New Square Loan in 2024

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!

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I’m on my 4th loan. My second came when my first was 100% paid (made sense to me). My third loan came at 80% paid off of my second and this past one came at 66% of my third. I’m at 79% and patiently waiting.  

you mentioned things squares algorithm looks at, one being returns.   I’m a residential painter and have had two returns (cancelled jobs so I refunded deposit).  Have never had one prior to these two. I’ve never read anything about a return affecting a loan offer. Do you have any other info about returns and how they play a role in offers?

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What else needs to be done to get a new renewal offer? I'm in green across the board. Sales are up by double than last year. I have been with Square for going on 11 years. No charge backs, no disputes. I am at 76%. Last offer came in at 67%. I have additions I need to add to my growing business that will increase cash flow preferably before Thanksgiving (that isn't happening) and now hopefully before Christmas. Aside from the holidays, I need this to be done before it gets too cold here in my area. If I send a message, it's the same script from whoever responds. Then I get a feedback request as to how my issue was handled by the rep. The responses are EXACTLY the same from all of them. No personality coming thru in the least. I'm sorry, but the whole "we don't have a manual way of approving the loans" is not believable. Every computer system has a way around. Our businesses are more than just a number in a computer. And what about the Plaid connect to a business bank account? My bank doesn't allow Plaid due to security protocol. This Plaid connect is to help Square see more into a business deposit history aside from credit card sales. Like cash and checks. So, while they can connect with some merchant's banks they cannot connect to others. This isn't exactly fair. There should be a way for everyone to have the same opportunity as those who can connect using Plaid. 

I've been a good Square customer. I use Square Payroll and try to use the savings. Which currently I have with drawled to help finance my project that I can't get completed without some help. I love Square. But when it comes to the loan suspense, it's awful. We're coming into the new year, and it would be nice to start it with a wonderful cash flow addition. 

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Thank you , I process over 230,000 but yearly sales were down a little but always green on dashboard.  I’m just thankful  I am a hair salon in a mall which we all know has declined. Good luck to all and keep the faith they are watching our businesses 

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Came here to check and see if others were having a similar experience.  Currently at 78% and everything green in the dashboard.   Was hoping to have an offer by now, as my business could really use it as we enter a slower season.   Hoping it comes soon. 

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Square Champion

Unfortunately, besides a few, the percentage is running higher to pay off. A few are sneaking in the 70s 1. I saw 66%, mostly upper 80s, to paid off. Good luck!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Hit 77% and crossing my fingers for an offer now after a busy week! 

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I’m noticing the second loan is often offered at a lower percentage but it seems like everyone on here is waiting on their 6th+ loan. I’m waiting for a second loan. Paid 53% of my first loan in exactly 30 days. 600% business growth. I’ll keep everyone posted.

realistically tho I think the businesses that have been around for years and are expecting more loans are not getting offers because the loans aren’t offered when the business is stable it seems. Not sure.

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On my 17th loan now in 5 years and never had a problem paying any of them. Always early and receive another offer around 70%. At 82% right now on a 73k loan and nothing as of yet.

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I’m on my 4th loan, all markers green 82% paid and no offer. I received offers 60-70% paid on my previous loans. When this loan is paid I’ll probably be switching to Shopify. Their customers seem to be getting better offers sooner. Square has gotten a lot of money from my business but it seems like they aren’t trying to keep my business by continuing to offer working capital consistently.

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Square Champion

Good luck! Try finding a good site for reviews. I would never tell anyone how to run their business or what's best for them but I reviews I read were very similar as here. Good luck to you and I hope you get an offer soon! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question, hit the kudos button. Thank you!
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Square Champion

Hopefully something soon! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question, hit the kudos button. Thank you!
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I just looked back at all my previous loans and have gotten offers right about where I'm at now so I'm hoping the same trend happens for a new offer! I've had 16 loans with square. 

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97% im desperately praying for an offer soon! I have some events coming up that this summer and an offer could really boast our sales! I’m hopeful! Good luck to all those waiting! Patience is key! 

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82% and crazy sales over the last week. Hoping square pulls through soon 🙂

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I was really hoping for an offer over the weekend, but I guess the trend is still going in the 80s. I'm sitting at 78%paid and all green 

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Square Champion


@TrendzbyM wrote:

I was really hoping for an offer over the weekend, but I guess the trend is still going in the 80s. I'm sitting at 78%paid and all green 


You're almost there though!  Just remember , the less paid off, is the more that they will pull from another offer to satisfy the outstanding one.   Keep knocking it out and hopefully you get an offer for you soon!

Dan
Square Champion
Check out Square support center for additional help.




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Thank you! I've always had an offer with this amount remaining so I just assumed it would be the same this time as well. Also hoping to get an offer little higher since my offers  are always the same amount 

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Square Champion

Your definitely headed in the right direction for sure though, seeming to at least be at that "average" starting point for potential offers to start coming in.  Keep at it, hopeful for the best. 

Dan
Square Champion
Check out Square support center for additional help.




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I’m sitting at 75 and patiently waiting.this is my 4th loan for 52,000 ..hoping for an offer soon since I’m moving to a new location 

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So that’s $13,000 remaining on your current loan. If they allow only 10% of the next loan total to be from a previous loan that would mean your next loan would have to be $130,000 or more. I think this is where people are getting mixed up. So even though you only owe 25% on your current loan they only seem to give a next loan offer when 90% of the new loan is actual loan and 10% is covering a previous loan. Does that make sense? 

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I was hoping for one as well. 97% now and still nothing! Hoping today will be the lucky day! 🙏

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