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]

Well, we have had 100k this year so far and our last loan was 14,700. At 87% paid they offered me 11k. It’s insulting considering we thought the same- we would get offered 25k. We have more than doubled our sales in the three months it’s taken to pay off the 14k. Never a charge back. Nothing. I’m still seething. Haven’t taken the loan yet because I’m hoping to be offered more if I don’t take it. 

[Twpchair]

I know and I am  sorry unfortunately for over a year now that's the same trend I'm watching and have been for over a year.  Best wishes to you ❤️ and all watching 

[Jjpainting]

As soon as my hopes get better about receiving a good offer, you has to slam those hopes lol. As I read more and more posts, and try to figure out at least how some of the algorithm works for how high of a loan one should expect, the more I think that the algorithm is totally just assigning random amounts 😂. Thanks for sharing though.  I’ll keep everyone posted if I get an offer and details of it.  Currently I’m just below 89% and will be between 91-92% by tomorrow after I complete a job.  Still waiting on if another quote I sent out a couple days ago will be accepted.  I’m thinking and hoping it will, and if that happens, I’ll be up to 98% paid by tomorrow. If a loan triggers before I pay off my loan I’ll take it, if not, I might just begin putting 20% aside for all transactions…and get away from paying $5000 in loan fees per year. But I haven’t decided.  I mainly want this loan to hire a marketing firm to begin marketing my company.  I get more work than I can handle with having a couple employees.   But now after two years and getting used to running my own business for the first time, it’s time to expand, hire more people, and I want to begin getting away from the physical work and concentrate on growing my company. I’d still do all the quotes, obviously constantly checking in on my workers at different job sites and help out a couple hours here and there  and then do a final inspection, but then just work on more marketing and finding leads. Ive been a painter for many years and its starting. To effect me more and more physically as time goes on. But in order for me to do all this and be able to hire and afford qualified painters, I need to increase sales, which I need a loan for. And hoping it’s for $20k+ to pay for that and a down payment for a new work truck for employees to use.  Sorry for the rambling here, just wanted to get my thoughts out this morning as I’m exhausted from working 7 days 10 hours a day without a day off this summer, aside from when I broke my rib I needed to take a couple days off. So come on square. I still have some faith in you that you will send me a solid nice offer this week. Lol

[Twpchair]

It's seems most aren't getting huge offers like prior. Of course, everyone is different, and we are all unique with different types of business. I have seen a few go up 5k or 7k but also the much lower than they anticipated. Good luck, and hopefully, they bump it up. 

[Twpchair]

Congratulations! Nice to see it is moving!

[Twpchair]

Congratulations to him! Thanks for the update and posting!

[harajuku]

Hey everyone. I never post on here, only read but I wanted to post an update since I've been keeping up with this thread and also have been waiting impatiently for a new offer. I made prepayments on my loan to chump it down to 60% (which is normally when I see a new offer). When I didn't see new offer after weeks, I paid it down to 70% and still didn't see anything so I went ahead and paid it down to 80% because that's been the normal lately. It took about 7 days for my last payment to clear and an offer came in today. My account was reviewed around 5 pm but the offer didn't show up until later. The offer is slightly lower than my last one but I'm grateful to even have one. Hope this helps anyone still waiting for an offer. It's coming. 

[Twpchair]

Congratulations! Thank you for the update! It does help others 

[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. 

[Tyconcrete]

If you do find out please let me know I called asked them to escalate it with someone do I hope to hear back from 

[Kpramos65]

I am so stressed I have always had another offer by now but 80% paid and nothing!! No disputes my account is all green and always always paid ahead. Are they just not offering loans right now

[Healthyketo]

😫we have all been waiting! I have been paid off for almost 2 months all green and nothing. All I can do is wait. I know they are still offering cause a few have gotten some this week & last. Not sure what’s going on. 

[Tyconcrete]

I be at 85 tonight  nothing  .but they are giving them out .believe me not like before but still are .look on this thread .I praying we all that need one get it doon

[MommaRavs]

Reaching out to Square Financial Services Team is a waste of time! You will get forwarded to them but will get an automatic voicemail. Again, just like your generic answers! Do something, it will be more professional . Answer calls ! Take care of your customers needs! That way we will all succeed!

[Tyconcrete]

I have and left a message as well never got a call or a response  .it sucks and they can't give you any more information that we already know on here .very sad