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!

616,286 Views
Message 1 of 2,705
Report
2,704 REPLIES 2,704
Square Champion

Good luck to you! Hopefully, this weekend is your algorithm day!!!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
2,280 Views
Message 2059 of 2,705
Report
Square Champion

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!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
2,282 Views
Message 2060 of 2,705
Report

They just emailed asking for bank verification and a statement . Has that happened to anyone ?

5,643 Views
Message 2061 of 2,705
Report

If you connected your bank account then it makes sense. Or they are analyzing if you need the funds.

5,476 Views
Message 2062 of 2,705
Report

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?

5,711 Views
Message 2063 of 2,705
Report

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 . 

5,315 Views
Message 2064 of 2,705
Report

The makes sense. 

5,299 Views
Message 2065 of 2,705
Report

Been on hold over 30 minutes . Not sure if I'll get through to anyone 

5,292 Views
Message 2066 of 2,705
Report

Usually 60-90 mins before someone answers

5,328 Views
Message 2067 of 2,705
Report

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

4,586 Views
Message 2068 of 2,705
Report

I'm currently on hold . At least I hope it's with the right department.

4,490 Views
Message 2069 of 2,705
Report

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! 

4,486 Views
Message 2070 of 2,705
Report

And did you get approved after submitting?

4,471 Views
Message 2071 of 2,705
Report

Yes once they confirmed they received my items a few minutes after I got an approval email stating the funds will be deposited 

4,461 Views
Message 2072 of 2,705
Report

How much were you both offered?

4,425 Views
Message 2073 of 2,705
Report

I was offered 13100

4,400 Views
Message 2074 of 2,705
Report

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. 

4,254 Views
Message 2075 of 2,705
Report

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 . 

4,307 Views
Message 2076 of 2,705
Report

What additional information did they need from you?

4,493 Views
Message 2077 of 2,705
Report

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!!

4,489 Views
Message 2078 of 2,705
Report

No approval yet so  calling didn't work for me 😂

4,112 Views
Message 2079 of 2,705
Report