I'm at 94%

[#1]

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!

[#2]

Hello, @moxiemavenandco. It's great to hear about your experience with Square since 2018. As for Square Capital offers in 2024, we are limited in account details on this platform. We recommend checking your Square Dashboard or contacting our Square Loans Team for more details. Wishing you a successful and prosperous 2024!

If you have more questions or need further assistance, feel free to ask.

[#3]

Any one gotten anything or had any news this week??

[#4]

Twice I have been offered a loan over 100k and both times I have been declined once I have accepted. My business is processing over 1M in CC with square yet they put the offer out then rip it out from under your feet. I was not expecting to be declined once they put an offer out for 186K. I wasn't going to take the full amount. I am tired of hanging around and being loyal to be able to use Square Capital. Isn't it supposed to be for working capital? I have a medical spa with multiple devices that are the prices of condos and homes. Everyone else is loaning me money. I don't really need square capital since there are so many offers to give me money. I believe it is time to learn how to use a new system that fits my business needs a little better. I am awaiting a call/email to tell me why they won't lend me the money they just offered to me. "You have been pre-approved!"  OOPS! So sorry to rip your heart out. Please go elsewhere for capital for your business.   I think I will go elsewhere for marketing, appointments, and the big one, the square processing!  My business deals with BIG numbers!  If you don't like the big numbers and they scare you I will go elsewhere! I am so angry right now because I started planning for this square capital loan. My last offer was Aug 2023 and the same thing happened. I was sure that this one was good because who pre-approves and then says no to a business in good standing processing over 80K a month? WTF!

[#5]

I did about 3 weeks ago! I had 3 busy days and Saturday night a offer came in and I accepted it and Monday was in my account. Slightly higher than the last one in June. I was 81-84% paid off on my last offer and the one in June was 91% paid off. I don't have my bank account connected either. I can't I had ID theft last year and have passwords and pin numbers to get into my account and the system they use to connect to your account can't access it. If any of this helps! I'm seeing anywhere from mid 70% paid off to completely paid off before new offers. Good luck!

[#6]

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. 

[#7]

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

[#8]

Hello everyone, I am at 94% waiting for a new loan offer so I can get more inventory.  I'm continuing to swiping every day but have no offer, while I have someone who works in the same business with me and was offered at 70%.

 I'm confused 

Any one experience similar situation?

[#9]

Hi @ggbluejune  All sellers are different. All Square Loan offers are different. Comparing another seller’s experiences to your will only serve to frustrate you, trust me. The loan offer algorithm is a black box that will send you and offer when it determines your are eligible for one. It has always been that way. 

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.

[#10]

I’ve been thinking the same thing because of the economy. Once I saw others weren’t having anymore luck at 80% I just had to prepare myself to move as if one will not come up, so then IF it does, it will just be a major plus and relief.

[#11]

That's a great way to look at it! I know it's hard when for years we could almost quarantine between 70-75 % and the offer came in. Now, it's trending higher % and it's hard because square is lending more and more each year but unfortunately,  not all post here. Good luck and I hope you have a great 2024!

[#12]

Same for me. My last loan I was offered a new one at 73% paid off. I’m at 80% now and still nothing. I’m not sure what’s changed or what happened but they keep telling me they don’t know and to look at your loan dashboard.

[#13]

just curious did you ever receive a loan offer? 

[#14]

Im actually at 89 …no offer. 

[#15]

My sales are up from last year! I had a slow January and February compared to other years. I am at 82% and still nothing. I usually have an offer by now. 

[#16]

My last offer was on a Saturday after a busy 3 days and was 81/84% paid back. In June it was 91% paid off. Following the trend it seems most (not all) are higher % paid back. I know that a lot of businesses were use to 70-75 % but right now the lending market is holding tight and watching what happens. With that said square is lending out more and more each year! Not everyone post here and it seems disappointing but honestly they are still doing loans every single day at great rates or increased. Good luck and keep watching your dashboard! 

[#17]

Have you received a new offer yet? I'm over 80% now and just wondering. 

[#18]

Have you been funded yet. I'm experiencing the same issue. I'm at 84 %

[#19]

Hey @Movecrew! 

My advice would be to reach out to our Square Loans team about your inquiry. We are limited in account details on this platform. Check out this support article for how to get in contact with the Loans team so they can take a deeper look into this with you. 

Hope this helps.

[#20]

I’m at 75% paid off and nothing yet. My last third loan was offered at 68 %. Still waiting.

[#21]

They are not helping 

they say loan offers generate by computer 

[#22]

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 🙏🏻🙏🏻