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!

[Swain]

Can you look into mine please 

[GlitzyCow]

My offer was honestly a relief after a year of stress from square. However it was 5% of my processing from my average year. The pay back went from average 12-16% down to 6.5%. Seeing what hawaiicraves was offered and very similar yearly processing I’m a bid underwhelmed with my offer being 1/4 of that. I’m happy though that I got one. I’d expect to have smaller offers with better repayment terms for anyone wanting insight. 

[Jjpainting]

Yeah I have seen a few posts of people getting much lower offers with a much lower payback amount. Then others not. May I ask what loan number you’re at?  From what I’ve noticed (I think lol) the lower offers/payback percentage ones, are companies that have had a lot of loans and been when square the longest. My memory may be off on this though. I think between loan number 1-4 (maybe 5 or 6) are when you get your largest increases as your business gets more established with square so they can see the health of your business. Like my 3rd offer which was $8500, after 2 months and paying back 66% my offer of 14700 came….like an adjustment of it should have been cause they didn’t know my growth was gonna continue every month of the year. 

So during the early months on here, if you just started your business, that’s when it grows the most as a percentage basis. Like i was going from $2-3k a month processing and within 6 months i was up to as much as $22k some months.  You’re not gonna see jumps in sales that high after later on. Your dollar amount most likely will be a larger increase but the computer algorithm might be more focused on percentage increase. Or it’s all totally random crap that only the one that created the algorithm truly understands lol. I know every businesss is different, but I’ve never seen any consistency at any point from these posts, aside from most people have to wait longer. This discussion was going on last November when I got my.almosf double offer at 66% paid off. But that 4th offer came 13 months after starting with square where they could have a larger full scale picture on my business. My sales are up 35% from last year, which I look at as amazing, bjt  that’s nothing compared to my sale increases early on when I was looking at 1000% increases over a few months. Let me know if this makes sense to anyone lol

[locksmithnick]

This isn’t really accurate. As I stated in my post, my largest loan ever was in November and that was my 20th Square Loan. My father has also had at least 10-12 loans in his time with Square and I believe his offer he received over the weekend was also his largest offer to date. 

[Jjpainting]

Yeah it was a guess. Thanks for the feedback 

[BodyLabPhilly]

Hit 87% today, all green.  Hoping it triggers an offer. Continued good luck to everyone waiting. 

[Twpchair]

Good luck! Please keep us posted it helps so many waiting!

[thehealingplant]

Well… we’re losing hope. We just got assigned an account manager but sadly it may not all matter here shortly.

We don’t want to consider other options but it does seem like there has been more success with a few others. Fingers crossed and we’ll try and ride it out for a few days more.

[Healthyketo]

We are in the same boat. Sadly not sure how much more longer we can wait. July is my slowest time because everyone is out of town before school starts. But we’ve been trying to build sells with pop up markets I feel like I am working myself to the bone to generate transactions and still we get no offer. Been paid off for almost 2 weeks already and I’m feeling very defeated. We have always been loyal to square even after feeling betrayed with the last offer we got back in Aug. 2023 which was half of what we had been offered prior.  I’ll keep your business in our prayers along with ours and all the others waiting . 🙏

[Jjpainting]

I can’t believe you haven’t gotten an offer yet with being paid off. The only time I had to pay off a loan before an offer was after my first loan but only a couple days. I’m hoping this doesn’t happen to me and I’m wishing you the best of luck still 

[Twpchair]

Ughhhhh, I have been waiting and watching you and knowing you were going to be paid off fast. Wishing you both the best!

[thehealingplant]

Just like JJ I’m shocked that you haven’t gotten one yet.

hoping for all of us this is the week.

[Jjpainting]

Yeah but aren’t you the one that’s been paid off for a couple weeks?  I can never remember if it’s you or healthy keto lol. I hit 91% yesterday so it would be nice if that will get me an offer today. I doubt it though. 

[Jjpainting]

If anyone should have gotten one, it should be you if you’re the one 100% paid. Everyday when I see that you haven’t gotten one leaves me in total disbelief. Did that account manager do anything for you yet?

[thehealingplant]

Nope that's HealthyKeto who I feel absolutely awful for as well. We hit 78% today but we're about to surpass the amount that was used from this loan to pay off our last which means we're in line (I'm assuming) for no offer or a smaller one. I'm just hoping something is in the pipe because we will have to explore the other courters if it doesn't. Not because we want to but there's only so long we can sustain for where we're at now.

WIshing you the best as well by the way!

[Jjpainting]

Yeah I’m down to $1403 left to owe only, and around $3300 of this loan was used to pay rhis loan so yeah I see a smaller one coming as well.  Hell, even the loan prior to that used closed to $1700 to pay back the prior loan. Like everyone, my sales are up so in theory I should get a larger loan. I just want someone to explain how their algorithm determines who they make wait longer, or who they give less to.  When I went from $8350 loan up to this current loan of $14,700, it was in November and last November was 13 months that we started with square and started my business. So if you look at just comparing last November to the previous November we increased processing $200 or 300%. This is my busiest time of year and being that I can’t find good help, that puts a cap on the amount I can process as I can only do so much work 

[Healthyketo]

Friday will be 3 weeks paid off and no offer my account actually now says processing volume “needs work” which is so frustrating. I have honestly gave up. I’m not even checking as often anymore and just letting it happen when it happens.  Trying to figure out how to make more sales and do more farmers markets and pop up events just to make that much extra money. I did recently add the saving account. I was thinking maybe I shouldn’t have linked my bank a few months ago maybe I would have had an offer by now. But not sure if that makes a difference. I don’t know this algorithm is just unpredictable. 

[olivesageeee]

I’ve been getting loans for 2-3 years and I’ve always been offered before or at 80%! Currently at 84% with no account issues and still no offers. Super sad over it, was hoping to invest in some new gear before wedding season and was hoping this thread wasn’t going to be my case, but seems like it is.

[Twpchair]

I am so sorry 😞.  I was hoping that when I didn't see you for a while, you got your offer. Unfortunately, it has been trending just like last summer.  It went the same way. July and early August were tough, but come September on boom 💥 it picked right up! I know your situation been there done that honestly when you feel caught between a rock and a hard place and just exhausted 😩. Hun, I don't work for Square or anything, but before you jump ship, please just look at their reviews or reddit. I do myself, and it's not just square it's lending and banks on the whole who are holding tight right now. I had one from Clover promise me an instant 1st day loan for 25k smh. No, I read their terms and six 6mths of history, and you start off like

square 1-3k loan. I really wish you the best so much I know what and how this is effecting you're business. Good luck and hopefully everyone waiting will get an offer now!

[thehealingplant]

I appreciate that and it’s not that we want to jump but almost any help at this point would go a long way. I’m just being honest but any level of transparency in process or outlook from square would be a world changer. But it’s hard to continue holding on when you feel like you’re being pushed through a revolving door waiting for a crack to sneak through while you’re just being played the same music over and over again.

[papaya19]

Unfortunately I still have yet to receive an offer and I’m losing hope. No matter the offer, I know It is going to be beneficial for our business and we really need it. Please send prayers our way please! We are at 84% paid off and all metrics still in green.