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!

[Kbso11]

So I’ve had loans before and currently am about 80% repayment. I’ve always met my min requirements way early. All my factors are all in good standing. Is there something more I can do to make me qualify sooner? I feel like all my appliances ant work are going out at once! 

[Minion]

Hi @Kbso11 

I'm sure you are probably already aware of this thread with other sellers like yourself in similar situations.  There is a really decent amount of "data" in that thread from all different types of sellers and business. Honestly other than paying off your loan early in full from our bank "may"** qualify you sooner, that is a very large gamble to take and not to mention the 7-10 days it could take for the final payment to fully process, and then potentially be considered.  

The bets thing to do is to just keep pushing forward with business as usual, and seeing as you are so close to paying it off, hopefully something will pop up in the next couple of days/weeks for you. 

[Stefanieblue]

I wish I had answers, but I’m in the same boat.  I’ve been with square for about 12 years and the loans has helped my salon business in every way. I’m at 86% paid and no new offers in sight…I check twice a day but lately it seems like I have to be paid in full before any offers come… so I guess that’s their algorithm for most. Hopefully they are reading our comments and complaints   I hope they know for those that’s been with square for over 10 years has invested a lot into them to keep them up and running…

[ddlbb]

Did you ever get an offer?

[Stefanieblue]

Not yet... still waiting ....

[ClareJ]

I’m also a Salon owner at 81% currently and have received offers twice a yr for the last five years. Did they offer you anything yet?

[coolcoffeecrumb]

Any offer? I'm at 78% and could really use a new offer! 

[CTC18]

I’m at 61% and that’s when my last offer came in. I’ve paid my current loan back 4x as fast as the minimum. I’ll post here when I get one but nothing as of today.

[MKF3147]

Did you ever get your loan? 

[moxiemavenandco]

In viewing the feeds in the seller community there seems to be a growing concern regarding squares inability to provide answers regarding square capital. They post the same generic answer for any discussion pertaining to loan offers. I had looked into clover prior and opted to stay with square, however if other companies can offer better incentives for businesses, then square needs to play ball or be prepared to lose customers in droves.

[Dawggos]

Offers are not going to happen with Square laying off 1000+ people. 

[stevestireworld]

I do half a million yearly with Square in processing and i'm at 82% and no offer. It's not looking good for Square! Not supporting even your biggest clients is unbelievable.

[PartyManiaMD]

They just laid off over 1,000 people. Available Capital has probably been restricted to stemming losses accrued from their other product lines.

I'm sure Square would love to be back to business as usual and offering reasonable loan terms to their clients but the truth is that tech companies are hemorrhaging money.

[Jjpainting]

Shouldn’t laying off 1000 employees allow them to loan out more capital since their payroll just drastically went down 🤷‍♂️😂

[BUZZONBLACKBERR]

Same boat - 89% as of today and had over 7 loans  in the past offered at 70-75%. Hoping at 90% I will get offer. I spent over 45 minutes on the phone waiting for  real person in loans department for the same , we don't know response. I'm hoping soon.

[stanleycourtney]

Did you get a loan offer? 

[moxiemavenandco]

I haven’t received anything yet 

[ChubbyChicks]

All of these comments are scaring me. Have any of you received their loan?

[Stefanieblue]

I received one in yesterday and was approved immediately… I was 100% completed… I didn’t connect any checking accounts and so yes they are still giving them out..

[Mishababy34]

YAYYYYY!! THIS CALMED ME DOWN

[Twpchair]

Yes, square is still doing loans. It has seemed to be a higher percentage paid back compared to the past of 70-75% range. Most are around 80% to completely paid off. Hopefully,  you have received yours by now. Good luck!