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!

[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!

[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!

[PFS36]

Just an update.  At 85% , all green,  great weekend and no offer, yet. Good luck y'all!

[Swain]

I’ve lost hope 

[Alexis321]

They must have millions of accounts to deal with.

[Twpchair]

They literally do! Square is worldwide and doing loans all day every day. Unfortunately, all we see are the ones posted here. We definitely could use a good handful of get loans this week, though. 

[Twpchair]

I'm so sorry 😞 I really hope you get an offer soon! 

[DonutLady]

You know how I had to turn in my stuff to get my loan approved money came yesterday. But my last customer was a family member  who wanted to support our business since this summer has been so slow for us tipped us $200 on a 17.00 transaction now my transfer and all the money is on hold! I can still accept payments but I had to upload my bank statements again, picture of their ID, an invoice, and more things. Now I’m having to wait 1-2 days again for my funds to be released. I’m able to take payments but I’m not able to use any money in my square account. I’m so frustrated! 

[Twpchair]

Ughhhhh, your kidding me smh. I am so sorry you are running in circles and going nowhere! Hopefully, they get processed today! Good luck to you!

[DonutLady]

Thank you! I did get an account manager so I’m hoping he can do something for me I left him a message! 

[Twpchair]

I'm sure they will! I'm not sure where you are I'm in Michigan and 3 hrs behind them. They usually call me between noon and 2 pm. When I had terminal troubles. 

[Alexis321]

Never lose hope!