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!

[GoodBoyDogTrain]

I just wish there was someone to talk to, that would explain this reason so that I wouldn't stress lol. My January this year was down 2% but both December and January we up 10% from last year. Everything in the green. I guess it's just a waiting and guessing game.

[stanleycourtney]

I called today and they were closed. They won’t tell you anything except that it’s computer generated and refer to the seller community for questions. I am on my 7th loan with them 80% and still nothing. 

[GlitzyCow]

Y’all waiting on loans in the 60% paid something is completely baffling to me. Idk why square would even offer at that %. Just crossing the half paid threshold expecting another is a little like what the heck. I’ve had 12 or so with square and typically was in the 80%’s before offering another. The last one was 93%. Currently paid for months with no new offer. Don’t you think you are jumping ahead a little bit? 

[stanleycourtney]

I think for most sellers it is frustrating not knowing the exact qualifications for a loan. Even though they give you a guide to go by they still say they can not guarantee your loan. Most people just want to know how to qualify and they don’t give you exact answers on that. 

[GlitzyCow]

Even when they do directly tell you something it’s usually just a  lie. They’ve lied to me for 8 months over something I repeatedly asked them. Most the operators have no clue they are at home with kids screaming in the background and they just want you off the phone so they will tell you anything you want to hear. When you finally get a response from the loan team or account services it is just generic mumbo jumbo to keep you at bay. 

[stanleycourtney]

Yes I have heard this too. I wished it was more clear like others but it’s not. 

[CTC18]

My 11th loan offer (this one) came in at only 61% paid off and I was offered 30k more than the previous loan. Every single loan offer I’ve gotten has been at between 61-74% paid back.

[GoodBoyDogTrain]

The second loan I recieved was offers at about 91% paid off. After that the average has been 60% to 75% on average. On the page under loan repayment they even say the average is 3/4 paid off before another loan is offered. 

[moxiemavenandco]

If you read the thread, most of us have been offered loans around the 50% paid mark since 2018. So no, anticipating a loan around that percentage is not jumping the gun as that has been most of our experience with square loans thus far. 

[GlitzyCow]

That is insane. That isn’t even good business. I’ve had over 12 loans and have never been offered capital at 50% paid. Normally in the 80% time frame. 

[BlueStarDFW]

Yes it’s frustrating. I’m on my 5th loan I believe, and have always gotten an offer around 75%-80%. In at 88%. On one hand I know this is an “offer” and not something that we’re entitled to. But on the other hand I’m like “well hell, they spoiled me by consistently giving me loans at X% and now they’re leaving me hanging with no communication”

[BlueStarDFW]

Go figure. I got an offer last night around 6pm. It was at 88% and about 25% less than my last loan.

But it came through and was funded within 10 minutes 

[CTC18]

I was thinking I was about to get an offer last night. It didn’t update until 8pm saying if I was eligible or not. It finally updated saying ineligible and that my processing volume needs work. Nothing at all has changed on my end. So frustrating.

[stanleycourtney]

It is very frustrating… This is my 7th loan with them and I have always had offers around 75-80% I am sitting with 83% and no offer in site. 

Processing every single day with POS systems and online invoices. I contacted them today and they have a generated response. It would be so helpful if there was a list to go by on what is causing the offers not to show… I understand it’s an offer and not guaranteed but a guideline to go by that is helpful would be nice. 

[GoodBoyDogTrain]

I'm at 80% and all green noting in sight here either. I'm with you 100%. I understand it's not guaranteed, I just wish I knew what is different now vs the other several loans I've had with them. 

[Twpchair]

I was usually 70-75% range my last loan a couple weeks ago I was 81% it came late Saturday and funded Monday. It was a bit higher not much but it came. The prior was 91% paid off. The trend I'm seeing is the percentage of your current loan is higher to paid off before a new offer comes in. Not all of course. All my areas were green and good. I didn't connect my bank. I did have 3/4 extremely busy days just before my offer came in. Hope that helps and good luck!

[GlitzyCow]

Hi. I’m sorry I’ve been off lately. I think I saw you tagged me somewhere. I did get a hold of someone from account services. The first person told me they couldn’t transfer me to anyone and that I’d have to wait for an email. Then they emailed and said if I wanted a phone call I should call. So I called and basically said listen wtf is happening. Get your story straight. Got to account services and she looked at my account bc of the issue I already posted and the limit I have on ONE of my customers and being lied to for 8 straight months. She told me that I’d have the limit until they did a review April 1st. She also told me that it’s every six months. This makes no sense to me because April 1st is actually nine months. But she said the six months started in October….????? No idea. But she confirmed that the account should automatically review April 1st several times. I have no hope it will. She had no answer when I said ok but that is 9 months not 6. So I wonder if something got switched bc I did email them several times in October, to which nobody replied. She told me that it wouldn’t automatically take the limit off of that one person but it would review whether to eliminate it, increase it, or lower it. She told me that continuing to let that customer process is fine and wouldn’t increase my chances of them continuing to have a limit. 

summary:  I have no idea if anything they told me is the truth. I do know it’s been almost 9 months of square telling me lies. They told me last July that the one person they limited would have the limit removed in 90 days if no charge back. Well… apparently that didn’t happen. So- I guess April 1st will tell the tale. 

[GoodBoyDogTrain]

I just received an offer today at around 2:30 pm central time. I am at 84% paid down . It was a couple thousand less than my last loan. My account had been connected before hand. I accepted the offer bow I'm just waiting. I'm guessing I won't see anything until Monday, but has anyone gotten funded same day or on a weekend day?

[Twpchair]

My last offer a couple weeks ago came in around 7 pm Saturday night and I was approved and funded Monday. I have had a couple prior on Saturday and nothing for me at least till Monday. Good luck!

[Twpchair]

It seems to be the trend or slightly higher. Everyone seems to be holding back a bit I've noticed. Congrats though!