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!

[Jjpainting]

I had one large transaction one time that went through but forced a review where I needed to fill out a form online with customers information and what the purchase was for. Froze my checking account for two days. 

[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. 

[olivesageeee]

Same! Always been offered before 80%, my last one at 62%. No issues on my account. Currently at 84% and hoping hoping it comes soon. Good luck! 

[MrBond705]

Same here all green and over 85% paid

[ls725]

This thread is getting funny, next thing you know "I'm not getting a square loan because of my ethnicity" 🤣.

[thehealingplant]

Respectfully I'm not sure what's funny about people comparing notes on the type of business they're in. All a lot of us can do is compare notes and see what lines up because there is such a lack of transparency from Square in regards to anything.

[ls725]

There really is a lack of transparency, I agree with you on that, I feel the same way as you guys, I just think it's funny how far it has gone with us all trying to figure out the algorithm in the background.

[Healthyketo]

Well the loans are Capital that is money used to build, run & grow a business. So yes some of us small business owners need it in order to grow our business. 

[Twpchair]

Ughhhhh, smh I can't believe you haven't received an offer yet?

[Twpchair]

Growth, advertising, hiring help, more inventory is a great thing but unfortunately when you lose out to an algorithm it stinks period. You lose that one on one communication compared to a bank or credit union. Imo when a business is up month after month it should trigger it. I ❤️ hope it breaks through for so many waiting! 

[PFS36]

Hoping everyone gets some great news, today!

[HippyDippy]

Ditto from me, fingers crossed for everyone!

[Twpchair]

Last Friday-Monday, was the most I've seen updated with an offer, so hopefully, we can fill this thread! Good luck to everyone waiting 

[LakeMutt]

First time posting, been lurking for a while haha, sitting at 83% currently & eagerly waiting for a loan offer! Definitely would be helpful right now as I have a lot of inventory to purchase. Sales have been good & steady all weekend long so heres hoping!

[Twpchair]

Good luck to you! It has been trending higher percentage paid back or completely paid off. There has  been a handful coming in at 80%range. Nobody knows how that algorithm works, or we would all have loans. Good luck!

[LakeMutt]

Thanks! I just hit 87% paid off today, most likely will be at 89% by tomorrow, still holding out hope!

[ls725]

I've totally lost hope myself, 10 days since loan was repaid in full, stats are still 100%++ from previous months, biggest month in sales we've had all year, made an extra 10k this month and still no loan.

Month still isn't over, hoping to bring in another 3k-5k next 2 days, hopefully something happens.. lol

[Twpchair]

One more just posted 6 weeks paid off and waiting as well. Good luck! We need these loans picking up!

[Twpchair]

Please don't ever loose hope! Keep plugging along and keep that business going! You got this 👍 just when you least expect it boom an offer will come in! We need every mom and pops to keep open! Big box stores are closing every day and we will stand and stay strong 💪 

[hairkandi74]

Hi, all! I've been lurking this thread, as I am in this boat as well. You've all been really helpful and helped me stay positive.
My last loan from Square is completely paid off, with all my metrics in the green, and still no offer. Fingers crossed this afternoon, maybe? I'm EST, what time do you all normally check for offers?

[papaya19]

It usually depends for me, I’ve gotten offers as early as 10:30 am PST and as late as 7:30 PM PST— I feel like the majority of them come after your account has been updated. It’s a little frustrating!