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!

[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 

[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 🤪

[PFS36]

Good morning,  y'all! Maybe one of you can help. We're in the restaurant industry but our hours are only 4 days a week.  With that being said, by Wednesday,  our processing goes to "needs work " . We do have our hours of operation listed in our dashboard. We're at 83% on a 15,500 loan which is our second loan. Does anyone else have a dip in processing each week? I apologize for the rambling,  this is my first time posting. 

[Twpchair]

Unfortunately, with just myself, if I go vacation or sick and I'm not swiping, it goes into needs work mode. The system seems to operate 24/7 and doesn't adjust to close days, vacation, etc. We're open 7 days a week until winter. we go to 5 days a week, and I see the dip and then boom right back up when I start processing again. That's been my experience since the metrics kicked in. 

[PFS36]

Thank you 😊  ! You're like the Community Guru, here. Our business is in a small town,  so most of the folks are or have been on vacation,  so our business has been slow this month.  Hopefully we'll get some great news soon and I hope everyone else does as well. 

[Twpchair]

You are welcome! A few cleared out this last week and weekend hopefully, it'll pick up again! 

[Sumtin2Eat]

4th loan, 91% paid off, good across the board over 300k Credit annual processing on pace for $400k plus and still no offer...

[Robgrey]

13th loan 

paid back 62% percent in 4.5 months 

processing over 800k per year. Open 7 days a week. Hoping for an offer! 

[Twpchair]

It's been trending higher percentage paid back or completely paid off. Hold tight, and hopefully, more get offers. It's been picking up some. Good luck!

[Sumtin2Eat]

100% paid off as of this evening.. 4th loan complete.. we will see if I get an offer in the next week.. Green across the board..300k+ processing annually 

[locksmithnick]

I’m sitting at 71% on my 20th loan. I should be at 75% by the first week of August. 

Side note, do you guys have your bank accounts linked? I don’t, and always, like clockwork get a new offer at 75%. I’m wondering if it’s the bank account link, or possibly even the Square Credit Card that’s delaying some of you guys offers. 

Just a thought.. 

[PFS36]

We only have our account connected to Square,  not Plaid. Our bank is a small, rural bank and isn't populated in the back connecting process.  

[Twpchair]

I do Not have mine connected! 1. I had major hack not this February but last year and still working with the credit bureaus!!!!! So I am like you, a small credit union but they have a password and 4 pin to access my account! It wouldn't pass the 3rd party to access you're banking info period. I was or have been offered 4 loans since about an 18th month period. Just my experience. 

[itisnotjustpiza]

We recently added ours in Plaid since we have been waiting so long for a new offer. 

[TaylorA92]

Okay everyone I got my new loan offer. I was at 82% paid off on a 36,300 loan.  My new offer was 33,300. My bank account is not connected. I didn’t have an abnormal weekend in sales. My sales are technically on pace to be down by 8% this year. We process near 300k. Approved and money is on the way.