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!

[brown17]

lled in to inquire today as I have been with square 7years now and never been offered.  i have also had many loans with them.   I did however just get a generic answer that accounts are reviewed daily blah blah blah.     Didn't get specifics n what qualifies you and what doesn't 

[PFS36]

The generic answer is all we're getting, too.

[Twpchair]

Unfortunately, with the card, it's being tested in the Beta group, and it is not available to everyone. It seems to be going good there, so hopefully, in the future, it will be available to all square users. I'm sure they will have qualifying meters and such. But it's better than spinning the wheel of the algorithm everyday!

[PFS36]

From what I've read,  it looks like they started this in 2022. That's a long time to be trying out a new option. 

[Twpchair]

I know, right? I just signed up for testing new log ins and easier ways to navigate the platform in the back. 😆 🤣 😂 It took me 20 minutes to get back into here! Day 2, not so hot, was my reply! The Beta group has been using them, and so far, as of late, no hiccups have been running pretty smoothly. So, hopefully, they will announce how it works. Do we apply, do you have a set limit, etc, I do know in that Beta group if you get a card you are not eligible or will get an offer for a loan. It will be interesting how that will work out for some. Something we think is so little affects others differently. Hopefully, things break loose soon. 

[Jjpainting]

Did you ever find out any info about this.  I never knew they even had credit cards until i read it in a post last month. I did a quick google search and from the one article I quickly glanced at, it was still like in its testing phase and only offered to a small group but that could have been an old article. A line of credit would be the better way to go. Wish they would do that in place of the loan with a set interest rate on just what you use.. They probably could give out higher limits, cause people would be inclined to only use what’s needed due to interest rate. 🤷‍♂️

[brown17]

Never knew they had a sqaure credit card. How do.you see if your eligible? 

[Paulynne]

From my understanding, it is something they have to offer you. And it seems to be offered to people who are making about $500,000 or more per year.

[locksmithnick]

I got mine in November and only ran $175k through Square that year. I also got my 20th Square Loan that same month. 

sitting at 77% paid now…and should hit over $200k in sales. 

[PFS36]

We're at 180k right now so I'm not sure. Most small restaurants do 1m and under. The big box restaurants use a different POS, so not sure what Square is up to.

[PFS36]

We got our first offer at 40k, and our second at 75k .

[Twpchair]

If you are eligible you will be notified. They tested it in the Beta group and seems to be moving along and hopefully soon they will announce how, who, what needs to be done if anything. It's just in the testing process and hopefully we will see soon!

[Twpchair]

He got very lucky, and in the early stage, it probably just snuck through. If you are eligible for a card, you are not eligible for loans. This is being tested in the Beta group for a small group of people. It seems to be going good, and no hiccups really. I had to read 4/5 different articles on it. Sounds great hopefully it works and offered to everyone and can replace the loans and the mystery algorithm! Going forward is a great thing but it doesn't come easy or without delays and bugs to fix.

[locksmithnick]

My Dad currently has a Square Card AND an active Square Loan offer in his account right now… 

[Healthyketo]

Has anyone gotten anything lately? 

[itisnotjustpiza]

Negative.  Still waiting and sales are up.  

[Twpchair]

I didn't see you 😕 I was hoping so bad to see this board clear, not fill up! It's rough, and I wish I could tell you that it's coming hold on, but I'm seeing it everywhere, and it's not good. All lenders are holding tight right now, and when the news talk about the market crashing all over the world and then "recession," they are watching. They have holders to answer, too. If the media would stop with talks like this and raise that interest rate now, smh. It's got to settle down from a crash to up and back down it's crazy. I really hope you and so many others get something soon. I really have been there and done that, and I know. Good luck and keep us posted and keep pushing them sales! 

[Tyconcrete]

Thanks like I said at least almost done so I may not end up needing it school back in now tx .so sales going up everyday little by little so .12k and change left .

[Twpchair]

I'm retail furniture, and this is our busiest time of the year till Christmas, but in Central Michigan, I sometimes freak out if it's a bad winter. That's when I make sure my line of credit is at the credit union and all late spring till the winter. No loans, and I put 10% a day away in my savings account, and I don't touch it. I can pay bills, keep up with supplies, etc. It adds up fast when you're busy, and you can put 50-100.00 away, and you get that interest. Good luck 

[PFS36]

Nothing at all. Something seems weird with the food industry at this point. 

[Healthyketo]

Right, my thoughts exactly! Probably too many restaurants closing down and defaulting on loans. But if only square would jump in and extend the capital that maybe could have saved a lot of places. Who knows?