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!

[Breebree89]

I literally just got an offer FINALLY!!! I  paid 77% off of my 2nd loan.  This offer was $1,000 more than my last offer. 

[Healthyketo]

That’s great! 🙏 I’m praying hard for the rest of us! 

[Twpchair]

Congratulations! Thank you for the update! Let's hope this continues!

[Jjpainting]

When I received my 3rd loan offer, I to was right around 77-80% paid back on my second loan and it too was about $1000 more than the second loan.  My second loan was almost 3 times as high as my first loan and didn’t come until my first loan was 100% paid off. My 4th and current loan came when my 3rd loan was 66% paid off and that was almost double the third. I’m currently sitting at 82%. Started the week at 79% paid off and expecting to continue having a big week and should finish out the week at 88% paid off. Hopefully that will trigger a new loan as it would be helpful very much.  If I need to wait until it’s fully paid off, I’ll have to debate if I truly want another one.  As much as one would help right now, I’d probably just put 20% of all sales aside instead of continuing paying $2-3k every 4-6 months for a loan. But I’m still hoping for an offer soon for now. 

[Twpchair]

I have multiple times. I tend to update 1-3 pm and close at 4-5pm. My last 2 offers both came around 7pm. One on a Saturday, the other I believe Wednesday. I don't think I could go back further and look? But those last 2 are the big push for the green metrics. Both mine whether it was late I didn't receive an email notification only on the loan page it popped up and my main page. I did receive emails after that though no problem at all. 

[Breebree89]

I will say this is only my 3rd loan but every offer I’ve gotten was around 4 or 5 pm. 

[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. 

[Jaygripon]

I’m on my 83% and I don’t still see any offer; I have 5 locations and they are all with square, other location got an offer but I didn’t accept it and in few weeks it’s gone, 

how’s everyone doing when it comes to the loan offers?

[brunch1]

I'm wondering as well. I am 92% paid and they haven't offered anything. its weird no human can explain the process. They claim that its AI generated

[Lou8]

Hi @Jaygripon and @brunch1, thank you both for posting. I wanted to provide a bit more insight about loan eligibility.

We can’t predict if or when your business may be eligible for another Square Loan. We continue to monitor your account for eligibility, and you’ll get an invitation email and be notified on your Dashboard if your status changes.

• Loan offers are based on a variety of factors, including, but not limited to:
  you current payment processing volume
• your customer mix
• your Square account history.

Even if your business satisfies one or more of the criteria, you may still be ineligible if it does not fulfil other eligibility requirements.

You'll find more information about the process on our Support Center here, or don't hesitate to contact our Support Team directly at 855-700-6000. They are available Monday through Friday, from 6am to 6pm Pacific Time.

I hope this helps, but let me know if you have any other questions. 

[brunch1]

But it does meet all the other metrics as shown in the dashboard. That’s why everyone here is upset and/or confused. The information we are shown isn’t matching the actions you describe as being eligible. 

[thehealingplant]

The biggest issue that Square has to be honest is the super generic responses like the one provided above. The copy/paste is a huge issue.

[Twpchair]

It is and honestly it touches on misleading or not fully standing. I have reached out to the higher ups than me and see if we could get better clarification of it or the wording. In years past most all square users knew that loans regardless of sales, the new metrics is NOT guaranteed at all. It was a "perk" but unfortunately over the years since myself 2012 we've become accustomed to a new offer at 70-75% paid off. Therefore they need to update and provide what is going on now. We are all adults and can handle the truth. But when reading it it's kinda contradicting and misleading. If lending has slow down so be it but keep your customers posted and informed. That way we have the opportunity to go to our bank/credit union. I hope in an hour or so I or @Minion will get a private message as to what to respond to. 

[Minion]

---

@brunch1 wrote:

But it does meet all the other metrics as shown in the dashboard. That’s why everyone here is upset and/or confused. The information we are shown isn’t matching the actions you describe as being eligible. 

---

I really hope/wish that Square would do away with those metrics in all honesty.  My opinion of those "metrics" is that they were intended for a "general" (maybe even extremely general) guideline.  I think many sellers obviously see those as all green, and then based on % paid back are waiting for the loan to come in.   I don't believe those are useful, and then just causes more chaos, stress and let downs in the long run.  

In the case of the loan, I think just the % paid back would be sufficient and if an offer comes in it comes in. 

As for the generic responses, the mod staff  here and even support is probably honestly all that they do know, or are able to share.  I'm assuming its of some type of property algorithm that probably only a handful of people truly know how it works.

This is all just my .02 and could be completely off .  With all of that said though, there are the benefits of these loans depending on the situation of sellers,  No credit check, no hard pull, minimal (0?) paperwork needed.  

I hope you do receive an offer here soon though, maybe within the next few days being so close to 100%!

[Twpchair]

I agree 💯 with you! It has only caused more confusion if say you're at 90% or a few on here now 💯 paid off all "green metrics" are booming but no offer? Is it just a tool for us, the customer, to know what is going on with our business than great. But with how it's worded, it comes across as this is what makes you eligible for a loan and not just a tool or feature for businesses to use and work on. This might be a great question to bring up in the super or stellar site. 🤔 I'm the type of person who I just want to know type thing I'm a grown adult and just give me the facts and truth and I can go from there. I try to encourage business owners to try their banks as well. I belong to a small credit union, and years ago, I got a business line of credit. I understand now it's harder all lenders are holding tight, but if you have a good relationship with your bank/ credit union, it is a great thing too. I didn't pick Square out of Blue in 2012. I did research, and their biggest plus was you swipe it, and at the end of the day, it's in your account. Other businesses or POS not the best reviews or for a cheaper % you got a weekly deposit? Hmm, you're banking my money and making interest off of it when I could with Square? They have never not once ever deposited my money, and that's a massive plus. The rest are perks we got used to, and unfortunately, it clearly states not guaranteed. Thanks for jumping in and helping with questions. 

[Minion]

---

@Twpchair wrote:

Is it just a tool for us, the customer, to know what is going on with our business than great. But with how it's worded, it comes across as this is what makes you eligible for a loan and not just a tool or feature for businesses to use and work on. This might be a great question to bring up in the super or stellar site. 🤔 I'm the type of person who I just want to know type thing I'm a grown adult and just give me the facts and truth and I can go from there.  

---

All of this Exactly ^^^   I know I've mentioned my hatred for those metrics somewhere else, but I just can't remember where exactly that was. 

I've taken out Square loans before in the past.  With my business, its a large 60/40 split between cash/check and then card.  So I can extend the loan out to the 12+ months vs the average of probably 4-6 months.  Makes a huge difference in the "APR" so to speak.

Yes , if they even added a temporary wording like "These metrics are for illustrative purposes only, and do not guarantee eligibility when green" would at least keep peoples hopes level and down to earth.  

I hope everyone gets their funding.  But in the mean time, take some of those sales %'s if you are paid off, drop in a squares savings account for a rainy day. Keep cranking out sales, putting some aside each time and maybe the loan gods bless them with offers.

[Twpchair]

I tagged you in our weekly thread with Max to see if there is something that can be done about the wording.

[Ann14]

I’m currently sitting at 82 % today updates around 3pm and nothing yet