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]

Anyone gotten anything today? 😓 not seeing anyone get anything lately. 😖

[Twpchair]

It's been a slow week posting. I saw 2. One guy posted he got an offer without scrolling down I believe half of his last offer or less if I'm not mistaken but he accept over waiting to see if or when the next on would be higher. He also said his "buddy" at 70-75% paid off was offered just enough to pay off that loan and left him 0.00 for the "magical" new loan? That is the first one for me, seeing that. He didn't say if it was 15k left or higher or a lower type thing 🤷 🤔 but since I've been here or at least people posting, I've never seen that one before. He didn't take the offer to pay off the previous loan and get 0.00 and pay 8% I wouldn't either. Pay it out by transactions or pay it off yourself. You would be further ahead. 

[ayazbey01]

HELLO, OUR BUSINESS HAS PAID THE LOAN, 14 DAYS HAVE BEEN GIVEN A NEW OFFER

[TheRealChipA]

Hey @ayazbey01.  Congratulations.  14 days to get a new offer is not bad at all.

[ayazbey01]

I DID NOT RECEIVE A NEW OFFER, THAT'S WHY I WROTE IT

[TheRealChipA]

@ayazbey01 Your original post did not include the word “not.”  See screen shot below. You said “have been given a new offer.” I read exactly what you wrote. If you meant something else, that’s what you should have written.

Also, can  you turn off your caps lock please? Typing in all caps is the rude equivalent of shouting. 

Sorry you haven’t gotten an offer yet. But 14 days is not a lot of time.  Once you are eligible again, you’ll get a new offer. All you can do is wait. Shouting at us here on the seller community will do absolutely no good. 

[TheRealChipA]

 

[Twpchair]

Have you been or haven't been? I'm sorry I'm jumping between pages. Ughhhhh, hun I am so sorry, and unfortunately, I am watching the trends, and July and August were slow, and boom comes September, and it was like every day all day with loans. Believe I'm just like you. I don't work for Square or have that secret algorithm, but I watch the trends. Right now, we have a budget that has to be passed or the government shuts down. 2. Watch the stock market  it's not just square. I promise you, but all lenders and banks are holding tight. I hope to come September like last year, loans were popping every day! Just hold tight and keep pushing on! I'm at 88%, so I'm right there with you! We got this! We can do it!

[Alexis321]

September? I'll have to go elsewhere and I'd really rather not because this is so much easier and honestly for my business cheaper than a bank loan.  😔 

[Twpchair]

I understand 💯 I really do please believe me been there done that and I hate to call out another company but just say Clover had told me at processing then 287k a 50k loan day one isn't true. I looked up their terms and agreements. 6 months before the 1st loan, you start from scratch and work yourself up like square. I promise you 💯 you do what is best for you and your business, but just look up their reviews and reddit, and you will see it's lending all together from banks to pos systems. I really wish you the best, and no matter what, as a small business owner, go out there and kick butt

[PFS36]

There's a local Clover salesguy that keeps hounding us to switch. If he's any indication of what their service is like, stay away. He's sleazy and pushy.

[Twpchair]

If I could I kudos star this 💯 I would! SMH they promise you the world bit please jump on their forums or reddit you start from scratch for 6mths and work up. Look up their terms and and agreements and it's right there! These are sales members promising the world and it's not in their agreements! I look them up monthly and nothing has changed! Remember the grass isn't always greener on the the other side of the fence! All lenders are holding tight right now we need to buckle down and stand strong! We can and will do this! Please don't buy into a 50k loan because many will tell you coming back to square it was a horrible mistake.  WE CAN DO THIS!

[Twpchair]

I belong to a small credit union in rural Michigan and just about covid or before I received a line of credit and 2 hours I was in and out! I don't know if you have a big bank vs a local credit union but just imo credit unions are much easier to work with and terms are great.  No matter what you do I really wish you the best! Sometimes the grass looks greener on the other side of the fence but as a business owner only YOU know what is best for you. I wish you the best of luck!

[Alexis321]

Thank you!

[Twpchair]

You are so welcome! Come Feb in Michigan, you better be sending me those same vibes! 😆 🤣 😂 

[Hawaiicraves]

Aloha,

Wishing everyone the best in there loan issues. Seems square has without a doubt tightened up there funding requirements for now. 

I’ve used square for 3 years , we do over 950k yearly in credit card processing with square. They make a lot of money off my establishment. 
Counter service style Resturant , open 7 days. 

We have had 3 loans, first 2 paid back much quicker than square requires. 50k 112k 165k . Offer was 187k I took 165k. Been offered loans as quick as 58 percent- 70 percent complete. Currently at 84% on 165k loan. No loan offer yet.  Our metrics have always been green. 

It’s unfortunate as square loans are very convenient. I think many will see low offers if any. As others mentioned our economy dictates a lot on lending. Hopefully things start heading in a better direction soon! TRUMP🇺🇸

[Twpchair]

Good luck to you and everyone waiting for an offer! 

[locksmithnick]

Just an update. My father is also a Square user and has a long history with Square Loans/Square Capital. 

He received a new offer this morning of $25,900 on sales of $80,000 so far for this year. He was 77% paid on his last loan. 

Hope this helps!

[Jjpainting]

Thanks for the update. May I ask, what was his last loan amount?  I’m currently at $80,500 also for the year in card processing. My current loan is $14,700 and 88% paid off.  $25,000 is about the loan size I was hoping for on my next offer…which would be about the same percentage increase from my last loan which was $8500. 

[ayazbey01]

Completion date

06/28/24

Loan amount

$13,500.00   i didn't see any offer

[Jjpainting]

Well that’s pretty much in line with my situation with the previous loan amounts being similar, same amount in sales. Only difference is I’m at 88% paid with no offer yet.  But that story gives me hope.