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!

[ohboi]

We’ve been paid off 1 Month and 1 week. Heavy card processing with all green metrics. No new offer

[papaya19]

I’m sorry to hear that! It’s so difficult to understand their algorithm. Has anyone had luck getting a loan this week? 

[Twpchair]

Just one I saw at 96% paid back. Last week is was a little bit better. 

[Twpchair]

Ughhhhh,  not what I wanted to hear. 

[Ann14]

I just hit 84% and updated around 3pm and nothing yet 😪

[itisnotjustpiza]

Our last loan was paid off on June 18th, and still no offer.  We had a week of vacation with no sales so I expected a delay.  We are in the food industry and I am wondering if things have slowed in our industry in particular in the means of financing.  

[Twpchair]

I think a lot of lenders are being very careful right now. They are 💯 still lending. We just don't see them flying out the door every day all day. 

[Healthyketo]

Has anyone gotten an offer recently? Haven’t heard of any lately 

[Twpchair]

One yesterday or last night, 96% paid off. Pretty quiet week compared to last week, unfortunately 😕 

[DCC2]

Had a big week leading up to the 4th and went from 84%-96% and got an offer today. Last loan came at 86% in december, before that my previous couple had come in around 75% and 1 in the 60's

[Twpchair]

Congratulations! Thank you for the update! It has been trending higher to paid off!

[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.

[Toripori]

I also can’t see any time stamps as to when my account was last looked at seems to be a US option only

[Jjpainting]

I’m in Michigan and there’s a time stamp under the eligibility factors when you click on the area where it says your business isn’t qualified for a loan. Mine updates daily except when I go without card payments. Like mine didn’t update for a week cause I was out of work due to injury and had zero payments come in in 10 days. But the day after I started back up, daily updates time stamped 

[Healthyketo]

Super slow this holiday weekend so I’m sure there’s no offer in sight for me this weekend. I wish the algorithm was more transparent. Still everything on green. Hoping for the best! 

[goldslinger]

I just got an offer right around 83%. It’s about 3k less than the last so im considering declining. Makes no sense. I’m a two person business that has already cleared over 100k this year. No chargebacks. Nothing negative. So frustrating. Has anyone declined and then been offered more layer? 

[Jjpainting]

Well at least you got one.  I just had a really busy 4 days (I’m just a one man owned company, , but have a few part timers that work for me.  I went from around 79 or 80% paid off up to 86% paid off from the first through fifth of this month. I’m cleared $107k ($78k in credit card processing). 

im sure that if you decline and wait until you have like a super super busy week, a better offer will come along. 

quick question, did your offer come as soon as your account was updated with that time stamp?  Just curious is all.  I’m on my 4th loan, and never paid attention to that. 

[goldslinger]

I believe so, yes. Because I usually am evaluated between 2-4:30 and that’s when I saw it. No email, either. Had to check my dashboard. 

[Jjpainting]

Gotcha. Thanks. I haven’t been updated yet so crossing my fingers as my sales we up 300% this past week. And yeah, the only time I’ve gotten an email for a loan was the very original first one.