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!

[olivesageeee]

Yep! My last was in November, currently sitting higher than I’ve ever had to wait at 84% and nothing. 

[Twpchair]

I don't work for Square but I watch the trends. Especially, last summer my offer came in June and lowered than normal. Please 🙏 believe me as a fellow business owner they are watching the market and I don't ever bring politics into a conservative but watch the market and it's NOT just square it's all lending holding tight. I wish you the best!

[locksmithnick]

My brother, also a sole proprietor, got a new Square loan about a month ago at 76% paid.  My father got an offer just last week at 82% paid (but he had been making prepayments which i believe delayed his).

They’re still offering loans. 

[itisnotjustpiza]

4 weeks paid off. All Green.  No offer. Food industry. 

[ohboi]

Almost 2 months no new offer. Food industry, all green metrics, $260,000 processed in card sales so far in a year. We have had many loans and all of them came through at different percentages 60-80% and even 91% but something the higher ups (CEO level) at square have done. Remember they built the algorithms so they have the ability to change it and change which industries receive them. 

[Healthyketo]

🤔 I’m in the food industry as well. Maybe square is cutting us off. 

[jackiebee12]

i’m also in the food industry 😕

[Jjpainting]

Well if it makes you feel any better, I am not in the food industry and I’m right here with you lol

[Jjpainting]

I haven’t had my daily update yet today, which the past week or so they have come before 3pm est.  Maybe I’ll get lucky today 🤪

[itisnotjustpiza]

Maybe lower sales in the summer months with food trucks out and about. Higher labor and food costs trending. Less stable market. But also found an article stating this…. “ Block in 2023 replaced the head of its merchant Square business, Alyssa Henry, with Block and Twitter founder Jack Dorsey.”

[ohboi]

Remember Jack Dorsey Co founded square. Also he is a Programmer and he took back the reigns of the company and probably made some changes to square loans when he got back in the office. Notice the loans have been wacky for restaurants in particular since the end of 2023 and all of this year 2024. I’m just putting 2 and 2 together. I believe if they just came out and said we are slowing down on loans we wouldn’t be eager awaiting new offers. Lack of transparency is really why we are all here.

[Toripori]

UK based Food Industry been paid in full since April 17th, metrics are Green, up on last year! I’m enjoying not paying 20% daily now so not sure if I’d take a loan again. Square could miss a lot of windows for lending to those like me that will now think very carefully, being diligent in just putting my own money aside for bulk stock buying and a second premises instead.

[Hawaiicraves]

Well I did wake up to a loan offer today. 

$114k. Much less than last loan.  

85 percent paid off currently when received offer. 

I think for once I’m more excited about only being 15 percent left on current loan ,than I am of new loan offer lol.

Good luck everyone !

[Healthyketo]

Wow! Congrats! Are you in the food industry by chance? Maybe there’s hope for the rest of us! Glad to hear someone finally got an offer! 

[Hawaiicraves]

Aloha all

i did wake up to a offer today. I noticee last rew days it had been updating later in afternoon. I also reached a minnimum payment thresshold  3 days ago , 85% paid off on currrent loan. 

new offer is $113k , much lower than last offer. 

Good luck everyone!

[ohboi]

Great news!!! A lot lower offer?? lol that’s enough to buy a house lol!! The most I’ve ever gotten from them was 11k on processing almost 300k in our peak year. It good to see they are still rolling. Healthy Keto and others hold on tight, it’s coming !

[locksmithnick]

$11k loan on $300k sales? Something is very wrong here…. 

My last loan was $30,800 on $175k annual sales. 

[ohboi]

I never knew we were getting the short end of the stick until I saw what others were receiving. Yep 11k then it started going down to like 10k, then 9k, paying them off in like 2-3 months. Our sales are always consistent year round. Our restaurant does a tooon of card sales combined with people ordering online through the square website. 

[Jjpainting]

Yeah that is low. My last loan was $14,700 with about $130k processing. I’m at 92% paid off and still nothing. 

[Jjpainting]

I usually hit the min payment within a couple weeks. My past loans have come right in the middle of the two month payment or right before it’s due, even though my min would be paid well prior to that lol. 

Did you have high sales the day prior or day of offer?

[thehealingplant]

Me too. Mine were consistently around 2:30/2:45p and nothing so far today so maybe for both of us?