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!

[mydpins]

Still been fully paid off for 10+ days, had an awesome weekend and expected to have another this weekend. No offer and trying to figure out what to do next…

[Minion]

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@mydpins wrote:

Still been fully paid off for 10+ days, had an awesome weekend and expected to have another this weekend. No offer and trying to figure out what to do next…

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Hows your business credit?  How is your personal credit?  Any relationships with any large banks or local credit unions? (trying to drum up some alternate ideas for you)

The crappiest thing to say, but I'm going to say it.  Keep rocking out sales!  Even if there is no offer, take 10, 15, 20% of what you made over the weekend,, and fro sales that you make this weekend, and see some of the funds that you would have lost to fees with a Square loan. 

I'm not by any means saying you don't need it , or couldn't use it to purchase more inventory.  I am simply saying that I hope the best for you and you get an offer that you are looking for, but in the mean time just toss some funds away for a rainy day. 

[Twpchair]

This right here! Great support and encouragement! Also, I have a great relationship with my little hometown small credit union! When I walk in, the first thing they say is Hello Tammi! Not, I can see your bank card, account number, and DL. They know me and address me by name, and I love it! I have a revolving line of credit, and once I set up my business account with them 12 years ago and they had all that information on file, I asked me what I was looking for as an amount. About 5 minutes later said yes, we can do that! An hour later, I was done and out of there! Half of that time was them helping me add that revolving line of credit to my mobile app for a 1 click transfer into my checking/debit section. I find myself at least credit unions are a little easier than working with big branch state wide banks. Just imo there. I always wish everyone the best as I'm a huge shop small and shop locally! Big Box makes enough money imo but us mom and pops we depend on our community support and I will pay a little extra because I know how much it means, how hard they work and usually the customer service and product is so much better! You rock it!

[VanKalkerFarms]

even being paid off on a previous loan does not guarantee a new offer will be presented.  

[Mguerrero08]

Ok guys! I got a loan offer feb 13 2024 this year. Of $30,000 im at 66% paid off today and I finally just got another offer of $48,800!!! I hope this helps!  

[VanKalkerFarms]

good to let others know that it is happening, that is a low payback offer compared to a lot of what others are reporting.

[Mguerrero08]

When I got my loan back in Feb I was at 63% paid. Mine are usually between 49-71% I’m now on my 13th loan. The first loan I did however have to pay back to 100% but that same day I did I got an offer. 

[Minion]

congrats @Mguerrero08 . Definitely probably one of the lowest % paid by I've seen as well. 

[Mguerrero08]

pretty exciting! It’s our busiest time of year so I need to stock up! What percent are you at and what’s your year to date in sales? So you do big ticket sales or a bunch of smaller? Ours are typically $139-$2500 and then once or twice a month we will get huge 5-20K jobs. I own a garage door business. 

[Twpchair]

Same here in a long time! 1 other posted. I just scrolled down at 69%, but it's been trending higher if not paid off. Maybe we might see a new trend! It's hard that we are all unique, and how that algorithm works for you might not be the same for me. You need to crack this algorithm, and then we can all be happy and jolly! 😆 🤣 😂 I tend not to take them in our busy season because I really do like that extra 300-500.00 a day I keep! When I start to get nervous in Michigan is hard cold, heavy snow winters. I do have a great line of credit with my credit union and can weigh them out but that's when I love to see an offer come in. I always wish everyone the best of luck and if you waiting I hope tomorrow is your day!

[Mguerrero08]

i usually don’t but i am really trying to expand our company! Yall I’ve been a mess lately reading everyone’s comments and seeing higher % paid back! But yall look out they are coming in! Yall will get one! 

[TrendzbyM]

Happy to report after calling and emailing again today , I got an email at 530 saying my money is on the Way! Thanks everyone for the positive vibes! It did work out !

[Healthyketo]

Yay! Congrats! Still no offer for me today yet. 😞 hopefully soon 🙏 

[TrendzbyM]

I hope you get one soon!

[Ann14]

Same no offer yet sitting at 77  

[Twpchair]

You see the trend and besides a few most are 90% to quite a few are completely paid off. Good luck and I hope you are a lucky one that sneaks in sooner!

[Ann14]

Yay so happy for you 🙌🏼🙌🏼🥹

[Twpchair]

Yesssss! Congratulations and no more stressful days. Keep swiping 💳 away!

[thehealingplant]

Well, sadly even after an extremely strong weekend we are still sitting without an offer. Genuinely praying that we get reassessed and offered so we can start pouring some funds into marketing. It's getting real rough to compete with multi location businesses who have endless cash to pour in.

[Healthyketo]

I know exactly how you feel. We had a Good Friday and an even better Saturday paid our loan off on Friday and thought for sure an offer would come in by now but nope. Need one bad to, I have an opportunity to lease a small coffee shop and sell twice as much as I do now but desperately need an offer. These square loans are so convenient to pay back with daily sales I love it. Hopefully soon. I’ll be praying for you to! 

[thehealingplant]

Wishing you the absolute best! Hopefully it comes!