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!

[vainstudioyqr]

I’ve been following this post for a while now, I’m at 90% on a $10k loan. My husband who also uses Square and processes far less than me just received an offer (lower than his last) at 82%. Still nothing for me. Very frustrating as I use their platform to process much more than his and have all green metrics, and have paid off my loan faster than him. But just to give some people in the 80%’s some hope. Hopefully we get some more transparency soon.

[Twpchair]

Congratulations to your husband! I know it's frustrating and hard to figure out! That's the million dollar question for sure! Thank you,  for posting it really does help others that are waiting and wondering also. 

[DieselMaster]

Just wanted to update everyone I recieved an offer today at %77 paid off The new offer is slightly Higher than my last  Good luck everyone and may all your businesses prosper

[Twpchair]

Congratulations! That's about 6 people posting now this week! Looks like things are rolling along (fingers crossed) don't want to jinx anything! 

[BIGK]

The message that usually comes with the “Link your bank account” pop up, says that linking your bank account will not affect your loan. I don’t know how true that is but I linked mine on my last loan and it was still double the amount of the previous one. That’s just my experience though.

[Twpchair]

Thank you! That's good to know! I haven't seen too many post that! But not everyone does post hear. So good feedback is awesome! Thanks for the update!

[Jjpainting]

I linked mine last year. The loan offer I received last November 28th came when my previous loan was 66% paid off and the offer was almost double.  Can’t say if linking my bank account had anything to do with it. I think it was double more so because that was the point where I just passed my one year anniversary with square and my sales were drastically increasing on a monthly basis and they then had a full outlook of my sales for an entire year to see which months are my slower times of year and so forth. That was my fourth loan offer which was $14,700, with the prior one being around $8200. I’m 75% paid off on my fourth loan and hoping to get an offer of $20k soon being that my yearly processing sales are up to just over $150k

[Twpchair]

When you're sales are constantly going up and up and your processing volume keeps going up that helps! I know a good mixture of new and returning customers are good too! That means you have a great group of regulars and you are getting more and more new ones is another sign of growth and a healthy business. Great job!

[Mmccrain]

I’m down to $900 owed on my first loan (52% paid off) and waiting. I’ve spoken with a square representative after waiting 75 minutes on hold. They said my account is reviewed every night for loan eligibility. My first loan was offered at 10pm the same night all my markers turned green. Everything is still green, sales are up 600% so I’m just waiting to see if I get another offer before it’s paid off. 

[MKF3147]

thank you. I reached out to them and am hoping they will release a loan. thank you for your time. Have a great weekend. 

[Mmccrain]

So it appears that a new loan offer can only incorporate 10% of it to cover a previous loan. So a $50,000 loan would allow you to roll only $5,000 into it from a previous loan. 
so these large loans for $50K and up would mean a higher percentage needs to be paid off in order to meet that threshold. If you owe $7000 still on a loan a new offer would have to be over $70,000 to be able to incorporate the $7,000 which is 10% of the new loan. Meaning 90% of the new loan goes to grow your business. A smaller amount owed like $800 means the next loan needs to be over $8,000. This seems to be the metric after studying all the numbers everyone’s posting.

[Minion]

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@Mmccrain wrote:

So it appears that a new loan offer can only incorporate 10% of it to cover a previous loan. So a $50,000 loan would allow you to roll only $5,000 into it from a previous loan. 
so these large loans for $50K and up would mean a higher percentage needs to be paid off in order to meet that threshold. If you owe $7000 still on a loan a new offer would have to be over $70,000 to be able to incorporate the $7,000 which is 10% of the new loan. Meaning 90% of the new loan goes to grow your business. A smaller amount owed like $800 means the next loan needs to be over $8,000. This seems to be the metric after studying all the numbers everyone’s posting.

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I think you could be pretty close to that.  It seems logical, but there are other variations and instances where it seems to be also toward the 85 %.  But this seems to be a a solid piece of information you have come up with from your digging @Mmccrain . Kudos for that. 

In the end though, getting as close to paying off that loan, before accepting another loan is only going to be more beneficial.  

These loans ideally work great for a business also who accept just as much cash and checks as they do CC, extending the loan life to the full 18 month, aligning the fees to a "typical" loan APR of 12% +/-

[Toripori]

I’m UK based, there doesn’t seem to be many of us posting on here about loans! I’ve been 100% paid off my 1st loan since mid April and still no second offer! I can’t check on how I’m doing as I just get a blank page saying I’m not eligible, I haven’t been able to check my stats since December which is disappointing to say the least. My turnover is up on last year from when I was originally offered the loan, a square customer since 2019 so a good history, I can’t understand why another offer hasn’t appeared? Are there any UK based businesses here willing to share their experiences? 

[Twpchair]

I think I would reach out to someone first regarding not being able to see anything 😕 my last offer I saw on loan page and boom it was there. I never received an email until I accepted it! I would hate to have you missed out because of not seeing it! Mine usually is on my profile when I log in but you technically support to get that running correctly first and then ask them (I know wrong department) hopefully they will say I'm not sure we don't know that information but let me transfer you to the loan department ok. I look there before anywhere else and you need that working. Who knows if you can't see anything and no updates at all I'm not sure how the algorithm system would pick that up? It's almost like you stopped processing cards without updating. Good luck with it! Definitely get that up and running and go from there. I would say imo that's why you're sitting there in idle mode. Good luck and please keep us posted!

[ayazbey01]

When will the 84 percent paid loan receive a new offer?

[RobynR]

Hey @ayazbey01,

Thanks for reaching out to the Community.

Offers are not guaranteed, and we are unable to predict when your business may receive another offer.

You can check your business’s eligibility by going to the Loans tab of your Square Dashboard and keeping an eye on your email inbox.

Learn more here.

[beautyspabrow]

I'm at 84% 8th loan all paid early before the minimum dates - no offer in sight I'm starting to think they've stopped offers because it's insane how many people don't have one yet I'm so in need of an offer $1000 in sales today again 84% and nothing. PLEASE SQUARE 

[Twpchair]

Unfortunately, I haven't seen any last week or this week yet unless I missed it. A couple of weeks ago it was pretty active about every day someone was posting on an offer. Mostly higher percentage paid back a couple completely paid off for a couple of weeks and received one. Good luck to you!  

[Healthyketo]

I’m on a different thread and they are very well giving offers out. A few got 1 this week.  I’m sitting at 99% all green in good standing and nothing! Still waiting patiently. I’m hoping one will come soon! 🙏

[Twpchair]

Yes, they definitely are. Unfortunately, out of millions of users, not everyone posts on here. I wish more people would it helps others kinda see a trend for a percentage paid. We are all different and unfortunately, nobody has cracked that algorithm yet! 

[Gfowler]

84% paid, all green. Third loan. Still no offer 😞