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!

[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!

[Healthyketo]

Sales have been great today and we had an awesome day yesterday as well. We beat sales for the week already  we are up for the day & for the month all green metrics. 🙏 haven’t been updated today yet so I’m hoping that good ole algorithm picks me today! Good luck everyone waiting! 

[jackiebee12]

fingers crossed for you!!

[jackiebee12]

We had a really busy day today. 248% up from the previous Sunday and made it to 91% paid off. I owe less than $3000 at this point on my current loan. I always stay in the green but mine updated at 2:10pm central and still not eligible. 😫

[Healthyketo]

I’m up 267% today paid off all good metrics and updated today at 2:18pm and no offer. Yesterday was a good day as well. I don’t get it anymore. 

[PFS36]

Nothing here, either.  It's one heckava waiting game. I wonder is they have admins that read our grievances? 

[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. 

[Sumtin2Eat]

4th square loan paid off 9 days ago, $xx,xxx. On pace for Gross revenue exceeding $600k, all green and no offer…. Typically received offers around 80% for me..

waiting game with same generic response is horrible…  

[Minion]

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@Sumtin2Eat wrote:

4th square loan paid off 9 days ago, $xx,xxx. On pace for Gross revenue exceeding $600k, all green and no offer…. Typically received offers around 80% for me..

waiting game with same generic response is horrible…  

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Waiting games are no fun, especially when everything seems to be going good on your end.  WIth that type of revenue, have you ever looked in to a LOC with your local bank, or a similar bank that offers even LOC.  

I realize Squares loans are "convenient" but just an option if you haven't looked into it much while you are waiting (hopefully soon) for an offer.  

[locksmithnick]

My offer just came through at 77% paid. Highest offer to date, $33k with $137k in sales so far for 2024. Also note, I have the Square Credit Card as well. I just clicked the submit button, so I’ll update when/if it gets approved. 

[Healthyketo]

Wow! Congrats!!!! I’m so happy I prayed that one of us would get one today! That’s awesome! 👏🏼 👏🏼  hopefully I’m next or another business in here that’s been waiting. 🙏

[PFS36]

Congratulations 🎊 

[Robgrey]

Congrats on the offer.

have you done 137k in just card sales or is it including cash and checks ?

I didn’t think you could have card and loan at the same time Per the website. ? 

[Bonzy2010]

There's been a few people here that have said they got both. So not sure if they got their credit cards prior to maybe square making that change where it's one or the other? or maybe square just doesn't care anymore and haven't updated the site