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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Thank you for the information, hopefully good luck happens! 🙂 

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I’m on my 4th loan. My second came when my first was 100% paid (made sense to me). My third loan came at 80% paid off of my second and this past one came at 66% of my third. I’m at 79% and patiently waiting.  

you mentioned things squares algorithm looks at, one being returns.   I’m a residential painter and have had two returns (cancelled jobs so I refunded deposit).  Have never had one prior to these two. I’ve never read anything about a return affecting a loan offer. Do you have any other info about returns and how they play a role in offers?

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What else needs to be done to get a new renewal offer? I'm in green across the board. Sales are up by double than last year. I have been with Square for going on 11 years. No charge backs, no disputes. I am at 76%. Last offer came in at 67%. I have additions I need to add to my growing business that will increase cash flow preferably before Thanksgiving (that isn't happening) and now hopefully before Christmas. Aside from the holidays, I need this to be done before it gets too cold here in my area. If I send a message, it's the same script from whoever responds. Then I get a feedback request as to how my issue was handled by the rep. The responses are EXACTLY the same from all of them. No personality coming thru in the least. I'm sorry, but the whole "we don't have a manual way of approving the loans" is not believable. Every computer system has a way around. Our businesses are more than just a number in a computer. And what about the Plaid connect to a business bank account? My bank doesn't allow Plaid due to security protocol. This Plaid connect is to help Square see more into a business deposit history aside from credit card sales. Like cash and checks. So, while they can connect with some merchant's banks they cannot connect to others. This isn't exactly fair. There should be a way for everyone to have the same opportunity as those who can connect using Plaid. 

I've been a good Square customer. I use Square Payroll and try to use the savings. Which currently I have with drawled to help finance my project that I can't get completed without some help. I love Square. But when it comes to the loan suspense, it's awful. We're coming into the new year, and it would be nice to start it with a wonderful cash flow addition. 

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98% and still no offer. 😣 All metrics are all green and good standing. It’s so frustrating but still hopeful for 1 soon. 🙏

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I made a prepayment which was a big chunk of my balance due on my loan, but did not pay it fully. That chunk cleared in my bank but is still pending with square. They just offered me a loan but they are also trying to pay the pending payment and the balance left with the loan offer, if I was to accept it (which remember cleared through my bank already). So I wouldn’t get the full amount of the loan..so would they owe me that once it clears? I’m so confused. I want to wait until it clears on their end and wait for another offer, but read where that offer will disappear and I’m not promised another one. I don’t know what to do. Help!

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Square Community Moderator

Hi @Tng87,

Thanks for reaching out with your question!

Square Loans have generated considerable interest in the Seller Community, and there's an active thread dedicated to these discussions. I'll merge your post into that thread. Feel free to explore the Best Answers within the thread to hear from other Sellers.

For any specific questions related to your current offers, you will need to get in touch with the US Support Team at 1-855-700-6000 between 6 AM - 6 PM, Monday - Friday, Pacific Time.

Laurie
Community Moderator, Australia, Square
Sign in and click Mark as Best Answer if my reply answers your question.
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I have been 100% paid off since 6/8 and still no offer.  5 loans with them so far, all metrics are green as well.

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Was your loan high ? 

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81% I disconnected my bank account as i felt connecting it might of hurt me. 

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How did you disconnect it?  When I first signed up with square, I connected my regular checking account for transfers. Then when the option came up last year to connect it for loans, I did do just that. I was thinking the same thing about disconnecting it for loans, but not sure how. I don’t want to disconnect it for transfers though as I know they are connected in two different ways 

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I removed access by doing it through my bank app under security settings. By removing permission through the bank app this in theory should stop it from reading account information. I've still been able to cash out with square so it hasn't affected that. 

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I need to unlink my account with square but idk how 😢

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I "unlinked" access by doing it through my bank app under security settings. By removing permission through the bank app this in theory should stop it from reading account information. I've still been able to cash out with square so it hasn't affected that. 

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Happy 4th! Continued prayers to those waiting for an offer. 7 days paid off hopefully 🤞 my offer comes soon! 🙏

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Square Champion

Happy 4th to you as well! I hope you can enjoy your 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!
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I’m hoping it to be a good holiday today with a loan offer.  Past 3 days have been huge in sales for me, taking me from 78% paid off on my current loan up to 85% now and will be at 88% tomorrow. Hoping that will be enough to trigger one. 

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At 85% paid, hoping that an offer comes soon.   Good luck to everyone that is waiting 

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I hit 85% yesterday as well. Had a busy few days and my loan just got reviewed a bit ago.  Hope an offer comes tonight. I’m not counting on it, but would be nice. 

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Has anyone received an offer today? Hopefully today is the day for us who are waiting 🙏🙏

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Nope. Honestly thought I would have this weekend too. Currently still sitting at 86% and nothing. 

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Sorry I got you and the healing plant mixed up lol 

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