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!

[goldslinger]

So we opened doors January 6th. We are piercing and fine jewelry. Our first loan was about $8k, paid that in about a month and some change. second was 14k on March 6th and we are 83% paid off. Todays offer was $11,500. Our sales have increased from 11,k in April to almost 20k the past two months. I’m at 14k for July already so I anticipate an even better end of month. Knock on wood. 

[Jjpainting]

So our current loans were the same pretty much. My slow months are January and February where I only did a combined $10k in card sales but $20k total sales. But then in march I get swamped and did almost $25k in card sales.  From march through October I average about 15k. June was a bad one at only $6500 but that was cause I was out of work for over two weeks with a broken rib. I’ve already beat last months card sales in only 5 days. So I truly thought that hitting those numbers and hitting the 86% mark was going to trigger one today. I had a large sale last night, which still is in the pending phase on the loan sheet. I wonder if pending loan payments from sales don’t get counted for loan offers. That sale was at 630pm yesterday. Shocked it’s still pending 

[Jjpainting]

Well I just looked. I did about $7k during the past week when my average is like $2800. So maybe not 200-300% but still a big week. Mine updated 20 min ago and no luck. I also had a $4k sale and wanted it to be paid by card. But the customer insisted Zelle.  I knew if I also had that sale card processed making it a $11k week, I probably would definitely have gotten an offer this week. Oh well. Got a couple more large sales coming up in the following few days. So we shall see. What hurt me is that between June 22nd through June 30th, I had no one pay me by card. Sorry for rambling.  lol.

[Healthyketo]

Paid off since June 28th no offer yet. Never have been in this situation. Have had 6 loans with square and alway gotten an offer at 60%- 98%. I really need to get one soon. I really love square and have been very loyal. Wish they would let us know what exactly is going on. I’m losing hope. Best of luck to the rest of you still waiting. 

[Jjpainting]

I thought you were one of the 2 I’ve seen recently that were 100% paid off without an offer. That scares me. I’m hoping for my 5th offer soon. I’ll be jumping from 86% to around 88.5% today so we shall see. I wish you luck. Keep me posted on if you receive an offer anytime soon as will I.  The one thing is, probably only like a half a percent of all people that have received loans post on here so it’s probably such a small sample size. A lot of these posts I’ve noticed are from us same select number of companies keeping each other posted lol 

[thehealingplant]

Your last part is to be honest one of the biggest things. Were a mega small sample size on here and to be honest we’re all different fields/numbers/etc.

all we can do is pray to beat the algorithm lol

[Twpchair]

💯 correct! We are a very small portion that post here. I wish more people would! It helps others a lot. Good luck!

[Jjpainting]

And probably like myself, I only come on here and start paying attention until I’m about 2/3rds paid off. I’ll post when I receive a loan, then probably won’t come back for a few months lol

[Twpchair]

You are 💯 correct. square is worldwide, and maybe around the same 100 do I see regular or semi regular. Not everyone posts on here. Most don't use or take advantage of half the tools available. I was up north for 3 days and no phone service (nice). I was hoping most of you would have had an offer. The offers are coming in much higher to pay off for most, I see. A few in the last month in the 80s. Unfortunately, yesterday I jumped on 4 different forums, reviews and reddit and they are stating the same thing. Thank goodness this is our busy season and I have been trying to tuck more away than normal because I don't think we've seen the worst yet. September they will announce if they raise the interest rate again and that affects lenders and their rate increases. We need things to calm down and stay stable and get back to normal! I hate to see businesses kicking butt and still waiting. Hopefully, it breaks loose soon!

[thehealingplant]

I just off the phone with support trying to get answers about how this glitch will affect us possibly down the road and of course I get fed the generic answers with no support at all. I'm so sad that Square can't do a thing except give you force fed lines. It's really upsetting and discouraging to be honest.

[Healthyketo]

I also made the phone call last week to ask for an account manager so I can personally speak to someone about my account. Finally had a call back on Monday saying they would send to have my account manually reviewed but was told the same generic message everyone gets about them not knowing when anyone gets a loan and the algorithm reviews accounts daily so just keep processing payments and basically just wait til it’s my turn. 🤷‍

[Twpchair]

When you call and I would! Do not mention loans at all. Tell them you need tech support! Once you get with them and it's all done ask them by the way could you please help me reach a person in the loans department so I can let them know I'm having tech issues and need to know if this will affect me while they are handling it. 

[thehealingplant]

That's sadly how it was originally handled. Their support "escalation team" rules they were doing things "correctly" when it's obvious that they aren't and it's messing up our customer mix. It remains green but it's concerning for sure. It's genuinely just a shame that we can't get any clear answers.

[Twpchair]

Ughhhhh, I was gone for 3 days up north and no phone service and was hoping to see half of you get an offer. IMO it has little to do with you or your business. Watching other forums this is what they are experiencing as well. I've noticed up top pinned by a mod here that they added a new line to loans this year. You can scroll up but in general it says they look at the overall health or stability of the economy. It's not just one business per say but square being world wide most lenders are holding tight. Not that you want to hear this but they have board meetings and investors that watch their overall health just like our business. Are they still doing loans yes we see a couple a week. Is it different from say 3/4 years ago yes we can see it. The Feds are debating on raising the interest rate again and that affects lenders and their interest rates. Hopefully, this will bust loose soon. I know so many business owners waiting.  Good luck to you and everyone!

[PFS36]

Just an update.  At 85% , all green,  great weekend and no offer, yet. Good luck y'all!

[Swain]

I’ve lost hope 

[Alexis321]

They must have millions of accounts to deal with.

[Twpchair]

They literally do! Square is worldwide and doing loans all day every day. Unfortunately, all we see are the ones posted here. We definitely could use a good handful of get loans this week, though. 

[Twpchair]

I'm so sorry 😞 I really hope you get an offer soon! 

[DonutLady]

You know how I had to turn in my stuff to get my loan approved money came yesterday. But my last customer was a family member  who wanted to support our business since this summer has been so slow for us tipped us $200 on a 17.00 transaction now my transfer and all the money is on hold! I can still accept payments but I had to upload my bank statements again, picture of their ID, an invoice, and more things. Now I’m having to wait 1-2 days again for my funds to be released. I’m able to take payments but I’m not able to use any money in my square account. I’m so frustrated! 

[Twpchair]

Ughhhhh, your kidding me smh. I am so sorry you are running in circles and going nowhere! Hopefully, they get processed today! Good luck to you!