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!

[Sammie_C]

Hi @thehealingplant!

Thank you for your post and we understand your concerns.

The information shown on your eligibility page is usually refreshed in real time. You can see the last date and time your loan eligibility was evaluated under “Eligibility factors.” However, if you have not processed payments through your Square account recently, the data may not be updated until you process payments again.

If you have additional questions about your account specifically, please feel free to contact us directly for further assistance.

[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!

[Healthyketo]

Good luck to everyone waiting today. I’ve learned to take it one day at a time. Praying for a miracle today. 🤗

[Healthyketo]

I agree, I don’t know how many times I’ve emailed square and have gotten the same generic response through email. Well, my account was updated at 2:40pm cst today and no offer. Going on 5 days paid off. Guess the waiting game continues. 

[Blockhart]

Have you had a new offer yet, I’m day 6 paid off - this is my second paid off loan, it was paid 8 months early. And everything is green. I don’t understand why I haven’t gotten a new offer yet.

[Healthyketo]

Nope! Nothing! Going on 7 weeks paid off all green metrics up from previous month and still no offer. I’ve been so disappointed with square. But what can I do other than just keep waiting patiently.!😭

[Blockhart]

That’s so frustrating 😭 I’m so sorry. I’m really needing a new one now so I was hoping you were gonna say something different 😩

Keep me updated if you get a new one, I’ll keep you posted with my updates too and if I get a new one or not! 🤞🏻🤞🏻 here’s to hoping we both wake up tomorrow with new offers! 😭

[Healthyketo]

I need one to! I will definitely keep you updated. Hoping you receive one soon! Praying for all of us! 🙏

[Twpchair]

I was so hoping to see you get one! Ughhhhh, I have been gone for a few days, and wow, what a hot mess! I scrolled before commenting and went lurking on other sites. Almost word for word from other sites. They are all leaving theirs to come to square or other places.

[thehealingplant]

Happy 4th friends (for those who celebrate!) Wishing you all the best and continued growth and success.

[Twpchair]

Happy 4th of July to you as well! It would be a great day if everyone waiting got approved today! Enjoy your day if you are off. 

[Healthyketo]

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

[Twpchair]

Happy 4th to you as well! I hope you can enjoy your day!

[Jjpainting]

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. 

[BodyLabPhilly]

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

[Jjpainting]

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. 

[Healthyketo]

Updated a few minutes ago 3:35pm cst to be exact and still no offer 😣 today marks 1 full week paid off. I’m losing hope. But still hanging on. Hopefully someone gets one soon 🙏

[coolcoffeecrumb]

I've been paid off 1 month on 7/8, all green metrics, no new offer.

[Healthyketo]

Wow! I hope you receive one soon.