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!

[moxiemavenandco]

In viewing the feeds in the seller community there seems to be a growing concern regarding squares inability to provide answers regarding square capital. They post the same generic answer for any discussion pertaining to loan offers. I had looked into clover prior and opted to stay with square, however if other companies can offer better incentives for businesses, then square needs to play ball or be prepared to lose customers in droves.

[Dawggos]

Offers are not going to happen with Square laying off 1000+ people. 

[coolcoffeecrumb]

Congratulations!!! I'm at 84% and still waiting 😢

[Pecard81]

Iam at 83% paid off in 4 months, last loan which was my 5 or 6th came in till I was about 91-94% much lower then my previous one, I hope to be getting a offer in the next few days. I have read some have received in the low to mid 80% so I am eagerly waiting 🙏👌

[VanKalkerFarms]

Well this past Thursday  was quarter 1 2024 earning results day for Block/Square.  Square loans up huge again this year.

Square Loans facilitated 129,000 loans totaling $1.32 billion in originations, up 17% year over year.  That's huge with an average of 1,450 loans per Day!  and an average of $10,200 per loan.  129,000 in 91 days (131,040 minutes) so almost exactly 1 loan per minute all day every day non stop.

So while it may seem like you aren't getting a loan for whatever reason, there are literally over 10,000 loans happening a week.  Personally I think Square even starting to offer loans before the first one is paid off was a complicated decision.  Because once you get the taste at 73% or whatever now you think that is standard.

Best of luck to everyone in your businesses and may your cash registers sing.

[Twpchair]

The more information you provide it is easier to help you or provide better information! We are all in this together ❤️ 💜 

[magnificent4lem]

4 year square user and on loan number 6. My salon has never had to wait this long for a new offer and we are currently at 86% paid off a 25k loan. We were anticipating for the last 2 months a new loan offer came in because of the busy season approaching with weddings and proms and etc…. But unfortunately we have been getting the same automated messages from the loans teams and also these supposedly escalations mangers the same automated reply’s via emai. It has been very discouraging and disappointing as a customer of square. Not being able to speak to anyone directly about what could be holding my company up from getting a new offer after seeing All of our analytics checked in ✅ green and always on top of our loan payments and always hitting the minimum payment way ahead of time. After reading everyone’s messages in this section It makes us more discouraged that we won’t see any new loan offers anytime soon. It is also disappointing that we chose to process with square and there are a lot of other companies that I did reviews on now, that people are sayin is better then square just off customer service in general. The automated loans department is understandable because of how many loans have to be processed through out the day, but what about us people that have been loyal and had loans and always paid the loans back with now problems. I’m sure people that process through square was always expecting square to treat them with great service as square makes their money off Us people using them for processing. I’m sure after reading the same automated messages from the loans department and these loans Escalation managers I’m going to shop around over the weekend for a new process company. My company is small salon franchise with 7 locations and we have a ver big social media Influence with over 300k followers and growing so I’m sure when we post our dissatisfaction with square we will have a ton of new processing company’s offering us their business with better service for small business owners. We just feel that we have been loyal to square and they aren’t showing Us all the same treatment. Maybe they aren’t sending new offers because it’s something else going on with the Square company. Major layoffs and etc… but still that should not effect Us people who process with square daily and they make their money off us and like my company payoff every loan we had ahead of the time expected. We also hope some one will read This and figure out a better way to satisfy their customers that choose to process with square. 86% paid off a loan and still waiting and only response is an automated response from the people on the phone and a email I’m sure everyone in this group has received. I hope for the best for everyone in this chat and good luck we will be shopping around for a new processor with better customer service 

[TrendzbyM]

I'm still waiting at 71% all green too . 

[Hairplaysalon20]

Thank you , I process over 230,000 but yearly sales were down a little but always green on dashboard.  I’m just thankful  I am a hair salon in a mall which we all know has declined. Good luck to all and keep the faith they are watching our businesses 

[Mmccrain]

I’m noticing the second loan is often offered at a lower percentage but it seems like everyone on here is waiting on their 6th+ loan. I’m waiting for a second loan. Paid 53% of my first loan in exactly 30 days. 600% business growth. I’ll keep everyone posted.

realistically tho I think the businesses that have been around for years and are expecting more loans are not getting offers because the loans aren’t offered when the business is stable it seems. Not sure.

[TrendzbyM]

I just looked back at all my previous loans and have gotten offers right about where I'm at now so I'm hoping the same trend happens for a new offer! I've had 16 loans with square. 

[Healthyketo]

97% im desperately praying for an offer soon! I have some events coming up that this summer and an offer could really boast our sales! I’m hopeful! Good luck to all those waiting! Patience is key! 

[Ulmen406]

82% and crazy sales over the last week. Hoping square pulls through soon 🙂

[Healthyketo]

I was hoping for one as well. 97% now and still nothing! Hoping today will be the lucky day! 🙏

[Mmccrain]

I’m starting to think that offers may come in when the new loan would incorporate 10% or less of an old loan remaining? That seems to be the numbers I’m seeing. Also people who’ve had numerous loans seem to have steady business which is where the loans were supposed to get them so their offers slowed down. 

[TrendzbyM]

Still no approval this morning! Busy day at work so going to try and stay positive and hope it approves today ! 

[TrendzbyM]

Still nothing yet.. I'm getting so nervous ! 

[Healthyketo]

😫98% and still no offer.  It’s so frustrating!  

[Ann14]

At 79 now and nothing hopefully this week coming up 🙏🏽

[Healthyketo]

Still at 99% I only owe $113 on this loan and still nothing in sight. I’m giving up. Been a very loyal customer with square for years. A new offer would benefit my business so much right now. But feeling stuck without the boost. Hopefully today 🙏🙏🙏