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!

[Fitnessgirl]

Thank you so much! I hope the same for you too. 💚

[thehealingplant]

Big week processing for us and hoping we'll be rewarded with another offer. We're struggling to keep up with our competitors in marketing and could definitely use the boost to help advertise. Fingers crossed for both us and everyone else waiting. Have a good pre-holiday weekend everyone!

[Twpchair]

Good luck and I'll be watching for you! Advertising is a great investment! It's trending higher than normal so hold tight and keep processing hard!

[thehealingplant]

Appreciate it! We're going to remain hopeful but we've seen a huge drop off compared to some major competitors as a smaller business versus a multi-location conglomerate. 71.5% after a solid week so just hoping. Wishing the best for all the small businesses out there 🙂

[papaya19]

I have been sitting at 82% paid off for a while. All of my metrics are in the green and have been for a while as well. This is my sixth loan with Square. I do not understand their algorithm, and it is quite frustrating trying to figure it out. My first few loans I received another offer at around 60% and my last I received at 41% paid off. I am playing with the idea of switching to Klover if something does not give soon. Any suggestions?

[Ann14]

Definitely do some research on clover and what’s the difference between square& clover . I know they charge a monthly fee

[Twpchair]

I agree 💯! I've seen it multiple times and I understand people get frustrated and they have some very smooth reps trying to get you to switch and made some big promises and you can easily look at their terms and loan section. It clearly states 6 mths of processing prior to a possible 1st time loan! They use an algorithm as well and you are starting from scratch and so will your loans! Jump on their forums and read the comments as well. Their comments are almost identical to right here. It's not just square it's lending in general that has pulled back and watching what we are as well the economy hasn't been very steady and that has a lot to do with lenders. Big banks try to go and get a business line of credit now vs 3/4 years ago is much harder and you better have a ton of paperwork to back up your business. A credit union is easier especially if you have or are using one now. I have a line of credit with my credit union that I've had since 2012. I got mine years ago and in and out in couple of hours not weeks. I know sometimes the grass looks great on the other side of the fence until you get there. Good luck to everyone!

[Toripori]

I’m UK based and actually made a formal complaint regarding the factors page and the fact that when I asked where my factors dashboard had gone to I got the scripted response that I wasn’t currently eligible for a loan. I got mad as that wasn’t the question I’d asked and I was fed up with the lack of care square has for its customers that it doesn’t even take time to understand a question and reply properly. A week later I was told that the factors dashboard will only show again when I’m close to an offer and that my complaint was not upheld! I’m so close to leaving Square, I have my sumup account ready to go, the loans whilst I really need one to expand in to events this year are not worth the disregard I’ve been shown. Fully paid on first loan sine 04/17 up on my last year when first offer was made. 

[Twpchair]

I'm so sorry to hear this. It's hard to get past the generic scripts and get someone to understand your not asking about your loan but your metrics which I believe we were told this is a tool to gage your business and what we needed to work on to be eligible for a loan. So that doesn't make sense that it will only update when you are eligible? It should update and work every day! Is your call center in the UK or USA? Not saying one is better than the other but I do know when I had an issue before I every said the dreaded word loan I said I believe I need tech support! She then asked me about it and yes, she transferred me to tech support. How can you get picked up by the algorithm if you haven't been updating at all? You can't and probably wouldn't without anything changing. You need tech support to look into it.  Good luck I wish you the best from Michigan!

[Toripori]

Hi Michigan!

as I elevated it to a complaint tech was contacted who confirmed that not seeing my factors in the loans dashboard is correct and I won’t see them until nearer the time I’m eligible. So I guess right now I’m not eligible! my factors have come and gone since December when I was around 60%. I’ve never been more frustrated with them! I believe ours is UK based as my replies always come during our opening hours. Also to contact by phone is almost impossible always via an email sadly.

[Ann14]

I updated around 2:55 and it 4:41 pm in Texas ..I got the offer around 4:30  ..my yearly process from last year was 405,000 it was my first year ans this is my second year .im in a restaurant business 

[jackiebee12]

oh this gives me hope! also a resturant in texas and we hit 84% today. we had a slow june because we took our first vacation in almost 2 years but we are on our 8th loan. we got our last one at 50% so i’ve been pretty bummed that this one has taken so long. the one before that was around 79% 

[Ann14]

We had a slow june also  .felt like everyone  left for vacation around the same time ! Its coming in a higher percentage ..very soon you’ll receive one  .hopefully see offers this weekend 🤞🏼 mine came on a saturday and got deposit to my square account in seconds ..make sure to receive it on square account it seems faster to me.last time it took a while when it sent to my main bank .

[TaylorA92]

5 year square business. Doing 300k annually. Still on pace for that this year. 78% paid off and for the first time ever I am ineligible. Just switched to that today. Crazily enough it was due to processing volume which isn’t any different than any other week. Every transaction we do is processed through square. Anyone else have this experience? Did it rebound quickly back to eligible? 

[Bonzy2010]

this is in no way a gurantee but just in my case...my last offer I received I had the same thing happen the week before I had a new offer pop up. It reverted from not enough volume to green again in like 2 days and then the new offer showed up the following week. 

[TaylorA92]

Well it still says ineligible but the processing was put back in the green. So I assume tomorrow it’ll likely reflect that everything is normal. 

[Cauldron]

Received an offer at 72% after an amazing weekend of sales. We jumped about 10% of our loan amount in 2 days. Typically we get an approval and deposit within the hour, but it’s been a day and it still says pending. I’m hoping our approval comes through soon.

[Healthyketo]

Congrats! I had a good Sunday of sales but still waiting on an offer. Hope your approval comes soon! 

[Twpchair]

They have been running about or 2. Watch your dashboard and your loan pie chart and your bank. I knew when my chart went to zero and checked my bank it was there. I did sign the paperwork the day prior but the emails are coming in a Lil slower than it's working behind the scenes. 

[itisnotjustpiza]

I noticed our previous loans were closed or paid off between 6-8months in.  We have had 14 loans with our small location that we shut down.  The 14th loan was transferred to the new location which has had 1 loan after paying off the previous locations loan.  We process much more here than the first location so it was paid in 4 months.  We had an unusual week for the last part of our loan.  We shut down normal operations and serviced large customers.  Something we had not done in the past.  It finished off our loan with the processing.  It would look a little unusual because they were large transactions verses our usual smaller ones. 

[Twpchair]

Nice to hear you tried something new and it worked! Believe me if square had any concerns about it they would reach out. I had one big custom order and they had a tree go through their roof and needed all custom built cabinets upper and lowers and an island and table set built to match. No worries I ran that card for 9k then I think this triggered it she also bought items and used the same card for a little over 2k went right through no problem and my bank account. The next morning I wake up to email regarding the transaction and it looked suspicious and call this number. I did and she asked a ton of questions and I thought oh boy. I sent her the order with the customer's name and number she put me on hold and I knew she was calling her. A few minutes later she came back all good to go.