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!

[hotpot1]

Not yet 100% paid off too

[BWcreamery]

I have been watching for a while now. I’m at 95% and still nothing. Owe $450 on a $9350 loan (10700 after fees) 

Received last loan in December. I’m shocked so many of us are this close to paying off or have completely paid off. 

Praying we all get one soon!

[Jjpainting]

Yeah I’ve seen a lot of posts on here of people’s last loan received last November/December who are waiting. My last one was November 28th. I got $1400 left to pay on a $14700 loan ($16927 total with fees). Frustrating. 

[thehealingplant]

No matter anything else, it's the lack of transparency. Ours was November 30th ironically enough and we just hit 78% today and will be under the payoff on the current loan credited to last by the end of the weekend. I'd take the exact same offer at this point but anything we can do to help keep us afloat in marketing.

[jackiebee12]

my last one was November 8 at 50% paid off and was almost double previous one. i had high hopes that I would get another at the 50% mark again or close after. 

i’m currently at 86% paid off and about to reach the “loan amount”. i’ve already paid off what was credited. i’ve always reached the minimum amount within 2-3 weeks. 

im in the same boat. if i can get what the last one was, it will be a huge relief. our first year took a lot of hits and i’ve basically been playing catch up ever since. 

we need to fix our parking lot and some spots in our building that have been leaking from all the heavy rain we’ve been getting 

[olivesageeee]

Sitting in the same boat! Hoping for us all. 

[Twpchair]

Unfortunately, it's been trending higher percentage paid back or completely paid off. Good luck to you!

[Twpchair]

Ughhhhh! Like I said I don't work for Square but if you watch last year's trend it was really dry June and and July were rough. But come September it was booming. I really hope you and all the others waiting come through fast!

[olivesageeee]

Yep! My last was in November, currently sitting higher than I’ve ever had to wait at 84% and nothing. 

[Twpchair]

I don't work for Square but I watch the trends. Especially, last summer my offer came in June and lowered than normal. Please 🙏 believe me as a fellow business owner they are watching the market and I don't ever bring politics into a conservative but watch the market and it's NOT just square it's all lending holding tight. I wish you the best!

[locksmithnick]

Mine was approved in 7 minutes. Money is on the way 🤘🏻

[ohboi]

That’s awesome locksmithnick. You got big money and the credit card! The rest of us restaurant people are out in the cold with square I guess. I just wished they would have sent out a memo and said they were not lending to restaurants anymore. 

[PFS36]

Guess we're gonna need to have a big sale on burgers lol

[ls725]

Where @?? I'm about to slide and buy some burgers from ya :D.

[PFS36]

🤣🤣🤣 Mississippi where you don't need a griddle because it's so hot.

[PFS36]

How long was it after you were updated for the day?

[locksmithnick]

Right about 2 hours. I knew something was going on within the account, because sometimes when someone is leaving me feedback or paying an invoice or whatever, my phone will get a random “connect a reader via Bluetooth in the Square App” (or something like that) and it did that, but no feedback or invoices were paid. So I went on the website, and there was my offer at the top. No email alert, just had to check the dashboard. 

[PFS36]

That's definitely a great surprise! Hope everyone gets one! So excited for ya!

[Alexis321]

Congrats!

[BlueStarDFW]

It’s a bummer. I know this is a nice service square offers, and they can do it at their own discretion, but the approvals are always so unpredictable. It’s like they’ve turned cash infusions into a drug habit. And we’re all just sitting around waiting on the next offer to hit 🤣

[PFS36]

Their stock is up, too.