how that works on a holiday. Maybe someone else can jump on who received an offer on a holiday weekend?

[jackiebee12]

i’ve never received an offer on a holiday weekend, but i have on saturdays. all of my approvals were accepted at different times. anywhere from 10 minutes to 3 days. still waiting on approval for this one 

[Twpchair]

I'm a Saturday person, and usually 7/9 pm an offer comes in. I don't move until Mon, but with that being a holiday, don't stress out. It's my norm. What I check is my loan circle. Usually, Sunday is full, and then when you go into previous loans, I can see my last loan there. So it's just waiting. Also, my money usually hits my credit union before my loan papers arrive.  That's been my experience every late Saturday offer. I looked, and I've never been or had a Sunday one? Thursday and Saturday are 95% of my offers? Good luck and keep us posted!

[Twpchair]

I'm in retail, and every Sunday morning, I go out for breakfast with my sons and their wives. I've noticed breakfast has gone up a bit, but not like dinner. Did that come into play or just more demand for breakfast 🤔 just curious how our food industry is doing with the increase in food. Containers for takeout just about every single thing has gone up. 

[jackiebee12]

we are in a small town (that is growing like crazy) with only two places to really eat breakfast - and i don’t eat at either! one of them doesn’t have a secure future - as in they could close within the month because their building sold to another owner. 

eggs alone have gone up and down this past year. even before i did breakfast, i use a lot of eggs for our chicken tenders. they are currently up in the last couple of months. sausage is up. 

foam cups for drinks are way more expensive than plastic. i’ve switched to plastic deli cups to sell my salsa in larger quantities 

i have had to raise my prices probably 3 times in the last year, but i’m very transparent with my customers and let them know which items are increasing and most have been very understanding. i offer smaller plates for those who can’t spend a lot or those who just have smaller appetites 

[Twpchair]

You did fine and posted right where you needed to! 

[moxiemavenandco]

Hi! I’ve been with square since 2018, and have gotten loan offers almost every 6 months (mainly bc that’s around the time that I’m usually at least 50% paid per the previous loan).  I was wondering if anyone has received a square loan offer in 2024 and what the algorithm is looking like. Any help input is appreciated. Happy 2024!

[Mkennedy25]

I’ve been with square for 4 years now and I’m always offered a loan between 70-90%. My factors have always been green and always ahead of repayment. I’m due for another offer soon, but there’s no certainty. My profile hasn’t been updated since 12/26/13. I could really use another offer for this year. 

[Laurenjop]

Hello there; yes I’m currently at 64% waiting for a new offer as well for 2024. 

[7767]

ive been a business member for August and have a good acount.  I want to know why i havent been offered a loan? is it brcause i have a bank that my money transferes to and not square banking?

[_Violet]

Hi @7767 - Thanks for reaching out to the Seller Community to inquire about Square Loans 👋

I recommend looking over this Support Article on Loan Eligibility FAQs. If you have any additional questions about the process, you can contact the Financial Services Team by following the steps here.

I hope this information is helpful! 🙂

[TheRealChipA]

Hi @Citystarz 

Unfortunately, there is no perfect answer to your question, nor a satisfying one.  Square Loan offers are triggered by regular reviews of our accounts and activity and when the algorithm determines it is time for another offer, one arrives.  There is nothing that we can help you do in the seller community, and Square employees won’t be able to accelerate this, either.  For most of 2023 I saw lots of similar threads here where sellers had paid off their loans then waited weeks, if not months, for new offers.

I can offer some context, however.  Even a cursory reading of economic news reveals that the worldwide lending market is being very conservative right now.  All lenders are being very cautious about when they offer loans and especially how much they offer.  With worldwide interest rates so high, all loans are very risky for lenders so they aren’t being as free and easy with them as they once were.  This is a reality that is going to stick around for a while not just for traditional lenders, but for merchant lenders like Square.  Hopefully we will see some loosening in the overall lending marking in 2024, both in the area of interest rates and qualification requirements.  But regardless I expect that it will be a very slow process.

Sorry to be the bearer of unwelcome news, but at this point it is at least reality.

NOW…… In a recent email from Square, there was this link about a new product called the Square Credit Card.  It seems that Square now has two credit offerings — the traditional loan tied to our card processing volume, and a credit card also tied to card processing volume.  Understand that I know nothing about this product at all.  I was not involved in its testing phase, nor am I currently eligible as I have a current Square Loan which makes me currently ineligible for the Square Card.  But, it seems to be an option.  I’d recommend reading the information at the link I provided and clicking on the “check offer” and other links to see if it is something that is available to you if you are so inclined.

Good luck.

[Citystarz]

Been getting Loans with Square since 2020 and usually we payback very fast 3-6 months since we are a high volume processing store. Our last loan was paid off in October 2023 and no other offer since we are green across the board on both locations not sure what the hold up is. Really could use the funds for inventory asap 🙏🏻🙏🏻

[2SONSCC]

Did you end up getting an offer? I’m at 77% with no offer so just curious to hear 

[GlitzyCow]

I’ve been paid since August 2nd. Same situation. No new offer. Always ahead. 

during the outage last week a new eligibility factor appeared above “processing volume” for me. It says it’s “account activity”. However further on down the page I also have an account activity section. The one that randomly appeared during the outage told me my account activity needs work. But the one in its own section further down the page says I’m all good. Square won’t answer my specific questions. Did you happen to have this appear for you also?