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!

[Healthyketo]

😆 Thank you for the support! I get on here everyday hoping at the very least I see one of us get an offer.  Feels like I’ve been waiting an eternity but I know I’m not alone and a lot others have been waiting a lot longer than me.  Hoping for the best. God knows my business NEEDS this boost to right now. 

[Twpchair]

You are so welcome! And believe me been there done that smh. When you need it nope and if you don't that's when it comes in. I look every day for you and 2 others and hoping you get an offer! 

[Twpchair]

Not yet, or the ones posting on here. Last week from Friday night till Monday morning was the most I've seen in a long time! Good luck! 

[HippyDippy]

I am really hoping for this weekend. I am at 82% paid, my loans arent large, and i have never had any of the metrics go bad. Its crazy to be that prior I always saw offers at 60-65%. I dont know what they changed but I hate it. 

[Twpchair]

It's not just you. If you scroll up to the Mods message, it really has changed from previous critics and included the economy and interest rates. It has probably zero to your business, but all lenders are holding tight. We have 2 major issues coming up in August/September.  Whether the Feds raise interest rates and a budget that has to pass by October 1st. All lenders and banks are holding tight. This trend is from last June. I'm watching business owners up 200% and no new offer. Believe me, it's NOT just square it has all lenders holding tight. Good luck to you and everyone waiting 

[PFS36]

That seems probable,  but why would they increase the max loan by 100k if they were tightening up? That's what's confusing.  I'd rather loan out 50k in this economy vs 350k.

[Twpchair]

I don't know myself? Believe me, if I was given out the loans, I would be like Oprah, if you get a loan, you get a loan. Unfortunately, I don't. Some I just smh and others at 45% paid off I smh as well. I keep track of trends that's my job 24/7. 

[PFS36]

Have you seen any at 84% ? Lol

[Twpchair]

My last one in May was 81% prior to that it was 91% . I've been with Square since 2012, and once they kicked out the loan part, I believe 2014? Mine was like clockwork 70-75 % . 💯 guaranteed! The last two years, no, not so much. I follow the trends and it's been trending higher percentage paid off or completely paid off. 

[ohboi]

I’m in the restaurant industry. I’ve have plenty of loans with square all of which are  paid off usually within 3-4 months. 

[PFS36]

I am, too, so I wonder if it's something to do with the restructure and teaming up with US Foods?

[ohboi]

Maybe… but what’s funny is we have US Foods as our main food provider lol…

[PFS36]

And what else is crazy,  their stock was a top performer yesterday and they beat their projections a lot. Makes me wonder if restaurants are about to be their main objective.  Seems like not many restaurants are seeing an offer.

[itisnotjustpiza]

We are also waiting for an offer over a month paid off.  Pizza biz.  We are in a mall and they have let the air conditioning go.  It is having an impact on business.  Pretty confident they are looking to sell.  If anyone is interested in a mall. 😁

[PFS36]

I tell ya, the restaurant business is tough these days.  We've been in it since 2015 .

[Twpchair]

It is here as well. I have noticed more fast food closing than mom and pops, though. I'm really curious to see what happens with our minimum wage going up to 15.00. I know for myself, I'll be working more (as if that's possible) so will my husband and family chipping in on the weekends. 

[PFS36]

It's been quiet on here. Hoping everyone is getting great news.

[Healthyketo]

I think it’s just all of us coming to grips that we may never be offered a loan again. Lol

[PFS36]

I think you're right! Lol

[Paulynne]

This seems to be an unexperienced phenomenon in Square loan history. I’ve never seen this many people paid off with no offer. I think the program might be oversaturated.

[PFS36]

Maybe there's a glitch and they just need to smack the side of the main computer so it will act right lol