With your processing volume and frequency of loans, it is harder to gauge the amount you should be offered and what they are offering now vs 4/5 years ago. Lenders have shareholders to answer to and they have been loosening up the reigns and lending more, better offers than 1/2 off the previous loan type thing. There are so many factors that go into loans besides our metrics. The Market, the Fed’s, and raising rates or not. All of those are looking much better than previous times. Square is worldwide and unfortunately, the overall health of other countries and their economy impact how lenders let it open up and hopefully one day back to normal. The Holiday season together is great for friends, family, and loved ones but it slows offers. I went back just 3 years of scrolling through and the same question was being asked over and over each year. January did pick up or maybe just caught back up? I haven't figured out that old algorithm yet! 😆 and with my skills I never will! Loans are meant to be an 18-month installment and you pay 4-5 a year which is amazing. But it also means IMO your loan offers are too low compared to the volume you're processing. I haven't seen too many posts but a few where they doubled or tripled their offer yet. Keep us posted! Have a great New Year!
I am so sorry to hear that! That's a lot of processing, too. Hopefully, if you need it, an offer comes soon. I know it's hard for some of us who have been around for a while (2012 for me) it's baffling and frustrating, and people just don't understand why? Unfortunately, until someone can crack that Ole algorithm, all we can do is wait until they pick you up. Best wishes to you, and please keep us posted. It really does help others see a trend and how it's going.
Honestly, since last June, it's been trending higher percentage paid off or completely paid off. Not all there's been a few 70-75 % or 80s, but on the whole, it's trending higher percentage. There's so many factors that go into the economy on the whole to watching if the Feds raise the interest rate in September. All lenders are pulling up the reigns a bit. But honestly, its public knowledge square is lending more and more each quarter and year after year. We only see a small portion that posts on here. I wish more did 😪 it helps others. Being worldwide, they service so many small business owners. I know it doesn't help when you need it! I would love to see a revolving line of credit or say once you hit 80-85% you could send in a request for your account to be reviewed for a loan and get an honest answer in a timely manner and not a script response. But during a meeting, I brought that up and no go! Good luck truly.
😆 🤣 😂 thank you! We answered the same time! I was just scrolling through here looking for a 2nd post with no metrics for 6 months and found one, and it's that time of the day and updating, and I get sidetracked. If you happen to come across it, would you screenshot it, and I posted it in the stellar question of the week. The 2 mods are looking into it or getting it to the right person. Ps. I nominated you and 2 others for our top 50 of the year! Whenever I'm lost or don't know there are 3 of you that always help me with the answer or where to look. Thank you!
