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!

[moxiemavenandco]

I’ve had my bank account connected since I began using square in 2018

[CTC18]

No, I mean in the loans portal where it says “connect your bank account here” and says it helps generate loan offers.

[moxiemavenandco]

yes, mine is connected.

[Tony53]

Im sitting at 82% and nothing 😞 

[GoodBoyDogTrain]

Are your sales down or anything? My January was a little slower than last year with weather and everything being a bit worse, but my February and December were higher than ever. Every thing is staying pretty consistant on my end. I just wish we had more insight on what to aim for, or even a reason why we aren't getting offers at the moment. They always come in exactly when I need them, but I've been hearing a lot of negative things from others in the community and it makes me nervous!

[CTC18]

My sales are higher than ever (consistently) and nothing. Sitting at 68% paid.

[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. 

[Tony53]

I am now at 86% of a 11 thousand dollar loan, all green and no issues with processing. do you think i will be getting a new loan sometime this month?

[joeyjones16]

My loan is paid off, and I'm all green, and I don’t have an offer. No one knows when an offer will come. 

[stanleycourtney]

Did you ever get an offer? I am processing daily. My loan is 86% paid off.. All green down the board and nothing. 

[Twpchair]

Did you get a new offer?

[stanleycourtney]

Did you get an offer? 

[MKF3147]

Did you ever receive an offer? I have paid off my square loan and am looking for another one? Just curious. 

Thank you.!

[Ilovejewelrysa]

My loan had been paid off also since April it took us only 2 months to pay it back the way they ask to be paid back but it’s now August and they have not made us an offer and all our aspects are in the green and have been staying In the green also no history of disputes or reviews none of the above ever still no new offer!! We are doing better and better every month but still no offer so maybe they stopped or are no considering my personal credit score which is not top top notch so maybe they just do it by random idk 

[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.