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!

[Jjpainting]

Yeah there are like 4 or 5 of us who have been consistently giving each other updates. But $6300 with $150k in sales compared to my last one of $14700 at $128k in sales. That’s logical lol. 

[Jjpainting]

But I definitely could use it so I applied. It’s pending.  I have never had an application take longer than like a half hour so illl keep you posted if/when it gets approved 

[Jjpainting]

Approved in 5 min and in my account. 

[BWcreamery]

That’s awesome! Glad to see some movement on your end! 

[Jjpainting]

Thank you. Even with this one being 5% lower payback than last one, it will probably be paid back in 3-4 months in full. But I’m hoping it ends up being like last year to where I had an $8300 loan and at 66% got offered $14700. I should be right around 15% paid off after today. That took me what like 3 days lol 

[BWcreamery]

That’s awesome! That’s a good chunk of the loan paid off fast! Lol

Im at 99% now with $83 left on my loan. It was my biggest one yet but we are closed Sunday and Monday so we will see what happens next week! 

[ls725]

This thread is getting funny, next thing you know "I'm not getting a square loan because of my ethnicity" 🤣.

[thehealingplant]

Respectfully I'm not sure what's funny about people comparing notes on the type of business they're in. All a lot of us can do is compare notes and see what lines up because there is such a lack of transparency from Square in regards to anything.

[ls725]

There really is a lack of transparency, I agree with you on that, I feel the same way as you guys, I just think it's funny how far it has gone with us all trying to figure out the algorithm in the background.

[papaya19]

Do you all typically get loan offers right after your dashboard updates or is it a little bit afterwards? 

[Jjpainting]

This is a good question as I have no idea. This is the first time I’ve actually been looking daily for an offer. My last offer could have been up for a couple days before I realized it cause I want expecting one at 66%. 

[Twpchair]

For myself only I usually update 1-3 pm Eastern time, all my offers, since the metrics came into play and offers were 7-10pm Eastern time. That's just me. 

[olivesageeee]

I was offered and funded today! Unfortunately it was half of the amount, but everything helps!

[Alexis321]

Nice to hear!

[Twpchair]

It is! Now, let's see this all day every day! 

[Twpchair]

Thank you so much for sharing! I'm sorry it was less than you anticipated, but like you said, something is better than nothing. Let's keep this trend going! 

[taraj2004]

What % were you at? 

[olivesageeee]

88%! I'm assuming funding is low right now since my numbers are all up from last year. I got my previous loan at 62% and it was $16,800. This one was only $9,500.

[Healthyketo]

Congrats! That’s great news!  Hoping more of us get an offer soon! 

[PFS36]

Now we just need to hear good news for you 😊

[Healthyketo]

🙏🙏