New Square Loan in 2024

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!

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I’ll have to look into stripe then 

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Square Champion

Congratulations! And everyone and every situation is different. I see people post that I am on my 4th or 5th loan and paid back in 6 months type thing. IMO that's telling me that their offer isn't equal to what they are processing. That's like a payday loan. Each business, each POS operates differently, and believe me when I say im glad you found one that is keeping up with your needs and is there for you! When I make a candid statement like that it's on the whole and going off numbers, trends that are reported, and other businesses' community forums. Again, we are all unique, and what works for me might not be the best for you. You and only you know what is best for your business. When I look at the comments here on the whole (not all) are just starting up or 1-2 years with Square and I don't want to say start-up businesses but pretty new. Finding the right fit for each business should be any business owner's number 1 priority and finding that perfect working relationship. I tend to tell a lot of people who are hurting with equipment failure or major repairs if they have a good bank or credit union especially try them and get an LOC. Prior to Covid, I looked into Stripe, and at that time they were really geared more so to businesses that their main billing was invoices. I am a physical retail furniture store and do little invoices. Now, they've partnered with a ton of companies to swipe, terminals ect. I am not bashing them at all but was giving out general stats that everyone can look up daily just like Square on the size of loans, frequency, and how long you have been with them. They all talk about “building up a working relationship” that's very broad and varies from business to business. I am really am glad you found what sounds like a perfect fit for you and your business. I wish you all the best and an even better New Year! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Umm… it’s square.  I’ve been with square since 2020. I’ve never been offered 1K for just starting out with them. It’s always been more and like clockwork I’ve been offered another loan around 70%. My relationship and reputation with square has always been good.

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Square Champion

I wasn't referring to you and a 1k offer. You have established a great working relationship with Square for close to 5 years. I apologize if it went to the wrong person. I was replying to one that was on their of their 2nd loan. They asked if their 1k first offer would go up. I replied it had been 12 years ago for me but I did. As your business grows so should your loans. Most start-up companies or small businesses start lower and build up over each loan. Again, like  I told the other one who commented. That's not everyone by know means. Each and everyone is different. How you process vs me could be 100% different. My business is 99% swipe or tap and cash/checks. Others are 99% invoices. Giving out stats is public information and jumping on their community pages I also highly recommend. They are tools to utilize and help business owners find their perfect fit. We are all different, we operate and process differently. No one answer is ever going to fit all of us worldwide. I missed how long you've been with Square if you said. Is it like 4-5 years ago and I could guarantee a loan like clockwork at 70-75% no not at all. For a good year again, going off the trends of the majority of people (not all) it was the upper 90s to paid off. About Mid-October it starts to pop up to the 70s and 80s great. Holidays do slow down offers regardless of what people say you can see the page, you can look up the numbers it's all open to the public. You will see the occasional one here or there but that number is low. At the end of the day you and only you know what is or who is best for you and your business. The young lady (I believe) I was referring to was on her 2nd loan and asked is 1k for a first loan and processing 4k normal? Yes, that's pretty normal and right on. I told her as her business grows so should your loans. If you are doing 4-6 loans a year then your loans aren't meeting what your processing. I am old-school. I hate change, don't fix it until it is broken type, and if you do me right I stay with you. That's just myself and my own personal reason. Each and every business owner should always put what's best for them #1. I have a great little Credit Union 5 branches big! I have a LOC with them that I have for emergencies. Took about 2 hrs from start to finish didn't need a thing all my deposits, cash, and checks go there so they knew what I did or made. Again, that's my preferred banking vs say Bank of America or some large Corp. Bank. I really do wish you the best as well and I hope you get an offer soon or find the perfect fit for your business needs. Here is to an amazing busy 2025 for small business owners!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Any news on loans? I am at 83% and probably about 3 weeks out of being completely paid off, when I get this close my mind starts to think on what I could do with the funds, this time I would like to redo my restaurant kitchen it’s probably a 3-4 day thing so this would go a long way! 

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Im way over my normal processing and 74% paid.    Was hoping for something soon but if i didnt get it after the amount of processing ive done over past week then i dont see one coming anytime soon. 

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I’m in the same situation. 77% repaid with sales increasing. No offer. I will update if I receive one!

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Square Champion

It looks like a very slow couple of weeks. Square is still doing loans daily. Not everyone uses the community services. Just a small portion post or ask questions. Good luck to you!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Any update?  Im still sitting with no offer

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Square Champion

Yeah, I haven't seen any one in the low 70s in awhile. 2/3 yrs ago almost like clockwork I could guarantee an offer between 70-75% max and a new offer.  Not no more. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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I haven't been receiving daily updated on dashboard.    Mysteriously as soon as I called in to inquire via chat today it immediately updated.   Still no offer.     I am wondering if something is going on with their systems.  Between missing the daily updates and all the other down issues something seems off. 

 

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Square Champion

Yeah, when I just logged in they are having technical issues now. With the factors being so important now it's just another thing we need to watch!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Square Champion

Still trending higher percentage paid off. A couple I saw in the high 70s but that's it. Most are high 80s and 90s. Good luck!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Since December 1, we’ve paid off loans of $1,350, $3,500, $7,500, and $10,500. Still no loan offer after paying off $10,500 last week. Paid that off in 60 days. I thought for sure we’d get an offer. 

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Same! Paid off 100% and nothing 

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Those loan amounts are not including fees we paid as well. We basically paid off $25K in 6 months time. That’s a brand new car paid in full!! Where’s our next loan offer?? Clearly you’re making money off us. 

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Square Champion

sounds like you are really doing some good business to get your loan paid off in 6 months.  Try your best to just keep on selling and processing and not take out another loan as that will help you keep even more of your profit.  I understand at times you have to in order to keep going.

 

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Square Champion

This right here! He is banging it! Keep up the great job and great work and let it roll! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Have you gotten an offer yet?

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Not yet and had a busy last week and weekend. Going on a couple weeks now fully paid off. Never happened before. 

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Have you gotten an offer yet, if not how long ago did you pay your loan off?

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