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!

[HippyDippy]

Looks like the dashboard just updated and no loan offer. Is it possible to get an offer after the dashboard updates?

[Twpchair]

All of my offers have come after the update. I usually update 1-3 pm Eastern time, and offers come in from 7-10 pm. I've never got an offer prior to updating. 

[HippyDippy]

Thank you. I thought that they came in right after the update. Glad to see you say this so I can hold out some hope!

[ls725]

Any luck? Still waiting on mine.. 100% paid off 6 days so far

[locksmithnick]

I believe, based on the info that I have from relatives and friends who use Square and Square loans, that this is industry and possibly even market specific. They’re still giving out loans right at the 75% mark to good businesses that they probably feel are “recession proof”. 

Im currently at 72%, probably 73% tomorrow, then taking a trip out of town for a few days, but I expect to be at 75% by the first week of August. I’ll update you when my new offer comes in and if it were more or less. My sales are up over 40% for the year, so I believe the offer will be higher than the last from November. 

[PFS36]

I understand the part where everything that says good or needs work can stay in the green,  but your sales on the daily side of it can't possibly stay in the green percentage because that would mean you'd have to do more every day or break even every day to keep it in a positive percentage.  You'd have to break each day's sales record, right? 

[ls725]

Not sure, it's always in the green for me. It does compare them to last week's sales though.

[PFS36]

Someone is eventually going to crack the algorithm lol

[locksmithnick]

Mine is also always green. 

[ls725]

Keeping my full daily sales is really nice though, not gonna lie, even though I would love a loan so I can re-stock my store with accessories.

[DonutLady]

I finally had an offer come in yesterday at 77%. I accepted it. But it says 1-3 business day for approval. This is the first time I had to wait 1-3 for approval. Usually the money will be in my account within 15-30 minutes. But I’m thankful since school is about to start so we need a lot of inventory! That’s our busiest season! 

[Twpchair]

Mine was a Saturday night and funds in my account Monday. The weekend tends to run a tad slower. I didn't get an email, but the funds hit my credit union, and then the email came. Watch your loan part of the round part that tells you how much you paid or percentage is. If it goes back to 0, paid off, and the old loan disappeared, it's been approved and paid off the previous loan. Unfortunately, it will probably hit Monday. I believe I checked my credit union around 1 p.m., and it was there. Congratulations!!!! 

[DonutLady]

Thank you! I always get nervous when I don’t get an instant approval it’s like a waiting game lol. My fingers are crossed that my funds will be there on Monday! 

[Twpchair]

Keep an eye on your bank, too. Mine was in there before I received a message 

[HippyDippy]

Here's hoping for everyone to get some good news today. 

[DonutLady]

Yes I’m praying everyone gets an offer today! 

[PFS36]

Happy Saturday! Hope everyone waiting gets great news,  today! We had a great day in sales for Friday and we're now at 84% all green.  

[Twpchair]

💯 let's get this rolling with approvals! My last loan offer was Saturday night about 7 pm after a 3 day sale! 

[Healthyketo]

Yes! I hope everyone has a great day! Praying for us all to get an offer TODAY! 🙏

[ls725]

I hope we all do, Healthyketo 🙂

[PFS36]

Crazy, busy weekend so far, but today has been mostly cash. We'll take it, though 😊