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!

[Paulynne]

😂

[Kristencutshair]

When you guys receive an update does it say you've been approved for a new loan or anything specific? I'm sitting at 75% with all green markers.

[maryanngregg]

I’m wondering when it does update, with the time stamp and says *not eligible*, does a offer come later that day, or does the *not eligible* disappear for the daily update and a offer appears instead of update?

[Pecard81]

In my case it updates and later that day I get the loan offer but it’s not during the update.  That’s in my case.   Hope it helps 

[Kristencutshair]

But does it still say not eligible? or does it still say that and then it's just *surprise* loan offer. it's been awhile since I've used them and i'm realizing a lot has changed lol

[Pecard81]

It just “Surprise”!!

[Twpchair]

The same I've never updated and instant offer. I update 1-3 pm and offer around 7-10 pm usually.

[Joeylee56]

What just happened to me a few days ago was that the “last updated” did not update for 48 hours. That should be an indicator that it’s incoming. Not always the case as they often have glitches, but if your loan status stops updating and your green and above 75% , it’s definitely more likely than not.

[Pecard81]

Is the 75% almost a 100% must now?

[Joeylee56]

Unless if you’re getting a ton of processing per day. 

[Twpchair]

That long long trend of 90% to completely paid off so I would say. However, in the last few weeks I've seen a good group of upper-70s-80s who received offers. 2 I believe in the 60s. Now they were processing high volumes and big numbers and no disputes no returns. Hopefully, they didn't jinx the rest of us! 😆 good luck and keep us posted! Posting your experience it helps us to see a trend until someone else besides myself figures out how to crack that code in the algorithm! 😆 

[Twpchair]

That's the million-dollar question honestly. I usually update around 1-3 pm Eastern time. All of my offers are usually 7-10 pm. Never have I received an offer right after an update or at least since the metrics came into play. Yes, there have been glitches, there was a big technical issue on October 26th I believe where some businesses lost all ability to process, update, and transfer any cash sales, etc. It stopped QuickBooks from transferring online sales, and inventory just about everything. That took some time to straighten out and even my updates went to 4-5 pm for a good 4/5 days. All fixed but caused a trickle-down effect. Once I received an offer and accepted it and waited for the approval I watched my loan circle if it went to 100% and right under it where it has previous loan and has your percentage of the money I still owe paid off. I know that I am approved and just waiting for your deposit will be blah blah blah. Trying to see if you are ghosting and if an offer is happening in the background or if a glitch. Many believe that when it does that for them at least they stated an offer came in. Myself, I have not noticed that on my account. Just the latter part. I tend to receive offers on Thursdays and Saturdays for the majority that I have gone back and looked at the dates which align with the 3 busiest days before. Hopefully, that helps, and good luck! Keep us posted if that ghosting works!

[Pecard81]

I am at 67% all green as well 😳

[Twpchair]

For myself no never. I update 1-3 pm and offers come in around 7-10 pm for myself usually.

[ayazbey01]

The loan was paid on time and very properly. Normally, a new offer comes after 60 or 70 percent payment, but that did not happen to us, we are still waiting.

Completion date

06/28/24

Loan amount

$13,500.00  

All the loan was paid but no new offer was received. What is the reason?

[Twpchair]

Unfortunately, there are a few on here now completely paid off as well and like you good standing all green metrics etc. How the algorithm works believe me I wish I knew. They keep posting every day or 2 checking in. I know last week was pretty slow for people posting at least who got an offer but I have seen from Friday and Saturday and Sunday 4/5 people post that they finally got an offer. Their percentage paid back was pretty high or paid off completely. Hopefully, soon it will pick you off. Good luck to you and everyone waiting for an offer!

[MayaP]

Thank you for reaching out and sharing your concerns. We understand your frustration, especially given your long-standing relationship with Square and your excellent track record with previous loans.

There are several factors that can affect loan offers, and while it sounds like you have met all the typical criteria, there may be new processes or other considerations at play. I would reach out to our Square Financial Services Team if you have any further questions. They are available at 1-855-700-6000 Monday - Friday, 8 AM to 8 PM CST. 

[olivesageeee]

Hi Maya!

Wondering if you could give any insight on an account that's all in the green that hasn't gotten an offer? I've gotten them all in the past prior to 80%, even one at 62%. I am currently sitting at 85% in the green with no offer. On my 7th loan with Square and all of my prior loans were paid off with no issues. 

Any help is greatly appreciated, I did try to call but the automated message hung up after explaining the process. I know there's a lot of back end that goes into offers but wondering since I'm all in the green if there's anything I can do to boost my chances. I appreciate you helping in general and others on this thread, the loans are a huge help for all of us! 

Thank you! 

[Twpchair]

@Maya is so amazing and you couldn't ask for anyone better!

[olivesageeee]

She seems wonderful in helping others so I figured I would try to ask! I saw you previously hadn't been offered a loan, did you end up getting yours?

[Twpchair]

Thank you! My last loan was June of last year, and the others I turned down. I am in middle Michigan, and we had an amazing winter (warm), and our snow birds didn't head south, so it was our best winter, and in March, I turned it down. Normally, all winter I take but March I didn't  summer I usually pass and winter I'm in freak out mode and take it. I'm no different than you and watch what is going on. Thank you for the compliment, and no matter what, I will always keep it 💯 transparent! I'm just a regular user, but I've been around for a while , all of it.