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!

[kkphoto]

Omg I was just approved!! Just a recap for anybody checking in: was sitting at 89% paid off on my current loan, with some of my factors noted as "needs work" ( my sales/processing volume has been down since last year, in the wedding industry), but I got a loan offer higher than my previous loan. Took a little over 48 hours for approval, no hiccups, but scared me because usually it was an instant approval. SO happy right now! Crossing my fingers for the rest of you! Good luck!

[Healthyketo]

AWESOME!! Hope I’m next! 🙏🙏🙏

[Tyconcrete]

That's awesome glade for you hope everyone one else is soon

[Twpchair]

Congratulations!!!! I'm so glad to hear this and higher at that! Thank you for sharing and helping others, trying to hold strong 💪 

[Bliss-B]

Hi Everyone, I hope you are all well. 

I've just swapped over to Square from another payment merchant ( about a month and a half ago ) I was wondering how long did it take you for people to get their first offer. 

We hit all the metrics on the checker pretty much in the first two weeks of using the platform. If it takes a few months or say 6 months I'll stop checking it every now and again for a while 😊

[ohboi]

When we first used square we got an offer our first  2 weeks in. But times have changed so not sure if that information is relevant anymore 

[Healthyketo]

When I started with Square back in 2021 I didn’t get my first offer until 10 months later.

[PFS36]

I think ours took about a month,  but not sure.  I know we processed about 40k that first month and a half. 

[Twpchair]

What is going on this weekend in our new and ughhhhh best thread in Square a fellow business owner called it loanerville and it fits perfectly! 

[photoguy2019]

Yes it does! Haha good to see you and others keep everyone motivated throughout our stay in Loanerville. I know i won’t see a offer anytime soon at 56%  but i am fingers crossed for y’all today!! 

[PFS36]

No offer here. 90% all green.  I believe the Square Master dislikes me.

[Tyconcrete]

 you me and a bunch of others as well .

[ohboi]

Got approved and in my square balance all in 5 minutes. There’s hope all my restaurant people!!! Let’s goo 

[Robgrey]

Congratulations 🎊 

what kind of processing have you done this year  and loan did they offer? 
Again congratulations 

[PFS36]

Restaurant people unite!!! 🤣

[Twpchair]

Ok 👍 wow so happy to see our loanerville light up! Congratulations to you 👏 quickly too! Let's keep it going for all those waiting! I'm so happy to see you get an offer. 

[Healthyketo]

Let’s hope for some movement today! 🙏🙏 paid off for 2 full months sales are up for the day, month, 3 months still waiting for an offer hopefully my day will be coming soon. Best of Luck to all of us waiting! 

[BWcreamery]

So sad to see you still waiting!

Today makes 1 month paid off for me. All green, still nothing here either. 

Hopefully we see something soon!

[PFS36]

That is just awful.  I don't understand what is going on with yours.

[Healthyketo]

I have no idea either our sales have only went up. I have called multiple times, spoke to someone in loans, spoke to my account manager to see if there was anything I can’t see on my end that would be holding me from receiving one. They all say my account looks good and they hope I receive one soon to lol so I just don’t know. It’s like playing bingo. I hope my card wins soon 🙏🤞 

[eatMoroccan3119]

Restaurant business here. Our last loan was 64k and we are 86% paid back now. 

Was offered a new loan for 31k on Saturday evening. Just applied to accept it this morning. Will update when approved. 

This offer was half of the last one, it seems because our sales have dropped 25-30% the past 4-5 months. 

Also my personal credit was not that healthy due to high credit card debt, though this is not a factor in loan eligibility, I'm not sure if it will affect the approval decision + the slowed sales numbers.  

I will update you all.