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!

[Twpchair]

Are your metrics correct? I know there was a glitch about a week ago and people had to call in and have them look at it. The next day every thing updated correctly? 

[Jose22282]

At 94% as well and no offer. I’ve never seen it take this long to get another offer. Hopefully we get offers soon. 

[Twpchair]

The percentage for most (not all) is higher paid off before the next loan. This has been going on since early summer. I don't know if we will see the old days of 70% loans. Good luck and hopefully soon!

[ohboi]

I wish Square loans would be straight up.  Example  Loan Amount $10,000 Loan Fee: $1,000 .   

New Loan offer consideration amount Paid back: $9,000

[Twpchair]

It would be nice! I was hoping their line of credit would have worked out. They floated that idea around a year or so ago. Then it straight forward and you know what you have and use it as needed. If you're income goes up you could apply for an increase. But it didn't happen.  

[Hairbywill]

I'm at 76% and no offers have came in . I'm praying square will start letting humans make the decisions about offers and stop letting computers do that. Iv had 12 loans and payed them all back earlier than needed. And my biggest offer has been 2500.00 

[VanKalkerFarms]

I would not plan on that happening.  In order to offer multiple loans a minute and start 1 loan every minute you would have to have thousands to be looking at the data of millions of users.  Even with sheer numbers like that, they might not get back around to looking at your account for a year just due to the amount of users.

The scale of something like this is tens of thousands of times more than a local bank to be loaning out $ 1.32 billion in 90 days to over 129,000 people.  It is only possible because of the scale available because the algorithms can look at thousands of user's data per minute.

If you want a person to look at your papers and accounting and taxes etc then it is time to head on down to your local bank.  That is what I do and I don't get individual loans, we have a RLOC Revolving line of credit.  Saves a lot and is easy to just hit it for 12 days to pay a bill early or to buy a new refrigerator and only have to pay interest on the number of days you borrow. 95% of the time it costs me nothing,

[TrendzbyM]

I'm sitting at 63% and hoping for an offer soon! 

[Twpchair]

The most I've seen are usually around 80% to paid off. My last one was around 81/84 after 3 busy days. The prior was June and 91%. A very small % are posting 70s. The trend is higher % paid off. Good luck!

[Hotbear]

We just hit 100% yesterday and still no offer just don’t depend on the loan it’s like they don’t want you to grow and we paid ours off in 36 days

[Twpchair]

Ughhhhh, I'm sorry unfortunately, if you scroll down it's trending a higher percentage paid back or completely paid off. Not all but I look at the trend for the majority. Good luck and hopefully a offer will come in soon! Please keep us posted okay, it helps others too. 

[Hairplaysalon20]

I’m sitting at 80% paid on 40,000 loan, hoping for an offer also

[Twpchair]

My last loan was 81/84% paid back after 3 days of crazy busy. That was March. Last June it was 91% paid back. It is trending a higher percentage paid back for most but not all. Good luck and hopefully soon! Please, keep us posted as it helps others who are looking. 

[Fostersmommy]

My processing volume went from “needs work” to showing “good”. I’m wondering how much longer until a loan might be offered.

[Minion]

Hi @Fostersmommy 

Based off the number of threads I have read over when it comes to loans, there is no "magic number" when it comes to these types of loans and eligibility.  It could be within your next few sales, or it could be a week after the loan has been completely paid off. 

Positive news seems to be that you are on the right track since part of your status changed from needs work to good. Looking at the glass half full here, the more that you pay off the less that will be rolled over and taken from any potential new offer.

Best wishes with your business.

[Willenhallsrvc]

Just thought I’d update everyone I’ve just had an offer today morning come through. At 94% paid off. It’s the same amount as last time though 

[Twpchair]

Congratulations! And thank you for sharing it really does help others!

[DieselMaster]

Ive now paid off 77% of a $22,900 dollar loan. In the past its offered me loans when I was only 60% paid off. Theres no set amount and alot of factors go into getting a new loan the best thing to do is just keep proccessing. 

[Twpchair]

Yes, unfortunately, the percentage is trending higher if not paid off. All you can do is keep plugging away! Good luck!

[Luckyme1]

Just wanted to update everyone in case it’s helpful… 87% paid off on 30k loan. Just received an offer for 10k less. Trying to refrain from accepting it. 😬

[Twpchair]

Congratulations! Thank you for the update! And honestly how you run your business or your needs that's all on you really. I'm sorry it's lower but it's been trending lower or the same as the last loan! I just appreciate you posting and keeping everyone informed! It really does help. You can scroll down and read and maybe that might help you make your decision. Good luck regardless of what you choose!