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!

[Twpchair]

It's been moving this week finally! Good luck to you and everyone waiting!

[Twpchair]

Good luck! Hopefully, it kicks in for you!

[ls725]

100% paid off now, everything in the green, so we'll see, I mean there's nothing I can work towards except keep making sales lol.

[Twpchair]

Unfortunately, you are right. We can't get that algorithm controlled! Just keep plugging is all we can do! Good luck to you and everyone waiting!

[DonutLady]

So I just got an email to upload my bank statement and a business entity. Has anyone had to do this before? This is my first time having to upload documents I have had 4 previous loans with them. I’m kind of nervous. 

[Twpchair]

Yes, there's a few on here now that need to provide further information. Once they receive it, the faster you can process it along. They usually ask for this just as a safety net that you actually have a business, are you a true owner or co-owner and you and you alone are responsible for said loan.

[DonutLady]

Do you know how long after they receive the documents I should hear something back?

[Twpchair]

I have personally never had to it (knock on wood), but a lady a couple of weeks ago did, and they said roughly 5-7 business days. She was approved immediately and deposited a hit 15 minutes later. She was also a weekend, and technically, Monday would be the first day and Friday she was approved and done. I've seen Many over my time get this and I don't know why but imo I think it's just a random pop up and you personal didn't do anything wrong add that up with the mystery algorithm. You should be fine, unfortunately. It just slows you down a bit to get your funds. Good luck and please try not to stress about it! You got this!

[DonutLady]

Just got approved and funded! It had me kind of nervous thank you for the great info! 

[Twpchair]

No problem and so glad to hear this!!! Yours was fast! Great to hear and thank you for the update!

[Alexis321]

Congrats!

[Twpchair]

Is there any news on the new issue? This one baffles me. I could understand if you were using your card and buying stuff, but honestly imo why would YOUR own family or friends not support you 🤔 😕 that would be like me  telling my parents to go shop elsewhere? Noooooo, they want to support you, their family or friends. I definitely want to know how this goes if you don't mind because this needs to be addressed and clarity imo. This is one I will bring up in our weekly meeting tomorrow! 

[Alexis321]

My very first loan and I was approved the same day and money in account in like 10 min. Now, nothing. All paid back, it's been 2 weeks.

[Twpchair]

Only going off of the others posting, they said 5-7 business days, but both who are on here about 2 weeks ago both were fine and roughly 3 business days. Hun, honestly, imo it depends when you receive it. The weekends don't count, and unfortunately, it stretches it out. I am waiting right now for clarification from my personal rep about this. Good luck. Please keep me posted, and I will you as well!

[Alexis321]

Oh no! That's crazy. I'm glad my loan was small.

[ls725]

For real... if I had a 350k loan I would be a millionaire.. haha all I need is about 20k 😞 just to make a lil flip.

[PFS36]

Wonder how many default on 350k. That's a crazy amount of money for a small business.  If you're processing that much to cover a 350k loan... dadgum!

[Jjpainting]

If you get a $350k loan, that means that you’re most likely processing around $3 million.  If I was processing that much, I sure as hell wouldn’t be using square, unless businesses that large have smaller processing fees. Cause there’s lots of options out there for lower processing fees 

[PFS36]

I agree,  but I also don't know about processing that much, either.  I would call my business a larger small business if I was doing that much revenue. I did read where US Foods has teamed up with Square last month.  So Square is definitely in the restaurant game.

[GlitzyCow]

I process just shy of 1m. My last loan was not 100k.. I like square so passing this kind of judgement is a little uncalled for. 

[PFS36]

I don't think they were passing judgment, I think it's just an observation.  I do know that business that is processing 1M plus , has to be some major work.  Our problem is finding people that want to work and not just there to get paid. One of the reasons we're moving to a larger market.  Our goal is to hit 500k in sales and then reevaluate if we want to grow more.