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!

[stanleycourtney]

I did in April 24th It’s 80% paid back now and extremely lower than my last one… What’s the algorithm looking like? 

[NRVGuru]

Just reached 90% as well, even if it's lower than our prior loan, a renewal would really help right now.

[stanleycourtney]

Same. I just hit 92% and nothing so far... I gave up on it a while ago. 

[gabbyrppmn]

Sitting at 82% and waiting as well. I wish everyone the best

[GAA]

One a loan is paid off, how quickly do you get another offer?

[TheRealChipA]

Hi @GAA.  There is no hard and fast answer to that question, and Square employees can’t make any promises, either.  Loan offers are regulated by an algorithm that monitors our accounts, our card processing volume, etc, and will send us an offer when it determines we are eligible.  This can take days, sometimes, and weeks, other times.  I’ve even heard of months passing before a new offer is sent.  It would be wise to keep in mind that the lending market worldwide is in a crunch right now.  Lenders — even card processing merchant loans like Square — are being very conservative and limiting their exposure on their balance sheets right now.  This means that new loan offers are coming later than they might have in the past.  It also means that many sellers are seeing lower offers even if they have higher card processing volume.  Hopefully, the lending market will ease up as 2024 progresses, but of course there are no promises.  If you are absolutely hurting and need a loan now, your best bet would be to reach out to a local bank.

Best of luck,

[papaya19]

I am a little frustrated as I’ve been utilizing square for almost five years and have yet to receive another offer. All of my metrics are in the green, I am 85% paid off, and I consistently make my “minimum” payment a month and a half before it’s due every 60 days. The only thing I did different this time was link my bank account. Has anyone noticed if this changes things? I am losing hope. 

[frances_a]

Hello @papaya19 👋

I have merged your post with a thread discussing this same topic. I recommend checking out the Best Answer in this thread for more information on how the decision to offer a loan is taken.

Thank you.

[KIN1000xx]

I am curious as to why I have not received my third loan offer. I am now at 78% paid up , I only accepted 10k, it was my second loan. I didn’t want to get ahead of myself knowing I am moving out of state and relocating my business. When I was right at 75% paid off with my first loan, I received an offer for the second and didn’t accept the full amount.. now at 78% paid off and at a faster rate, I still haven’t seen anything. It’s saying “not eligible” but everything in the eligibility page is “good” anyone have a clue on what the hold up is? anyone else experience a delay in receiving offers? It sucks because I was sort of counting on it.. 

[Minion]

Hey @KIN1000xx 

Loan offers seem to be trending more toward the mid 80%+ before other sellers were reporting that they received another offer. All of your metrics are good, really it just seems like its a matter of you paying back a little bit more of that current loan before a new offer may roll in.

[Twpchair]

Like @Minion said the offers are coming in around the 80s not all of course we are seeing some upper 90s to paid off completely. Hopefully, that trend of completely paid off will slowly go away! Your 2nd and 3rd loans going off the majority seem to come a tad later. Nothing on your end and congrats on the move and increased sales! But, Square or the algorithm is still trying to adjust to your overall health, sales, processing, etc. Newer loans sometimes vary as they are learning about you and your business processing history is all. They want to make sure that they give you the proper offer is all. Keep plugging away and swipe as much as you can. Your metrics are all great that's great, your 1st loan was paid back successfully, and you're ahead on 2nd loan. Once you start to get into loan 4/5 type thing they have a better understanding of how much, how often, return vs new customers, and if you have any disputes or returns ( those try not to do or keep them extremely low) also @Minion was 100% correct say you owe 2k if you paid 750.00 of that off manual it bumps up your loan paid off. You do NOT have to pay it all off. Just an FYI if you paid it all off it takes 10-14 business days to completely square then another 10-14 days to go back into the algorithm system. If I accept a loan and right around your % I usually do around 750.00 or so. Whether it is luck or helps I tend to get an offer sooner than paid off. All we can do here is give our best opinions from years of experience and watching the trends. Until someone cracks that ole algorithm we are the best way to keep each other informed. Jump on the thread loans 2024 board that is the most current one. Good luck to you!

[Trainerjs]

We have paid down 78% of our current loan and all of our analytics are great but haven't received an offer for another loan yet. Anyone else having the same issues? 

[_Violet]

Hi @Trainerjs - Thanks for reaching out to us here on the Square Seller Community👋

I went ahead and merged your post to an existing thread where other Sellers have discussed this topic. Here, you will find posts regarding other Seller's experience with Loan offers.

We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future.

I hope this information is helpful but please do let me know if you have any additional questions.

[Twpchair]

You are my hero and go to gal! You rock and I hate to tag you all the time or poor Pete but you always help. You are a pure sweet soul for me to pass on information. 

[Twpchair]

My last offer was between 81/84% paid off in March after 3 busy days in a row late Saturday night. It was slightly higher and my bank account not attached to it. I turned it down then because I got a better line of credit through my credit union.  I stay on this page all year long after 12 years and it's been extremely slow right now with people posting Not everyone post but year after year square is offing loans but now it's trending a higher % paid back. Hopefully, that helps! If more people posted it would be great then you could see the trend! I wish you the best!❤️

[della123]

Yes I'm at 87 percent that loan would help me get more products in my store I'm still waiting they say it is computer-generated well computer generated I'm still waiting

[Twpchair]

It's trending higher percentage paid back if not fully paid back. One just posted 94% before the offer came in. Good luck to you!

[Twpchair]

The trend is actually a higher percentage paid off if not fully paid off. One just posted 94% paid off and received an offer. Good luck and no it is not just you! If you scroll down through you will see. 

[coolcoffeecrumb]

Has anyone had all your metrics "good" and not gotten a new offer after being 100% paid? I'm at almost 98% paid and no offer still.  I'm wondering if people aren't getting offers even after 100% paid. 

[mydpins]

I have been 100% paid off since 5/20, just had our busiest weekend of the year thus far doing significantly higher then our avg and still no offer

[Twpchair]

Hello, I was wondering what was going on with you? I see now. Unless I missed one all I have seen or posted here (not all do) one person I believe it was Sunday or Monday reported they received a new offer. The amount was the same as previous loan. His percentage paid off was higher as well. It's really slowed down like last Summer for a couple of months and then kicked right in again.