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]

You are on the same boat as a lot of us. I’ve been paid off since June 28th all green in good standing and nothing. Had 6 loans with them and paid off all way before the due dates and no offer in sight! Very disappointing! 

[Tyconcrete]

It is but hopefully 🙏 it will come soon

[cmeshine]

Yes, received a loan offer at 83% this past Saturday.

[Tyconcrete]

That's awesome give me hope .and congrats. 

[Craftsmandrywal]

Hello, 

we have had 2 loans with square and fully paid off our most recent on July 9th.  We fully expected to receive a new offer and 1 month later we have nothing.   Everything is good and green.  Our sales are up 842% from last time they offered us a loan. Weve never been late.  We paid off both loans early.  Ive called customer service 3 times and nobody will telll us whats holding it back or help in anyway.   @ links to members

[TheRealChipA]

Hey @Craftsmandrywal.  First, I know for a fact that loan offers are going out.  I’ve receive at least 4 (a few more I think) in the past few months, even though I’m not looking for a Square Loan.

I can give you some insights but of course no concrete answers.  

It seems that right now Square Loans are coming later, even much later, than in the past or what sellers expect.    Why?  Because if you read the news, or follow the financial journals, you’ll see that all lenders are being very conservative about how much they have on their balance sheets.  Rates with the Fed are still high and will only come down slowly.  There is talk every day of a looming recession, which I think is crazy since the signs for recession just aren’t coming together.  But markets don’t like that kind of talk.  The point is Square is not the only lender who is holding back.  I’ve seen sellers here waiting until the 90% range to get a new offer, and more than a few who completely paid off their existing loans and then waited a while (weeks if not months) before a new offer showed.  This, as they say, is just the way it is.  The lending market is being highly conservative and cautious.  Hopefully, that will change soon.

Unfortunately, no one at Square can tell you much more.  Square uses an automated algorithm to determine whether or not offers will go out, and human intervention for this process does not exist.  The loan status dashboard just highlights potential problems and bottlenecks, but it DOES NOT guarantee that if everything is green then an offer should be coming — soon or otherwise.

If you really need money now, of course I’ll suggest that you reach out to your local bank or credit union.  They might be able to help, but they might not.  This conservatism and reluctance to have too much loan exposure on balance sheets is worldwide right now, unfortunately.

Regardless, I wish you well.  And, if this LONG reply is too much — and all you meant to do here was vent your frustrations and didn’t want feedback — then please accept my apologies.

[Healthyketo]

Sounds like a lot of us. Been paid off for 7 weeks already never late on any of our loans and no new offer. Very sad!

[coolcoffeecrumb]

Yeah, I have been paid off since June 8th, all green, no issues, no loan.  I have spoken to them and same generic answer.  Very disheartening.  

[Tyconcrete]

I have called as well same bs .they say nothing is wrong with account so .

[Twpchair]

It is, and I jumped on other pos forums, and they are not happy and passed given up on it. 3-4 have been waiting since last summer when it did this. A couple of them went to their banks, and they left right away. They said 802 credit score been with them for years, etc. Sounds all great until they wanted their vehicles as collateral the husband's work tools, and they left over a 15k line of credit. I hate to see people hurting that need it to replace broken pizza ovens or an opportunity to expand and grow. People send me messages and ask why did she get it 82% and need to work on multiple items, and I'm up 200% all green and paid off? I don't know believe how that algorithm is set or if this page would be empty! But I see our new little town loanerville is growing fast. Good luck 👍 💓 and I hope it is tonight for you 

[Twpchair]

It's not you if scroll down through the feed. There's a good bunch all paid as well. Lending is tight right now all around the world. When they start talking about and using words like the stock market just crashed all over the world and recession it's lending usually 💯 has shareholders to answer to and books that need to be good it tightened up. We also have an election coming up and they are watching that as well. All we can do is keep each other updated on share information and hold tight. Hopefully, with those numbers that Ole algorithm kicks in and picks you off. Good luck to everyone waiting 

[Bonzy2010]

81, all green still nada

[PFS36]

At this point,  I've decided to start collecting aluminum cans off the side of the highway.  Might possibly start selling pics of my dog's paws on onlypaws. 

[Bonzy2010]

let me know when you want to start, I'll join in and we'll double the cans collecting 

[PFS36]

You got it! We'll load a truck up lol

[Tyconcrete]

I come help I get a semi .I noticed my updates are all ove one day a 1pm then 3 pm 2pm 4 pm 6pm all over .not sure how or if it's normal or not. But anyways keep on doing what we are .I pray 🙏 🤲 every one that needs it hits tonight or very soon. 

[PFS36]

Our update has no rhyme or reason. It can be 1pm or 5pm. 

[Tyconcrete]

I did go back and look at all my past loans 3 of them came in on a Sunday and 3 were on a teusday  so .not sure if  that means anything or not so .

[yoyobanhkhot202]

Hi everyone,

i got money from Pipe last week. But I don’t know how to make daily payment to Pipe. Someone please tell me the way. Thanks so much.

[Twpchair]

Let me tag in a user who has provided great insight. @Jjpainting arent you the one who received the first or 2nd Pipe loan? If im not mistaken you had a slight issue with 1-3 days where they didn't take out the payment every night like square and Boom took out or wanted multiple days at one time? I apologize if it wasn't you. If not hopefully the right poster will pop in. 

[Twpchair]

1. You might want to call soon and make sure they are taking it daily and not 3 or 4 days at a time! I don't have it and never used it. But others stated at first it's not pulling out daily like Square and boom 3-4 days later of busy day a big chunk was due. I'm not sure if it was just the whole first processing hiccup or if it has continued. I have only seen others state the first withdrawal and if they don't take it call and ask about weekends and holidays! Good luck and please 🙏 keep us posted as have this thread lately has been approved!