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!

[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? 

[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.

[DinaLRosenberg]

We have an offer sitting.  We have never once used square loans and instead have a line of credit with our local bank. 

[Ccsla818]

I’ve been waiting also I’m over 80% paid off they always offer me one by like 60-70%  paid off I’ve had about 4 total all paid on time I’m green across the board I was really relying on it since every time I’m over 60% it always comes but not this time ugh 

[Bonzy2010]

same here, at 84% usually offer by 70-75% and nothing yet

[NRVGuru]

Reached 86% paid, and am looking to move & refresh our stock for 2024. After hearing nothing all through the holidays some extra help would do wonders.

[joeyjones16]

We're at 88% and no offer yet. We have always had an offer by this point.

[Marinaradulovic]

I just hit 100% paid and no new offer, I paid my loan in 3 months and it's my 6th loan paid off. Before I always received new offer when I am around 75%, what is going on now I am not sure. I contacted them but get the same answer like here, they can not give you any info over the phone. 

Good luck 

[ddlbb]

.

[Dawggos]

Square loans are awful. I've been with Square for YEARS. My last offer was 12K then this current offer was 2K....yes you read that right. I paid it down quickly in a month obviously. 

Just go to stripe. I split my processing between Square and stripe. So glad I do because I have a current loan with stripe that offered me triple anything Square has offered. 

[BodyInBalance]

Does Stripe have a POS system like Square?

[BodyInBalance]

I mean like hardware to take in store payments.

[levelpt]

What are the loan pay off terms with stripe? Is it similar to square at 20 % of daily sales? Just curious 

[Mkennedy25]

I’m at 75%, still waiting for an offer. All

factors are still green. So frustrating 

[Stefanieblue]

Sitting at 96% and no nloan offers as of yet... I've been with square for 12 yeaars and I've always received one around 70%.  I've noticed most of my loans has came after I completed my loans at 100%.  So I know for sure I'll be paid off within the next few weeks at the amounts I collect from my customers.  I'm encouraging my clients to use their credit card more to help push me to 100%.  I do not make any manual payments because it will take 7 whole business days for it to complete so if you have made any manual payments that can extend the process of receiving one.  In the past when I complete a loan, I was offer one the following day.  But that one time I made an manual payment to payoff the loan, it almost took them 7 to 10 days for me to receive an offer.  So I'm patiencly waiting just like the rest of you guys.  I will keep you posted if I receive one ... hopefully this helps someone out...

[Mkennedy25]

I’m at 78%, and all factors have been green. I’ve been using square for 4 years and this would be 5th loan. I’ve always paid way ahead of time and been ahead of payments. I wish there was a way to we could know if we’d be eligible instead of being misguided by their factors. 

Now, square is shut down right now. Disrupting our transactions and it has been happening way more often now. It’s really upsetting and messes with our business. If they need to do updates, then update at a time where businesses aren’t being disrupted. It may be time to explode other options.

[Windycity]

I’m pretty much in the same boat, except at 86%. Has been increasingly frustrating and has had me looking at other points of sale like Clover or Stripe. I want to keep using square but if there is no better way to keep their clients up to date on when more capital can be made available. I’m afraid I will be forced to move to a new POS soon. And I expect a lot of business will be doing the same if these threads and others are anything to go off of. 

[Sammie_C]

Hi @Windycity,

We appreciate your post!

It’s important to everyone that lending through Square Banking is done responsibly. We know your business is important and we don’t take that lightly. We want you to be successful and we support your future growth.

To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. The formula balances different factors of your business that may positively and negatively affect your business’s eligibility for an offer.

Please know that Square Banking is committed to helping your business succeed, but we understand that you may need to seek financing outside of Square Banking for immediate needs. If you are considering other options for a business loan, please review our 4 Things to Consider When Evaluating a Loan Offer in our Town Square Blog.

We will continue to monitor your account and notify you if your business becomes eligible for a Square Loan offer.

Let us know if you have any other questions!

[Windycity]

I have lots of questions, but I’m afraid I’m probably gonna get the above answer again. I’m holding out for a little while longer, as a genuinely enjoy using square and have enjoyed my experience with you guys. But I need to grow my business, and without clear instructions to become eligible other than the parts of the page. And without something to work towards. It’s hard to keep waking up hoping to see a notification every day and it not be there. 

[Sammie_C]

Hi @Windycity,

We understand your concern and apologize for any frustration.

We can’t go into specifics about program requirements because the criteria we use is proprietary.

If your status changes, you’ll get an invitation email and see your offer there.

Feel free to let us know if you have any other questions!