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!

[Healthyketo]

Thank you that is good to know! 🙂

[TrendzbyM]

I submitted the statement an hour ago and haven't heard back. I'm panicking cause I'm used to an approval right away! It has never taken this long 

[Mmccrain]

Did they offer you a loan or simply need bank verification? 

[TrendzbyM]

Offered me a loan. Then another email asking for bank statement . 

[Mmccrain]

Congratulations! They’re probably just making sure the loan is needed? Not sure

[TrendzbyM]

I don't see how they can look into our accounts and determine that; I just thought it's to verify it's my business bank account 

[Healthyketo]

Has anyone ever received an offer hours after being updated for the day? Or is when that time stamp update happens is that the only time throughout the day the account gets seen? Just curious. 

[kyablonowski]

I actually just receivd a new loan offer on Friday. My elegilibity said not eligible  around 5:30 EST or so. Then hoiurs later I happened to look at my app and saw an offer. I wasnt notified by email just the app showed it. Very grateful it finally came. Keep pushing forward : )

[thehealingplant]

Very stoked for you! Hoping the best for HealthyKeto as well as our business too. Have a safe and happy holiday week!

[Twpchair]

Congratulations! Mine after hours, I didn't either receive an email or only popped up on my account and loan section. I did afterward with the follow-up and that..

[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. 

[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.