New Square Loan in 2024

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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!

[Twpchair]

Mine was the same range prior around 75% not the last 2 loans. One was 91% and the last one 81%. It was Saturday night and I had 3/4 extremely busy day and the offer came in Saturday night and funded Monday. Slightly higher but not much. The majority I'm seeing their current loan percentage is higher paid off or paid off completely than an offer comes in. Not all there are some saying they got one at 60% or whatever but not many. Good luck and no I didn't connect my bank account either.  

[Jose22282]

Has anyone had any luck with any offers? I’m coming up on 78% paid and no offer yet. 

[Twpchair]

Yes, I did about 2 weeks ago. I had 3 very busy days and late Saturday night offer came in slightly higher and lower % of daily sales to pay back. All indicators were green and no my bank isn't connected. My previous offer was June and I was 91% paid off. All indicators green as well. They are still doing loans. I stick around here and from June till now I see more and more people reporting they just got an offer. These are just the ones that post here. Good luck and keep processing daily!

[stanleycourtney]

Anyone get a new offer lately? I am still here sitting at 85% with nothing but Green and nothing in site. 

[CTC18]

I’m at 73%, all green, sales up higher than ever, and my loan paid back 4.5x times faster than the minimum due in 6 months. Nada.

[Twpchair]

Yes, I did 2 weeks ago and 3 others just posted here this week and one late last night. They are still coming! The % paid off seems to be higher for most (not all) usually right around the same amount as previous loan. Good luck! My last one I was 81/84% paid off and in June I was 91% paid off before new offer. Keep processing both mine kicked in after 2/3 really busy days!

[stanleycourtney]

I have a question.. Does it matter how we process? I do a lot of Live videos and sell on live.. I invoice instead of using the POS system.. I use the POS at my store… Would any of that matter? I am 88% paid off and nothing in site.. It’s so frustrating. 

[CTC18]

It shouldn’t matter how you process i.e. invoices vs swiping. I’m at 78% paid off in 6 months, 4x faster than my minimum requirement due. All green, sales way up MTD and YOY. Still nothing.

[Tritter82]

I also do a lot of invoicing. Doesn't seem to make a difference.  I was just offered a loan about 2 weeks ago at about 76% paid

[Twpchair]

Congratulations! And no, processing is processing whether invoice or credit cards.

[Twpchair]

Processing is processing whether you swipe a card or via internet sales. I do both as well but more cards. My last offer now was 4 weeks ago roughly? No my bank isn't connected and never has been. I had 3 extremely busy days and Saturday night my offer came in and Monday I was funded. I was 81/84% paid off from my last loan in June which I was 91% paid off. Right now it's bouncing around from 70's to completely paid off before a new offer comes in. Last summer the % was was high to fully paid off. Most offers are tending to be slightly higher or less than the previous offer. Lenders from all over the industry are pulling back right now. Even if you're busy is booming in general the economy has slowed down and lenders watch that. Good luck and I hope that helps!

[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?

[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.!