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!

[ohboi]

70k? Sheesh, how much are you processing monthly to recieve an offer like that. I’m processing 323k-375k yearly and all I get is 8-11k loan.

[Willenhallsrvc]

As long as they’re still giving the loans out nothing we can do apart from wait. I’m at 80% now on a 130k loan paid in 2months it’s my first loan with them so let’s see hopefully I’ll get the next one soon  

[Luckyme1]

Do you mind me asking what your monthly net sales are to receive an offer of $130k? 

[Willenhallsrvc]

My monthly sale is around 700k at this moment. 

[ohboi]

My 6th loan with square usually get an offer between 60-85%. I’m currently at 96% literally $350 left on a $10,190 loan. Accepted the loan in late February 2024 for context to how fast it was paid. We are rocking. Definitely they have the ability to change the algorithm and it’s not as system generated as they say because if all of us used to get new loan offers like clock work in the past and now we all don’t get offers or have to wait until almost 100% paid off they changed the algorithm! Learn to operate your businesses without dependence on them is my advice.

[VanKalkerFarms]

That is great advice to not depend on the Square loans as they are unpredictable and also can hurt your business financially taking much-needed income to pay back an expensive loan.

[Minion]

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@ohboi wrote:

My 6th loan with square usually get an offer between 60-85%. I’m currently at 96% literally $350 left on a $10,190 loan. Accepted the loan in late February 2024 for context to how fast it was paid. We are rocking. Definitely they have the ability to change the algorithm and it’s not as system generated as they say because if all of us used to get new loan offers like clock work in the past and now we all don’t get offers or have to wait until almost 100% paid off they changed the algorithm! Learn to operate your businesses without dependence on them is my advice.

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Echoing what @VanKalkerFarms  said.  Kudos for being so close to paying it off and solid advice for other sellers.   

[BIGK]

Thank you! I hope we all get some good news soon! 🤞🏽

[CryoNL]

@TrendzbyM We've been 2+ years now without another loan offer. We switched our processor for our new office and got a loan offer with them within the first two weeks! We're looking forward to switching this office off of Square as well to a company that actually values the $10's of thousands in processing fees they make off us annually. 

We've also convinced a few friends to switch from Square and they got new offers too. Square is a dying company until they become transparent on their loan system and actually help the customers that keep their lights on. Best of luck guys. You'll eventually switch too. 

[BIGK]

I completely understand where you are coming from. I have a few colleagues that have already switched, maybe when our 2nd or 3rd location open I will see what else other processors have to offer. 

[arkansasantique]

Im in good standing all the way through and at 80% and still no offer

[Mguerrero08]

If you don’t mind me asking what are you sales starting from Jan 1st this year?

[Twpchair]

They've been rolling out this week! A few lower % paid back but most are in the higher percentage paid back to completely paid off. Good luck and hopefully one will come soon!

[Mmccrain]

Has anyone seen a second loan offer at 50% paid off? My first loan was only $1800 and in 30 days I’ve paid 50%. Wondering if it’s possible for a second loan offer to come thru at this point.

[Twpchair]

Honestly, anything is possible, but if you scroll down through the thread, it's trending upper 80% to paid off completely! A few posted low 80% one person in months posted 70s, but that's not the majority. I'm just watching the trend on the whole. We're unique and different, so anything is possible, but I wouldn't want to bet money on type thing. Good luck! Please keep us posted it helps others know what % when/if you get an offer. 

[Koleen1234]

Did you ever receive a loan offer 

[TrendzbyM]

I just hit 75% paid off . Hoping to get one before I hit 80% . I've never been offered one higher than 12k. Be nice to have one for higher this time , sales are good !

[Twpchair]

Good luck! It has been trending higher % keep processing and daily, a good mix of new and regular customers! I wish you the best!

[TrendzbyM]

Thank you !

[Healthyketo]

96% here and patiently waiting… I was around the 90’s percent when I received the last one so I’m about due for another soon hopefully 🙏🙏 my business can really use the boost right now. Best of luck to the rest

of you! 

[Twpchair]

Good luck to you! Besides 2 people posting 70% or slightly lower it's been a higher % paid off. Wishing you the best and please keep us posted it helps others know what % is trending.