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!

[TrendzbyM]

I don't think so. I think you will need to be closer to 80% paid off to get a new offer .

[7Towing]

I’ve been paid off my second loan for about a week going on 2 and metrics shows green and processing about 20k monthly anybody can give me any idea why i haven’t received my 3rd loan yet?

[Katie_SQ]

Hello, @7Towing. 👋 Thank you for reaching out!

I understand it can be frustrating waiting for a loan offer, especially after just recently paying off another loan.

Currently, we can’t predict if or when your business will be eligible for another Square Loan. However, we will continue to monitor your account for eligibility. Offers are based on various factors, including, but not limited to, your current payment processing volume, customer mix, and Square account history. Even if your business meets one or more criteria, it may still be ineligible if it does not fulfill other requirements.

If your business becomes eligible for a loan, we’ll notify you through the Square Dashboard and via email. To learn more about Square Loans eligibility, visit our Support Center.

Please let us know if you have any other questions.

[kyablonowski]

Hello Katie,

Thank you for the answer, but with all due respect, these are the generic kind of answers that we all get frustrated with. Can you clarify what you mean by " may still be ineligible if it does not fulfill other requirements."

I am a longtime Square customer and Ive relied on Square loans throughout my membership to the platform. Ive grown every year and last loan was given to me when the previous loan was less than 60% paid. Now Im at 77% paid on a 33K loan and paid that back in less than 7 months. I would grately appreciate a new loan offer as well : ).  Kind regards!

[RobynR]

Hey @kyablonowski,

"May still be ineligible if it does not fulfill other requirements" could me a variety of different things depending on the business.

Some common other requirements could be the following:

Payment Dispute

Multiple Square accounts

Failed debits

Prior loan applications

Account reviews

Reserves

Payment limits

You can find more information on the Square Loan Eligibility FAQ here. 

Note: Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan.

[Fitnessgirl]

I'm at 80% paid off for my 2nd loan. 1st loan was paid off at 55% before i recieved the 2nd loan offer, which was double the amount of the 1st. All markers are green and every time i contact square they mention the same generic script about algorithm and that loans aren't promised. One thing that stood out to me was them saying that "Most sellers repay at least 3/4th of their loan before receiving a new offer. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance". Which made me think that if I'm not receiving anything now maybe it's because my next loan offer is low which means my current loan "debt" would affect this ratio. I'll keep processing but it is discouraging. I did connect my bank after the 2nd loan, as it was suggested for better offers but i don't know if this affected my chances instead. We are doing a business expansion and the funds would be so helpful. I'll also keep yall updated on if anything changes for data purposes.

[Breebree89]

I know how you feel @Fitnessgirl. Same thing with me. 1st loan was a small loan I was fine with it to show I could make the payments, 2nd load offer I got after only paying 50% off it was a double the amount of the 1st loan, Now here I am on my 2nd loan paid 70% off and no offer. I did call and talk to someone Monday and they said well you’re not far from the 3/4 repayment but that doesn’t mean you will get another offer. This is my slow months June and July thankfully I’ve been busy this month so far and have had good processing volume with payments. But I’m hoping I can get an offer by the end of the month come 1st of July I will definitely slow down till the end of the month. I’m a hairdresser for some reason when kids get out of school here in Alabama parents slack off with getting kids haircuts. You would think as hot as it is here it would be different. So when school lets out end of May to last week or 2 in July is usually my slowest. Come end of July and August I’m wide open. August is usually my busiest month out of the year getting all my bay bay kids looking good for back to school. 😂 Just know your not alone I’m in the same boat with you. I will keep you updated if I get one after hitting 75% but I don’t see it happening. Also I swear it’s taken forever to get to 75% I feel like the more I process the longer it takes to move from 70% to 71% and so on. 🤣 Good luck hopefully soon we will see something. 

[Fitnessgirl]

I feel you on all of that lol 😆 I'm in the fitness business and things slow down in the summer because the summer is the finish line for most people. Everyone wants to be "summer ready" but most don't want to keep up the maintenance in the summer 😫.

luckily we are changing our business structure to charge on a monthly basis to hold people accountable year round with the goals they tell us they want. This will hopefully create more steady and increased income. And them percentages on those loans be inching 😩 but slow motion is better than no motion 🥳 

[kyablonowski]

I am feeling the same thing : (. I had a loan last year for less tah half of the newer loan I receivd in Nov 2023 when they paid off over $7000 to give me a loan over twice the size. I understand I was processing a good amount to receive that but I am obviously doing well eneough to get another loan when Ive repaid my current loan to 77% in only 7 months min pay due is over $2000 every 60 days and Ive never missed a payment or been late. in fact ive been early to reach that goal every time. Currently have over $8000 to repay but would have thought a new offer would come and pay that off like every other time over the last 10 years.  So upsetting to me its our slow season here too in FL and I have come to rely on this as my "business partner" and they dont seem to respond to my needs right now. Square as all they do is offer generic reasons yet it has to have some manual human evaluation since they never offer loans on holidays or weekends. Seems like they control all aspects. Just wish it was consistent. I could really use the loan right now! Was planning to stay with Square but will see how things work out.

[Fitnessgirl]

Getting pretty good offers elsewhere so I'm tempted to make the full switch over to the other payment processor, but I'm holding out hope here cause i really do like doing business on Square. At 81% on loan now and doubled sales this year. 

[kyablonowski]

Im feeling the same way. Over 10 years with Square and have relied on the loans every year (sometimes twice a year). The last loan came in November 2023 when I was only around 60% paid on a loan and they gave me more than double the amount and Ive paid 77% in 7 months (almost $30,000)! I cant believe I havent been offered another one yet we are in our slower months and we could really use it!!

[Jjpainting]

What other apps/sites are you using for offers?  I was thinking of switching to stripe. I made an account with them shortly after I did with square.  I made these accounts just to process card payments. I honestly didn’t even know about the loans they offered until I got my first offer.  I’m 80% paid off on my 4th loan now, which i feel that getting offers of only 11% of my yearly card  processing sales is too low. I pay them off in usually 6 months or less which makes them very costly. If they made it where it takes the full 18 months to pay, that would be so much better but I understand why they don’t. 

Anyhoo, I have never used my stripe account, cause I just made it to compare it with squares layout/ease of use, and I like the setup of square so much better than stripe and PayPal so I’d hate to change. But yeah, getting my last loan offer at 66% (November 2023 and 80% paid off, with 70% of that being paid off since march as January and February are my slow months) and the previous loan offer prior to that at 79% paid off, I anticipated on an offer somewhere between 66 and 79% paid off. 

So yeah I was just wondering where you are getting these other offers at, and how much are they offering based on yearly processing sales. I doubt I’ll switch, as I do like everything else about square, I just wish these apps could just offer some sort of loan as soon as you hit like a set percentage of the current loan being paid off (and as long as your business is continuing to grow and alll eligibility factors are green). That way you can plan better on future business growth, spending, expansion, ect.   The fact that it’s just 100% random, and having no clue when that offer will magically appear, makes it hard to plan on doing things you want to do to grow your business. I want to get another work truck for my employees to use, I have contacted a marketing company and set that all up, just need to make the payment to begin that, which is not cheap.  I don’t use loans for anything other than ways to grow my business, and not knowing when I’ll be able to afford said things is frustrating.  

i just think that if you reach that 75% paid off percentage in 6 months or less; and you’re in all green, a loan should be automatic if you’re business is healthy 

[Twpchair]

Besides a handful of people reporting 70/80% paid back, it's trending higher % paid back to you will see many completely paid off. Unfortunately, all you can do is keep processing and watch you're loan section for an offer. Hopefully it will come soon! Good luck and keep us posted!

[goldslinger]

My last loan offer came in around 9-10pm EST. I remember because it was after a busy Saturday. Now, though, our numbers continue to go higher monthly (albeit a slow weekend this past one) my husband issued one refund after accidentally charging someone. He stated that he had the option to declare the charge was a mistake. Will that one time refund affect our eligibility? Anyway, I think to appease the square loan gods We won’t take cash anymore. We opened in January and I think I’ve handled cash maybe 5 times since opening? So I don’t think it will change much within our business (we are piercing and fine jewelry) 

[Jjpainting]

I truly don’t think it will affect it. But I’m waiting for a loan myself sitting at 83%. I issued 2 refunds since I got my last loan November 27th, one right after I received that last loan and one about two months ago…which doesn’t seem like a lot, but I only do on average 3-4 card payments per week, but I’m a residential painter, so most of my card processing transactions are in the thousands.  My refunds were from me refunding deposits due to the homeowners deciding to sell their homes without painting. I think that if they weigh loan offers off of a return or two, would be insane. Refunds of some sort, are part of any healthy business, as long as it’s within reason. I never found anything on squares site stating refunds effect loans. I’ve seen a square seller or two mention it can affect it, but I don’t know how much facts their claims are 

[Twpchair]

In the green section of your progress it has a section on returns or refunds. It semi goes into details about it and how it could effect your loan ability. It didn't  say like 1-4 per quarter type thing. When I read it again it it just is telling you to try to keep it low. If it was a problem I would assume that green section for returns,refunds and disputes would turn from green to needs work type thing. Being in your line of work and customer changing colors or I can't even imagine what changes or how often they change their minds. That's much different or now they are selling their house as is instead of a fresh coat of paint. I have seen others post "I had 5 returns" and still received an offer. I've seen others higher that stated the same thing. Some owners or line of work are natural just going happen.  Good luck! There's finally been more movement this week!

[Jjpainting]

Oh okay. Thanks a lot for that information.  Not sure how I missed it. 

But yeah, I’ve been with square since October of 2022, and have had only two refunds. One in December of last year and one in march of this year.  Being that both have during my current loan (which is my 4th loan), I wasn’t sure if it was going to have an effect. 

[ohboi]

We’ve been paid off 1 Month and 1 week. Heavy card processing with all green metrics. No new offer

[papaya19]

I’m sorry to hear that! It’s so difficult to understand their algorithm. Has anyone had luck getting a loan this week? 

[Twpchair]

Just one I saw at 96% paid back. Last week is was a little bit better. 

[Twpchair]

Ughhhhh,  not what I wanted to hear.