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!

[EXTC]

Have it been taking a while for them to approve apps? Usually it’s quick. No so fast this go around. 

[Twpchair]

Sometimes it depends on when you were offered one. I usually go to my old loan and look below if it says paid off as of say yesterday you are set it’s just waiting for the paperwork is all. I tend to get most offers late Saturday night and nothing happens until Monday night deposit. But Sunday I can see my old loan is paid off and my loan circle is back to 100%  check that out. 

[Solstice]

Update: sitting at 90% on a $48,000 loan that we received in April. Been with square for 10+ years took a 2 year break bought a different business and started up again. Been a year and a half this is the 4th loan this round. All others were 100% paid before new offer. Hoping to get an offer soon. We do about 500k a year roughly hoping for bigger numbers next year. We process Monday-sat. (Salon)… fingers crossed something comes through today. We had our third highest pay back day yesterday… our system usually updates between 11:30-3 az time… I’ll keep everyone posted if anything new comes about! 

[Twpchair]

Good luck! And please do keep us posted.

[Paulynne]

Merry Christmas everyone!

[Twpchair]

Merry Christmas!!!!

[yoyobanhkhot202]

I’ve paid off my third loan $50k three months ago, still got nothing. So hopeless 😞 

[Twpchair]

Ugh, three months ago? That's crazy I am sorry! That's a good size loan and your processing volume must be pretty high and consistent. I don't get it really at times. I think if I remember correctly the longest one I saw was 4 months. I really hope an offer comes very soon!

[Matt49401]

Any tips on how to help get it moving faster? We are on our 2nd loan- but moved ALL of our processing to them- so we got a it around $23K on 12/14- but because of holidays and because of us moving all our volume to them, it's 92% paid off. Has anyone had any success calling, messaging, or using the little face reviews to get some attention? Did we mess up by moving our volume all to them (like now are they werided out that we are processing 4 times as much?!) 

[Solstice]

Honestly there are no tips unfortunately… except for keep processing and pay it off and hope that an offer will come through… we are 95% paid on 5th loan in a year and a half, after taking a two year break and opening a new Business. We have paid all in full before receiving a new offer. Tried reaching out and constantly leaving feedback and nothing. 

[stevestireworld]

I do half a million yearly with Square in processing and i'm at 82% and no offer. It's not looking good for Square! Not supporting even your biggest clients is unbelievable.

[PartyManiaMD]

They just laid off over 1,000 people. Available Capital has probably been restricted to stemming losses accrued from their other product lines.

I'm sure Square would love to be back to business as usual and offering reasonable loan terms to their clients but the truth is that tech companies are hemorrhaging money.

[Jjpainting]

Shouldn’t laying off 1000 employees allow them to loan out more capital since their payroll just drastically went down 🤷‍♂️😂

[BUZZONBLACKBERR]

Same boat - 89% as of today and had over 7 loans  in the past offered at 70-75%. Hoping at 90% I will get offer. I spent over 45 minutes on the phone waiting for  real person in loans department for the same , we don't know response. I'm hoping soon.

[stanleycourtney]

Did you get a loan offer? 

[moxiemavenandco]

I haven’t received anything yet 

[msirois1985]

I paid off my second loan early. I still have no offer for another loan and when I check my eligibility it says I am not eligible, even though everything listed states "good" beside it and my payment history was steady and growing. I don't understand. Given the high fees also, it may be time to switch to another processor. 

[TheRealChipA]

Hi @msirois1985.  You didn’t ask for help or advice here.  It seems that you might be just venting and letting off frustration, but I’ll offer a little perspective here.  If you didn’t want that, you can stop reading now, and please accept my apologies for being so forward.

Loan offers are regulated by an algorithm that monitors our accounts, our card processing volume, etc, and will send us an offer when it determines we are eligible.  This can take days, sometimes, and weeks, other times.  I’ve even heard of months passing before a new offer is sent.  It would be wise to keep in mind that the lending market worldwide is in a crunch right now.  Lenders — even card processing merchant loans like Square — are being very conservative and limiting their exposure on their balance sheets right now.  This means that new loan offers are coming later than they might have in the past.  It also means that many sellers are seeing lower offers even if they have higher card processing volume.  Hopefully, the lending market will ease up as 2024 progresses, but of course there are no promises.  If you are absolutely hurting and need a loan now, your best bet would be to reach out to a local bank.

Best of luck,

[Twpchair]

Did you pay it by processing cards or make a payment yourself? There is a difference between the two as far as loans an eligibility period. If you paid it off yourself you will have to wait 7-10 business days before you go back into the process of the algorithm. If you paid it off by processing cards then you just need the algorithm to pick it up. Good luck it has been a good couple of weeks since I have seen anyone post I received a loan. 

[mydpins]

Update, as of right now at 94% paid on a $70K loan and no new offer. 

[Twpchair]

Hopefully very soon!! Good luck to you!