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]

🙏🙏 praying for all of us today! 

[PFS36]

It's definitely in God's hands . I pray you get one today! Business has picked up at our lil place and we're so thankful,  but a sq loan would put us back ahead. We had our vent hood go out, plumbing issues at our house, and this hot, Southern Summer has kicked our utilities through the roof. Not to mention payroll,  supplies,  food, etc...

[PFS36]

I'm hoping as quiet it is here, that everyone got an offer 🙏

[Healthyketo]

I wish! 😢 updated around two something no offer. Hopefully tomorrow we should have a big day tomorrow hopefully something will trigger

[PFS36]

We updated at 2p cst on the dot, and no offer.  88% all green metrics. 

[Bonzy2010]

updated at 1:36 ct no offer..hope you guy gets yours soon so the rest of us still have hope lol. the higher % you hit makes me feel like my 78% is way too low to be considered nowadays

[PFS36]

Yeah, the people waiting after completely paid off makes me think our wait is going to be a long time.  😟

[locksmithnick]

I got mine this week at 78%.

[PFS36]

I forgot about that! You sure did. Do you process every day?

[Bonzy2010]

oh nice! so maybe I could be in the new range then. Prior to this loan I always had one before 70% this current one was at 73% if I remember correctly so this 78% is currently the highest I've hit in 12 loans.

[jackiebee12]

updated at 2:36pm. no offer. 92% paid off. metrics all green. my weekly processing is up $1000 from my average weekly processing. I close on Saturdays 

[MrBond705]

Wow this crazy..

[Twpchair]

How many are on here now waiting and completely paid off? If you don't mind sharing, how are your metrics? @Healthyketo got ya, unfortunately 😕 thank you!

[PFS36]

We're 3 days paid off and almost 500% up in sales. No offer. All green. 

[Twpchair]

Ughhhhh,  I knew you were really close! Thank you! And good luck! I think before I told you with those numbers I don't get it?

[PFS36]

Thank you 😊! Yeah, Square is very peculiar. 

[Twpchair]

Peculiar or Bipolar I'm not sure which yet? 😆 😂 😅 no, unfortunately, we got so used to years ago myself that I could about 75% guarantee between 70-75%. I would have an offer and always bigger as I grow at a fast rate. And then Covid and lock downs. I'm from Michigan, and we were one of the very last to open up!  I won't go into the extremely crazy "rules" we had, but it threw a wrench in small businesses bad. Many didn't make it, and most are just starting to kick it in again. You add in the economy, the market, and an election, and personally, I can see why lenders are holding tight right now. The Feds are holding tight. The market has been staying pretty normal for the last 2 years anyhow. I have seen more loans going out the last 2 weeks than all of last month. At least for the ones that post on here.

[Jjpainting]

In response to one message you wrote about metrics and so forth…did you see the post from the person who got a loan offer after a few days of zero processing?   Just goes to show you that no one knows how the algorithm works lol. I got all but one of mine after I had a huge increase in sales over the prior 3-5 days. The last one, I just had average sales that week but was 92 or 93% paid off. 

which city in Michigan you out of?  I’m near the walled lake/novi area

[ApexSupply]

Think I’m all better from the Covid never had it before the first couple days were rough. 

also there’s a possibility that the metrics DO matter but there’s a delay from when you’ve met the criteria and the loan offer gets sent. If that’s the case we would have to be able to look back say 30 days ago to see what was happening or whatever time frame. And that means we’re trying to base it off short term Ike the ast weeks activity when it’s already possibly been decided?

[Twpchair]

Could be? If my busiest days are Thursday-Saturday and then Monday and Wednesday. That's my normal thing. Tues is the slowest day of the week for me. My offers tend to be on Saturday and Thursday. I've had a few here or there on a Friday or something, but when I went back, my paperwork at least and dates are Saturday and then Thursday. If I am pretty consistent, then who's to say that wasn't last week's stats? Thanks, now something else to think about or dig into. 😆 🤣 😂. No, I gave up guessing that! I've got a better chance of hitting the lottery 2xs!

[Twpchair]

I'm glad you are feeling better, too!