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!

[Twpchair]

I wish you the best as well! You are kicking it and that's all that matters! I'm watching big box close and guess what WE are stronger and tougher than ever!

[ClubJovonnes]

Made the mistake of making a manual payment Thursday that's posted but still showing as spending in metrics. At 88% so hopefully it goes away quick and I can get an offer

[Twpchair]

It can take some time for it to post. It's been averaging around 7-10 business days to totally clear out the loan. Did you read on the loan section or know it takes some time for it to be totally clear, and then when it does, it's 2 weeks to get back in the algorithm system. I am not trying to be a Debbie downer, honestly, but I just wanted you to know if you didn't already and think it flew right through. Congratulations on paying that off and hopefully an offer to follow! Good luck to you and everyone waiting. Please keep us posted on how it's going with those who are thinking about paying it off early, especially 

[Malamaark]

Wish it was easier to determine eligibility, have had my last loan paid off since the 29th of June and still no new offer, everything in the green sales up and increasing each day, have an opportunity to grow the business with a small loan but nothing yet  fingers crossed it won't be long 👀

[Twpchair]

Good luck to you! Growth is amazing 👏 it's been rough as you see. I truly wish you the best, and hopefully, that Ole algorithm will kick in! Please keep us posted. It does help others to get a feel for what is going on with the loans.

[hopecafellc]

Just got a loan offer on one of our locations today!! (Still waiting for approval, so not singing victory yet). 
85% paid.

Sales 116% from same point last year. 
7 years with Square.

This would be our 11th loan. 

Offered 35% less than last time, the equivalent of one month's gross sales. 

[PFS36]

Woohoo!!! Congratulations 🎊 

[Healthyketo]

Anyone gotten anything yet? 🙏🙏

[PFS36]

Not even a High Five or Birthday card lol

[Bonzy2010]

how do you find out the date of previous offers without having to go back to the super old emails of those offers? Pretty sure I deleted them after soo many years of emails adding up

[Tyconcrete]

On you square dashboard  .should be on the loans .is were I go to see my old ones

[Bonzy2010]

all I see for my previous ones are the "paid off" dates not the date the offers were given

[Tyconcrete]

We're it say paid off click on the loan should give option to download it how I see mines

[Danscottf]

.

[PFS36]

Congratulations! Which industry?

[Knight87]

Got it today, info to follow when and if approved

[Tyconcrete]

Awesome news 👏 🙌 😀 

[DaphySomm]

I'm sorry you're going through something similar to what other small businesses are going through. I've noticed some stats were tossed about how much in loans was given, but what they didn't tell you was to whom they were given. Square is definitely showing favoritism amongst its sellers. I, too, have excellent loan repayment history with Square. All my loans have been paid off or renewed within 8 months of receiving. This time I decided to pay off the loan and continue processing to receive a higher loan amount. Even doing that, the so called algorithm didn't do what they claimed it would. I for one do not believe they actually use a algorithm. I too am dropping square for something better. I knew this day would eventually come considering how long it takes square to meet industry standards. Look how long it took them to roll out bill pay or have a decent booking system. I hope you find a better more efficient POS system that actually values you. Square will say you are valuable but then show you that you are fodder.

[GlitzyCow]

Square will 100% not evaluate you for a loan until 7 days after a manual payment. 

[ls725]

1 month fully paid off and no loan offer in sight, sales are still steadily increasing daily. I just want to know whyyy.. lol

[Twpchair]

That's the million dollar question! Unfortunately, nobody has cracked that algorithm yet. There are a few on here 2-3 mths paid off and waiting. Hopefully, things will pick up soon, and loans will take off. Lately, it's been spurts of 3-4 people in a day or two with offers and slows down. Good luck. Please keep us posted it helps others, too