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!

[MKF3147]

Have you reached out to Square to ask or are you just waiting? I finished paying off a loan a couple of weeks ago and am patiently waiting. Thank you...

[BodyLabPhilly]

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. 

[Twpchair]

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!

[TrendzbyM]

Hit 77% and crossing my fingers for an offer now after a busy week! 

[Mmccrain]

It wouldn’t be connected to the loan but connected to your square dashboard.

[TrendzbyM]

Doesn't everyone have to connect their bank accounts to receive their money? I remember using the plaid platform and connecting mine last year . Which I had a different bank then. And sometimes I switch depositing to my personal and business. Getting little nervous because it's never taken this long to get an approval, it's usually within minutes . 

[Mmccrain]

I never connected my bank. I just use Square for banking for receiving all my payments. It asks to connect an account using plaid, but I never have

[Ann14]

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

[TrendzbyM]

I hope you get one tomorrow !

[Ann14]

Thank you 🙌🏼🙏🏽

[Fitnessgirl]

Hey all. I have a question after reading through the thread. How do we know when our account is updated and or the AI has reviewed loan eligibility? Is it the same time for everyone or is there a place to confirm these have been done for the day?

[Twpchair]

Go into your loan part with the green checks on your progress and where it shows saying 78% paid off on the right it will be time stamp last updated yesterday at 2:41 pm or whatever or when it was done. And no I've updated at 1pm to 8pm and no we are all not the same time either. 

[Fitnessgirl]

Thank you for the explanation.

[itisnotjustpiza]

We moved our business to a bigger market.  Adding the second location we had to move our loan to be paid off from the new location when we closed the first one.  We have done business with square for 10yrs. That was the first time we ever had to completely pay off an existing loan before getting an offer.  Now we are increasing revenue faster than we can keep up. Just paid off the first loan for the new location. Has anyone noticed not receiving another off of sales spike tremendously?  Seems like a weird thing to complain about but our fear is growing too fast and not having enough equipment for supplies. 

[Twpchair]

Congratulations first 👏! 2nd, it's not just you. If you scroll down through the feed beside 2/3, most are 90% to completely pay off. I've been with Square since 2012, and I think those Ole days of I could count like clockwork between 70-75 %. I would get a new offer. It's not trending that way now, unfortunately. With sales up, have you thought about getting additional terminals or whatever you use through the square and their payment plan? I did, and there are zero issues. Our neighbors (business) retired, and they had a square, and they were an  amazing Lil café and she gave me her square equipment. I've also seen it on Facebook marketplace for sale. That I would want to make sure it worked. Also, I will tag in someone just to make sure you can still get used one's it's been a few years, and they could have changed that. I don't accept every offer from Square, usually winter is when I get nervous in Michigan, but I also have a great little credit union and got a line of credit in about 2 hrs and done. I'm sorry I really wish you the best! Growing is great but also extremely stressful as your workload triples. Hopefully one will come through soon for you! 

[itisnotjustpiza]

Thanks for the feedback.  We are good with terminals.  What we need is refrigeration for the extra food needed and payroll costs.  It has been more than we can keep up with in a heat wave.  So we had to take a little break.  Our customers are in a panic and jonesing for a fix lol.  I did send a message to see if our other locations status of no longer processing is impacting our eligibility.  It has been a few days so hopefully I get a response.  I would prefer an offer instead to keep us going.  Everyone I know around me has been getting offers.  I do enjoy the information we all our sharing on the thread.  I am happy to hear so many people doing well.  The different industries and perspectives are very intriguing.  I wish they would add a push notification as soon as an offer posts.  I hate checking all the time and constantly being disappointed. 

[Healthyketo]

99% paid off now and still no offer. Anyone receive one recently. I’m beyond lost for words cause have never gotten this far without another offer and this is my 6/7th loan. I really love using square they have been the only POS system I’ve ever used and don’t plan  to change to anyone else. Just frustrating not knowing when I can get more capital to grow my business. I’m praying I get an offer soon! 🙏 square please help this small business owner out! 🙏

[Ann14]

I’m sitting at 79

currently 😢 

[beautyspabrow]

I'm sitting at 83% no new offer, this is my 8th loan.. I'm so bummed all markers in the green income daily 

[Fitnessgirl]

I am happy to report i did receive an offer at 82% yesterday. Just waiting to see if it's approved. This would be my 3rd loan and it was less than my last loan by $1500. No complaints though the extra capital is helpful to expand my business. I don't know if it's a coincidence or not but it came two days after i disconnected my bank account that they promote for better offers. 

[Healthyketo]

Congrats! I hope your approval comes soon! I’m still waiting my account was last updated today around 1pm but no offer yet. 😔 I’ll probably be paid off by tomorrow or Thursday so I’m hoping I get one soon.  I’m looking into getting into a coffee shop to sell my products but need the extra capital to make it happen. Would be a great opportunity for my business. Prayers that you get approved today!