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!
Good luck to you! Hopefully, this weekend is your algorithm day!!!
For about a year now higher % to paid off. Not everyone of course but following the trends. Also, the holidays tend to be slightly slower in here. Hopefully, one will pop up!
They just emailed asking for bank verification and a statement . Has that happened to anyone ?
If you connected your bank account then it makes sense. Or they are analyzing if you need the funds.
I'm not sure if I connected this one at the time or a different one. Not sure how to even find where the connected accounts to the loan are?
I just read the fine print and it says it needs to verify ownership of the bank account with my name and my account number . So it's probably just to verify it's legit .
The makes sense.
Been on hold over 30 minutes . Not sure if I'll get through to anyone
Usually 60-90 mins before someone answers
My last offer was like this once i submitted I called the capital department to make sure they received my items and within the next few minutes i received an approval email. This was back in Aug of 2023
I'm currently on hold . At least I hope it's with the right department.
For me they wanted bank verification & business documentation. I had never been asked for anything before so that was new for me. Good luck! I hope you get an approval!
And did you get approved after submitting?
Yes once they confirmed they received my items a few minutes after I got an approval email stating the funds will be deposited
How much were you both offered?
I was offered 13100
The last offer was 14,300 in Aug 2023 a lot lower than what was previously offered to me before. Had a restaurant/ bakery but since closed the doors and went to online orders only which has recently started doing very well and now I’m at 97% paid off on this one and praying an offer comes through soon.
I finally got through on the phone and she said they did receive it . Takes 1 to 3 business days . And I had emailed the other day and finally got a response so I asked them as well. He said the same thing .
What additional information did they need from you?
They didn’t need any when u got my first loan. I’ve never gotten another loan. Yet. Sitting at 58.5% paid off on first loan that was only $1908 (including the fee) so I am praying I’m offered one soon! Just had amazing growth and could use it!!
No approval yet so calling didn't work for me 😂
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