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!

[hairkandi74]

I see; so the key I guess is to keep checking throughout the day. Appreciate the reply!

[Healthyketo]

Sales been good so far today so praying for a breakthrough TODAY in Jesus name! Not just for me but for all of us waiting! Happy Friday Everyone! 

(1 month 1 week paid off)

[Alexis321]

Amen!

[PFS36]

Thank you 😊 and praying for all of us waiting.  

[ohboi]

Does anyone have the Square Credit Card? Apparently there is a business credit they have but you cannot have a loan and card at the same time. You have to have one or the other. Can anyone shed any light on this. I’m 2 months paid off and by Gods grace haven’t needed the loan but it does help give a cushion. 

[Twpchair]

I would have to check into that I know a couple that have both card and loan. I don't know if they had a loan going on and then received the card? I'll let you know today, though. 

[Twpchair]

Yes, it's being tested and used in the Beta group and going pretty smooth. As of a few days ago, I spoke with one who had it and started from day one. You are correct if and or when it is offered to others (if) you can't have both a credit card and keep getting offers. Like anything else and major companies, things change, get adjustments, or sometimes just scrap. But right now, it's getting used for those who qualified in the Beta group, and they seem happy with it. Hopefully, this economy and this world will calm down and get back to normal and lenders and banks can relax and get back to making money!!! Good luck to you and everyone! 

[locksmithnick]

I have both. I got the Square Credit Card back in November, $17,000 limit. I also got a $30,800 Square Loan two weeks after that. 

The two have nothing to do with one another. Who told you that you couldn’t have both?

[ohboi]

That’s great you have both. On the website under banking and then click on credit card all the way at the bottom it says if you have a loan you can’t have the credit card or vice versa. Not on the dashboard but on square up.com 

[Twpchair]

No, I've seen multiple people who have both and are still getting loan offers. 

[Toripori]

Still waiting, UK based Cookie biz, been paid off since April and compared to when my first loan was offered I’m up although I cannot see my metrics to see what needs improvement etc, square have told me that’s normal and I’ll see them when I’m closer to being offered a loan…….doesn’t sound right to me but I shall plod on!

[locksmithnick]

Been waiting since April?! I’d probably move on at this point… 

Did you not meet the minimum payment requirements or something?

[Toripori]

Beat them within the first 10 days every time first loan offered was in my opinion large at £25,100! Would of thought as we are already 20k above where we were last an offer would be incoming but absolutely nothing!

[CGreens]

95% paid no new offer 😞

[locksmithnick]

More details would be nice when you guys post these updates. 

How many loans have you had? Are your sales up or down? What type of industry are you in? Do you also have the Square Credit Card? Etc….

[PFS36]

87% , Sales metrics green, 2nd loan, 15500, 5 months into loan, update all in green "good" , restaurant.  Updated at 2:36p cst today.  No card.  Sales up 140% but mostly cash. 

[BWcreamery]

11 days paid off. All green metrics here too!

In the ice cream industry and pretty much exactly where I was last year (like 5% lower) but just had a local news special air 2 weeks ago so we are closing that gap, last few weeks have been extremely busy. 

No square credit card. It is nice getting all of my sales right now though instead of only 84%.  I have some ideas to help us grow that take money to make money we will see! I can’t believe some of yall have been waiting so long! Praying for yall! 

[PFS36]

There's definitely something going on with businesses in the food industry. 

[BWcreamery]

Also, 5th loan, all paid back within 4-7 months. 

[ls725]

I reached out to Square about my loan, asked if there was anything I could work on and have gotten no reply in over a week, we have paid so much money to square with monthly processing fees and loan fees and now they cut us off and left us in the cold, craaazyyy.

[Healthyketo]

We spoke with square this morning with our account manager asking if they cut off lending to food service businesses cause we are a meal prep/bakery and I was told that nothing has change and the same generic response. He also said he was going to get with his Colleagues that work in banking for square and ask if anything has changed for food businesses getting an offer. Waiting for a call back.