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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Respuestas

To answer your question… A few loans ago I had to submit a few pieces of information. It did go into my account right away between 3-4 hours. However that was like 2019-2022 I’m not sure when. I do know that I got my loan offer last Monday and I’m used to it going into my account within 30 minutes and it didn’t go into my account till the next day (last Tuesday) after it updated for that day which was around 5pm ish. It will come!!  Most likely tomorrow afternoon. 

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But you got approval email and one that said money is on the way? Cause I haven't yet... and my dashboard shows old loan and new loan is pending application. 

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i didnt and that was so weird to me so I thought something was wrong! But I wasn’t feeling good so I ended up going to sleep like a hour after I did the loan application & all that. I got the email the next day and I checked my square account and the money was in there. It was a really strange thing, another buddy of mine who recently switched to square last year after my finally talking him into got his first & second loan already the first one went it fast then the second took the entire 3 days and he didn’t even get the approval email the second loan the money just came in on the 3rd day! 

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Thank you for this information! I might sleep better knowing it's happened to others now . 

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I don't use the square checking  account, I use my business checking . Which is the statement they requested to verify. Next time I'll use the square checking so I don't have to wait.

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The first few loans before you could get it into your square account it would go into my business account. Now days I try to faithfully just use square because it really makes things easier with tax time since we are bringing in more money now, it’s just my husband and I, and we have a few technicians. So I deposit checks into my square too. I transfer over money to my business account when I pay myself or if I need to use some of the money. If I get a check over 10K I’ll cash it at my store by my house because they charge 1% or I’ll deposit it into my Chase account, I’ve just gotten fed up with big banks. Square has done amazing for us and all these years square has went down one time and that’s it!!! Never had a issue with a charge coming from a unauthorized person ETC, the loans can be a little frustrating when I need it to come but it always comes when I need it the most, I’m noticing it comes every 3 months and 4 months at MAX!!! I know the stress you’re dealing with!  I do it every time lol! We should create a FB group so we can all talk! I don’t see any for square! 

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You are very helpful with information! Thank you and maybe I'll start using the square checking if it's that easy!

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It definitely is!! My husband has the main card, now I have one and our technicians have one and we just transfer their pay to them on payday, they can’t see our balance or transactions or any of that personal stuff it’s like a checking for them! Soooo cool. The first couple checks I cashed didn’t clear till the next day they say it takes 1-6 days but next day was the first few ones. Now I can deposit anything under $3500 and it clears right away within 5 minutes. $3500-10,000 clears by the next morning so it’s really awesome!

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I just ordered a card and got it all set up. I wish I had done this before accepting the offer today because I wouldn't be waiting for an approval after submitting my  business checking statement. I didn't know how it worked 

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Great!!! You should be able to see your virtual card and if you have a iPhone you can set it up on Apple Pay. Not sure how androids pay works but I’m sure you can add it there too so you can use your square money right away too without transferring it! 

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Yes I added it to my wallet! This might be my new way of banking now so thank you again!

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You are welcome!!! Sleep tight! Keep us updated tomorrow! Try to not stress!! It all works out, it always works out!!

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I'll try , but I'm Not going to lie, even with the reassurance of everyone Im still worried! It's still showing my current loan balance and the new one says we will review in 1 to 3 days. Normally it would pay off the old one even if it's not in my account yet and pending .. 

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Hopefully you have good news tomorrow morning. I'm nervous for you to. lol I wish square would just give us all an offer so we can strive and make more money. I'll say a prayer for you. Im almost about to hit 98%,  sales were good today. Hopefully I have good news tomorrow to. 🤗

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Thank you! I need this loan more than I ever have and in all my loans with square it's always been instant approval. I hope you get one tomorrow!

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You should receive something tomorrow morning I’m sure !

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I hope so! I'm so stressed!

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Don’t be!! It’s coming! Get some rest tonight! 

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Me too and I’m sitting at 76% not patiently waiting hopefully I get an offer soon 😅

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I hope you get one tomorrow !

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Thank you 🙌🏼🙏🏽

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