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!

[Minion]

Congrats! Honestly though Im sure you can use the loan for products etc, but enjoy the full CC sales for the time being.  Even take a a small percentage of the sales until an offer comes and tuck that aside for rainy day in a Square Savings account.

[TrendzbyM]

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

[Hairplaysalon20]

I have had multiple loans through square , reading other posts seems to be waiting longer to offer. Good luck to everyone i will post if i get one 

[TrendzbyM]

I've also had multiple and usually get an offer in the 80s but was hoping for an early one since some people have posted they've gotten early ones .

[Hairplaysalon20]

I just received an offer at 87% it is almost half of previous loan, but I am still grateful to be thriving enough to receive one. Soo many businesses are in jeopardy , hang in there all they at least are still investing in us 

[Twpchair]

Ohhhhhhh, hun I am so happy for you, and I appreciate you hanging here and always helping and keeping people posting! You rock! I am sorry it's lower, but my last 2 bounced to the same or slightly higher. It's tight on lending right now, and with all of us being so unique, some are doing over the top or below or the same. People need to realize they are a business as well and take into consideration weighing the odds. Congratulations ❤️ 

[Healthyketo]

At 95% all on green and good standing. Has anyone gotten an offer after account has been updated for the day? Just curious. 

[Twpchair]

Yes, last week they were posting about every day! The percentage has been trending higher % paid for most (not all) hopefully, Monday they start back up again! Good luck there are a lot waiting! 

[Twpchair]

Yes! My last offer was March after a 3 day sale and extremely busy. Around 2-3pm eastern time I updated and it was a Saturday about 7pm I received an offer. I'm not sure if it was the weekend or just happened to pop up later compared to a weekday. Honestly, I'm on here daily and follow the trends and help keep people encouraged and hold on. I don't usually follow my update time. I pay attention to if I accept an offer and approved my credit union first and then my loan circle of % paid off. If it goes to zero then I know I'm good and watch my bank. My emails are running a bit slower than the system processing it. Maybe it's just me as I use a different mail than Gmail. 

[Hairplaysalon20]

Yes my update came in today at 450 and 7p I had an offer. The update was still not eligible then it changed 

[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! 

[Mikelike26]

I have done everything that I was supposed to do on my current loan and I still haven't got a new loan offer I'm at 83% and my loan is paid way down and usually I have gotten I a new loan offer by now

[Minion]

Hi @Mikelike26 

You are on your way to paying git off.  You can check out this thread here for the latest and "trending" so to speak % that to her users are seeing offers at.  Keep processing sales and you'll have that paid off before you know it!

[Stacelyn24]

Square’s loan offers are based on a variety of factors, and while past trends have shown offers at certain thresholds, the exact parameters can change over time and are not always disclosed in detail. Here are a few points to consider:

• Dynamic Criteria: Square uses a complex set of algorithms that take into account not just the repayment percentage but also your recent sales history, account health, and overall business performance.
• Market Conditions: External market conditions and internal policy changes can also impact when and how loan offers are extended.

[kyablonowski]

Hello, I am in the same boat as you. I’ve paid my loan which was $33,000. I’ve paid 77% plus. My sales have been great. I am a small operation and I use these funds every time to grow and sustain during this slower summer months. I’ve been with Square over 10 years. My last loan they offered me a new loan and only 52% or something like that. I thought for sure once I got to 75% on this new one I get a new offer and for some reason, I haven’t seen it yet and it’s very frustrating and disappointing. I hope they come through soon.