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!

[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.

[Trainerjs]

We have paid down 78% of our current loan and all of our analytics are great but haven't received an offer for another loan yet. Anyone else having the same issues? 

[_Violet]

Hi @Trainerjs - Thanks for reaching out to us here on the Square Seller Community👋

I went ahead and merged your post to an existing thread where other Sellers have discussed this topic. Here, you will find posts regarding other Seller's experience with Loan offers.

We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future.

I hope this information is helpful but please do let me know if you have any additional questions.

[Twpchair]

You are my hero and go to gal! You rock and I hate to tag you all the time or poor Pete but you always help. You are a pure sweet soul for me to pass on information. 

[Twpchair]

My last offer was between 81/84% paid off in March after 3 busy days in a row late Saturday night. It was slightly higher and my bank account not attached to it. I turned it down then because I got a better line of credit through my credit union.  I stay on this page all year long after 12 years and it's been extremely slow right now with people posting Not everyone post but year after year square is offing loans but now it's trending a higher % paid back. Hopefully, that helps! If more people posted it would be great then you could see the trend! I wish you the best!❤️

[della123]

Yes I'm at 87 percent that loan would help me get more products in my store I'm still waiting they say it is computer-generated well computer generated I'm still waiting

[Twpchair]

It's trending higher percentage paid back if not fully paid back. One just posted 94% before the offer came in. Good luck to you!

[Twpchair]

The trend is actually a higher percentage paid off if not fully paid off. One just posted 94% paid off and received an offer. Good luck and no it is not just you! If you scroll down through you will see. 

[Burnt1]

I am not sure how many will agree or disagree with me on this one... I came here to read all of the comments to see if there was any change in the lending environment with square. We are on our 2nd loan and 90% paid off. I am torn if I am thankful that I have not gotten another offer or wishing I had another one. I am in a spot not wonder that if I didnt take the loan, would I need a loan offer to help out again. Vs just having the 20% they take in savings for a inventory stock up when needed. I wish everyone the best and agree with all the statments that square is still making offers. They are a massive company and have to evaluate risks at a massive level of risk. If you dont have a new offer by the time you pay off, try setting up auto savings on your account for the amount that you have been paying back as a % and then maybe we might not be as fast to need the loans. If I dont get an offer before this one is paid off, I dont think I will accept one or need one. 20+% doesnt seem like that much until your paying it back on a daily basis. Then its alot and keeps you hoping to get another one in my opinion.  AND trust me, we could use some capital to buy new equipment to fulfill orders that we are taking on to help us expand. Just not sure that its the right move for us anymore to go this route. 

[Minion]

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@Burnt1 wrote:

I am not sure how many will agree or disagree with me on this one... I came here to read all of the comments to see if there was any change in the lending environment with square. We are on our 2nd loan and 90% paid off. I am torn if I am thankful that I have not gotten another offer or wishing I had another one. I am in a spot not wonder that if I didnt take the loan, would I need a loan offer to help out again. Vs just having the 20% they take in savings for a inventory stock up when needed. I wish everyone the best and agree with all the statments that square is still making offers. They are a massive company and have to evaluate risks at a massive level of risk. If you dont have a new offer by the time you pay off, try setting up auto savings on your account for the amount that you have been paying back as a % and then maybe we might not be as fast to need the loans. If I dont get an offer before this one is paid off, I dont think I will accept one or need one. 20+% doesnt seem like that much until your paying it back on a daily basis. Then its alot and keeps you hoping to get another one in my opinion.  AND trust me, we could use some capital to buy new equipment to fulfill orders that we are taking on to help us expand. Just not sure that its the right move for us anymore to go this route. 

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Solid input @Burnt1 .  Perfect solution to take that 15-20% and put it in savings, and see what you have after a month. or a few months.

[Twpchair]

💯 agree! I take offers when I need them and I don't accept every loan.  Especially during our busy time in the summer that adds up fast! I only put 10% away and that adds up fast! The end of the month I go get what supplies I need and still have 10% extra going into the bank. I wish everyone great luck who is waiting for an offer!

[Twpchair]

I think many are starting to weigh this 🤔 right now. I get it I really do. We all have a choice and we should think about it. 

[MimiSuzy]

Anyone gotten a new loan offer recently? Do you know what percentage you were at?

[TheRealChipA]

Hi @MimiSuzy.  I got one about a month ago.  And I know a few others who have received them as well.  I was right around 85-90% as I recall. I’ve since gotten a new offer that was slightly higher.  I’m not sure that I’m a good representative of the seller community as a whole, however.  Currently this year my sales are up year-over-year by over 30%.  And for the past month I’ve been setting sales records every week.  So my account is showing unprecedented card sales volume.  

The persistent trend for the last year has been new offers hitting around the 90-95% range with more than a few not getting new offers until after they paid off the existing loans.  It seems that might been loosening up a little now which would be awesome all around. 

Best of luck!

[DieselMaster]

I got a loan offer on Saturday at 77% I accepted it but Im still waiting for it to be approved

[Twpchair]

My last offer was late Saturday nothing moved and no notifications but I watch my credit union daily and it was there. The ACH and that on the weekend doesn't move! Some are Tues morning depending on your bank. 

[Twpchair]

They are really posting this past week! Looks like offers are flowing or people are reporting here. Not everyone does so it makes it hard. It's been trending higher % rate paid off or completely paid off. My last one was 91% there are a few in the 80s this week and 1 that missed it I believe upper 60s or low 70s and that's a first in a long time honestly.  Keep watching here and your loan everyday! If you don't jump on it fast it disappears and you go into the algorithm again! Keep plugging along things are moving again! Good luck!

[Twpchair]

The % paid back is trending higher to paid off for most (not all) they are still lending a few jump on this week and last week a lot more. Good luck. My last one was 81/84%, and prior to that, 91% paid off 

[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!