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!

[Crosstimberkoi]

We've been with square a couple years now and recieved multiple loans.  The second loan came when 80% was paid of in seven months.  The 3rd came when 60% paid off in two months.  Now at 78% paid off in six months.  Our sales drop during the winter season due to weather. So when I look at the eligible  it says needs work on the top two slots if it's under past month all green if under past year.  Curious if its on an fiscal year where you have to process ten thousand before it triggers.  Then that goes into another factor.   Square loan doesn't look at all our sales.  Some people pay by check and that goes to our brick and mortar bank. 

Now would be a great time to see a renewal as we are gathering inventory for a new year. 

[Summer2024]

Hi @Crosstimberkoi - Thanks for reaching out to us here on the Square Seller Community👋

I went ahead and merged your post to an existing thread where other Square Sellers have discussed Square Loans and eligibility. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. We also recommend reaching out to our Square Loans team, as every Square Loan is different. Furthermore, we are limited in account details regarding Square Loans. 

I hope this information is helpful, but please do let me know if you have any additional questions.

[Crosstimberkoi]

This doesn't answer my question on has anyone recieved a loan when it states needs work for the month but good for year.  It also doesn't answer question...does it reset fiscal year with the $10,000 in sales to even be looked at.  

[MayaP]

Hello @Crosstimberkoi, I appreciate you reaching out and understand your concern. For all loan inquiries I suggest contacting our Square Capital Team. You can reach them at 1-855-700-6000, squ.re/contactsqsupport. The team is available to speak on the phone Monday through Friday from 8am - 5pm PST.

[Firstçreek]

Any luck with your loan as of yet?

[Brittany_SP]

I finally did at 86%. It was much lower than the last time though even though I would meet my 60 day minimum in 30 days or less.

[Firstçreek]

Thanks appreciate your response.  We are all floundering right now. Spring is coming, we will all be busy again.

[Sammie_C]

Hi @SPPhotography1!

Thank you for your post!

We do not have a specific timeframe for when another loan offer may be available. However, we will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

Offers are based on many business factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. Please be aware that aspects of your processing history, such as failed debits, chargeback history, and changes to your processing behavior may impact your eligibility for any potential future offers.

To learn more about how you may become eligible for a Square Loan, please see this post in our Support Center.

Let us know if you have any other questions!

[Sweetlocs20]

I’m in a similar situation. I’ve only done better with my business and I’ve not gotten a loan offer yet after paying 89 percent of my loan off. Ive been offered so many loans from them and now it seems things are in a stand still.

[allisonb_23]

Did you ever receive a loan? Im sitting at 86%.

[AllNewU]

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!

[stanleycourtney]

Did you ever recieve a loan offer? 

[levelpt]

Yes I just got an offer at 85% paid from previous loan. I noticed that the amount I still had to pay off the loan was less than the last offer and my minimum payment was paid off few days before the offer? Have no clue what the equation is? Loan offer was a little less than last offer 

[Twpchair]

That seems to be the trend right now for most (not all) Congratulations on the offer 👏 though! 

[stanleycourtney]

I am now at 88% and I’m just done waiting at this point. Customer service does not tell us anything. They say its all automated.. I am always on time, Never late always ahead. I have been a customer for 4 years and I am on my 7th loan with Square.. I have never had to wait this long… I asked for someone to manually review my account and they said they can not… I’m glad to see everyone getting loan offers though. 

[Twpchair]

My last offer was about 3 weeks and I was between 81-84% paid off. I had 3 busy busy days. Saturday night my offer came in and I accepted it and Monday it was in my account. The prior loan I was 91% paid off. Right now it's bouncing around with percentage paid off. Last summer it was a higher percentage paid off to completely paid off for many people. It's hard to determine right now because I'm seeing 70% - completely paid off? Each business is different than the other. The other thing I watch is what the economy is doing and what they do with the interest rate whether they raise it or not. They just decided last week not to raise it. Hopefully, things will calm down and lenders will start loosening up and loans will start kicking in again. Good luck and hopefully you will be offered a loan by now. 

[Twpchair]

My last offer I was at 81/84% paid off after 3 busy days in row. Late Saturday night offer came in a tad bit higher than the previous one in June at 91% paid off. Right not I'm seeing the % seems to higher before new offers for most not everyone and offers are tending to be right around their previous loan or for some less. They are still doing them. I stick around here and can usually see how the trend is going. Good luck to you!