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]

Cash is always king! I know it's kinda hard when you're trying to get a loan and that extra percentage paid off. As long as you stay busy money is money! Good luck and hopefully this thread will disappear with loans going out! 

[PFS36]

I'm sure I speak for most of us when I say say we all really appreciate the positivity from you.  We're all in this together. 

[Twpchair]

Thank you so much 💓 I understand people get frustrated and want answers besides the normal script response and being with Square since 2012 before loans kicked in, I believe in 2014. I've seen the ups and downs along the way. I've always been one that was in favor of a revolving line of credit, and yearly, they could change that according to sales. It floated around like the credit card idea and didn't happen. Us as business owners, it's hard if you have a great chance or deal on supplies, inventory, and advertising, and here we are stuck waiting on this magical algorithm. I've been there and done that multiple times throughout the years. Thank you really  small business use to be the backbone of America and without you there is no us! We all are unique and add that special touch that big box doesn't!

[Knight87]

Hit 75% yesterday, updated today 12:40 PT, no offer, Will hit 76 today, last loan offer came at 76% sharp, one prior at 82%. 

[Twpchair]

Good luck! It has been trending higher percentage paid back or completely paid off. Hopefully, we can get back to normal and more loans going out! Please keep us posted it helps others get an idea of what is happening. 

[Petbiz1000]

I hit 84% yesterday and received an offer for today around 5pm. A couple of my metrics were red 2 weeks ago because my store was closed for a week due to Hurricane Beryl. They were red for about 5 days.  

[PFS36]

Which set of metrics? The Loans metrics or daily sales metrics? 

[Petbiz1000]

Daily sales metrics 

[PFS36]

So your Loan metrics were probably in the red, too. We had a great weekend so far and we're open today,  so hopefully it will get noticed.  This is our last Sunday being open,  I hope it's a great one. Thank you for your response!

[Twpchair]

We are open 7 days a week, and that helps, but in the winter in Michigan, we close 2 days a week. Plus, snow or ice storms we close on. So our metrics are all over the place! Usually, Friday-Sunday are very busy and they change to all green. My last 2 offers were both on a Saturday night after a busy couple of days. 

[Twpchair]

Where your loan circle is, see if it went back to zero. Also, click on previous loans and see if your old loan is there as paid off. Mine on the weekend loans, I knew it was approved and just waiting for the money to hit because my old loan was gone, and my circle loan was at like zero paid off. The previous previous loan that rolled over was 800.00, and that was added to my new offer to pay off. My money was in my account on Monday. 

[Twpchair]

I wasn't sure which one either, so I gave both to look at? They've received an offer and accepted it, but sometimes, on the weekends, especially late Saturday and Sunday, they might see the funds till Monday. My last offer was around 7/8 p.m., and the deposit was Monday. But I could tell because my loan amount changed to the new one, and my loan circle changed to the new amount and zero paid. Also, in previous loans, I rolled over 800.00, and that was added to my new offer to pay back. I wasn't sure either, so I gave them all places to look. Lol 😆 😂 😅 

[Twpchair]

Congratulations!!!! It's so nice to see people post they received an offer! There are a few that went on vacation for a week or 2 and didn't know how it would impact them. Your a great example! Thank you for sharing! 

[PFS36]

That's awesome! Congratulations! You definitely needed it after being closed,  I'm sure.  Thank you for the update!

[taraj2004]

Fingers crossed for everyone! 

I got the email the other day about higher loan amounts and thought I d9nt want 250k I want like 5k haha I'd be happy with 5 right now. I'm at 74% paid! Hanging on by a thread. My land lords are great and keep telling me just pay $100 a week if that's all you can afford. Small town with my self (drink) bar pizza place and one retail space. Holding out hope 

[Healthyketo]

Right 5k-7k would be ok. Especially for me and my small business that would literally go a long way. Lol I don’t care about no 250k. 

[itisnotjustpiza]

I would take just an answer to if we are no longer going to be eligible.  A reason why, so we could improve.  Maybe why some are not even paid off and getting offers while we have done business with Square for ten years, paying off several loans and now nothing.  Something.  😏

[Twpchair]

Have you tried to reach out to them? Email them and as so as you do it usually pops up a survey and fill that out! Most people said they respond back faster to that little survey on how are we doing. Tell them your not happy and baffled why you have been paid off and all green never missed a loan so why am I not eligible anymore? 

[Twpchair]

Good luck! I've seen a few with great landlords giving them a break or just skip a month. That's awesome 

[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.