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!

[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!

[Twpchair]

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!

[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 

[BodyInBalance]

Received an offer last night (Sunday) around 5/6ish at 78% paid

[CTC18]

Was your offer higher? Do you have your bank account connected in the loans tab to “generate a better offer”?

[Twpchair]

I'm not sure if my response posted or not. I received my loan 2 weeks. It was bigger than June's loan around 81/84% paid 3 big day's of sales. Saturday night offer came in and funded Monday. All my indicators were green and no my bank is not connected. My offer in June Bank wasn't connected either I was 91% paid off for that one. Hope that helps. Good luck and keep processing daily!

[CTC18]

Thank you for updating us! I’m at 78% paid. Was your offer higher this time?

[Greatlakes891]

Has anyone seen an offer in the 70s?

[stanleycourtney]

Many people above have had offers in the 70s in the past. However the new algorithm seems to be a higher percentage paid off before getting an offer 

[Twpchair]

3/4 years ago I just about guaranteed my loan was coming in between 70-75 % paid off like clock work! Now, you are a 💯 correct my last one was between 81-84% paid off. Hard to tell it came in late Saturday night and I didn't update yet. I had 3 busy days. I was funded on Monday. The prior one was 91% paid off. Most lenders are tightening up right now. 

[Twpchair]

A few here and there my last one was hard to tell 3 extremely busy days and 81/84% paid off and late Saturday my offer came in and funded Monday. Friday I looked and was 81% and sat it hadn't updated yet and my offer came in Sunday morning it was 84% so I was in that range. Last loan was 91% paid off. That was my highest % since 2014 I use to range from 68-78% but times have changed and lenders from all around are tightening down a bit the economy has a lot to do with lending right now.  As things pick up so will everything else 

[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!

[Movecrew]

Got loan at 85%

[CTC18]

Did you have your bank account connected? Debating if that helps or not.