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!

[ewing1]

This makes me so mad. They know our selling point is high right now. Yet they hold the offers that would benefit both parties. Doesn't make sense to me. 

[Twpchair]

Ugh, hopefully soon! It's been a good year trending higher to paid off. Not everyone of course as you see. Since October it has started to come down though. Keep processing and trigger that algorithm!

[Lakcontrola1]

I got an offer last Sunday at 90% and was offered less then before way less , I received my deposit on Wednesday finally . 

[Twpchair]

I tend to be a late Saturday night offer and I think it's just because Thurs-Sat is our busiest days of the week or that's when I do sales. Saturday night after I updated in pops up the offer and its usually Monday night or Tuesday. Not much happens on Sunday 

[Jpphoto]

I am at 90% right now, refreshing and waiting...

[ewing1]

I've decided I'm going to move back to Shopify. They have both capital and credit. 

[Twpchair]

Unfortunately, it's been trending higher % paid back or off for about a year. Not everyone as you see. Since October I've been seeing more and 80s pop up. Usually, after a long Holiday, it seems pretty slow, and then on Monday it starts to kick in again. Could be a coincidence just a trend, im not positive but just a trend I've noticed. Good luck to you and hopefully Monday will be a great day!

[Jfred3026]

Has anyone had any luck getting a loan in 60% area this year ? We usually always get our loans at 65% and we have great growth this year , I was just wondering if anyone had any luck ! Thank you ! 

[Greatlakes891]

We are at 79% and never had to wait this long still nothing very disappointing 

[Twpchair]

Hello, it looks like it's trending higher percentage paid off again. I received mine about a month ago and it was 81/84% paid back. It came late Saturday. My previous in June was 91% paid off.  That was my highest % since 2020. There has been a couple this week and last in the 70% paid off range and some completely paid off then it came in. Each person,  each business is different. I usually watch the economy and stocks.  It is not very stable and lenders tend to pull back some. Good luck to you!

[bargainwright]

Nothing here. We've usually gotten loans between 60% - 65%. Our current loan is 4 months old and paid off 72% without an offer. We've had well over a dozen loans over the past 6 years. Not sure why there hasn't been an offer for us. Really kinda disappointing as we're now in season.

[ewing1]

Same. 60-65% and now nothing. 

[Twpchair]

Unfortunately, I haven't seen many under 80s lately. The trend is a higher percentage paid off for most (not all) good luck to you!

[Twpchair]

Most are in the 80s to 90s. That's what seems to be trending for most (not all). They are still doing loans daily though. Good luck to you!

[Twpchair]

I have not seen anyone myself in the 60% paid off range in months upon months. Upper 70s to upper 90s seems to be around the range right now. Lenders are pretty tight right now. Most not all are a higher percentage paid off if not paid off before new offer comes in. Good luck!

[bargainwright]

Thought I’d follow up to my reply from last week. I did get an offer last night! We had just hit 76%. Although our sales are up 280% from last year and we paid down the previous loan in under 5 months, the offer was only $2000 higher than the previous loan. Truthfully, based on previous advances, I was expecting about $9000 more than offered. We’ve had over a dozen loans throughout the years. This is the lowest offer increase on a new advance since I’ve been with Square. 

That being said, it’s enough to get the inventory we could use now to grow even more. I’m hoping this brings some hope to others who are waiting and hoping for everyone’s fortunes to change.

Best of luck my friends!

[Twpchair]

Thank you for the update and congratulations!

[TrendzbyM]

I got an offer! 79% today and came in at or before 3pm! It was little more than before so I'm happy!

[Healthyketo]

Congratulations 🎉 I was updated at 1:05pm today and no offer yet 😞 still sitting at 97% hopefully soon! 🙏 happy you finally received one! Pray for the rest of us!

[TrendzbyM]

Thank you! I just realized I edited my address incorrectly so I hope that doesn't delay being approved 

[Mmccrain]

So the “update” time on the website is usually when they process your days payments but the AI analyses the accounts through the day. Mine is checked for loan offer status each night about 9:30pm but the “update” occurs each day about 2:30pm