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!

[Robgrey]

I don’t think they base the offer just on processing. I keep a ton in savings folders. I think it’s based on many things AI 

[Twpchair]

You are correct! They have shareholders to answer to, the market, the economy, the Feds, and interest rates all play into as well. But, all of the above has started to mellow out and maintain pretty steady. The Feds indicated they aren't raising rates, and that makes lenders feel better to open up a little more. Hopefully, offers can come up some and more going out! 

[Twpchair]

Ughhhhh,  with you and your year ordeal, I was screaming with joy just to see you post you got an offer! Unfortunately, it is lower than normal, but honestly, about 90% I've seen have been. Hopefully, things will pick up and offers with the latest news from the Feds. The market isn't crashing but is maintaining pretty steady, and that makes lending companies feel better.

[Twpchair]

It's all computer generated. If they start asking for information like bank statement or business licenses, then a person is looking at it. After that, I'm not sure if that person determines your loan or back to the algorithm to determine your factors and offer. I'm guessing only I'll take number 2 on that. Anymore offers are tending to be around the same as the last one or lower. Anymore, I'm just happy to see them moving! All the factors outside of sales are starting to Mello, and Feds said they weren't raising rates. Hopefully,  things will pick up and the offers. Way too many 2-3 mths completely paid off and no offer yet? I want to see this board to just light up with offers! Good luck to you and everyone waiting! 

[Twpchair]

Congratulations again and way to go! When I see big box chains closing up and small businesses kicking it, I love it! Sometimes, it's hard for me to see small businesses pushed to the side when, at one point, we were always considered the backbone of America and around the world. I love it and way to gooooooo!

[Robgrey]

Absolutely 💯 

keep up the good work!

[Bonzy2010]

so do most of you usually get an offer like well after the numbers update for the day or do some get it during the update? I'm trying to see what the consensus is because I never really paid attention to when the offer would come in vs the daily update.

[photoguy2019]

For me my dashboard usually updates around 3-4pm and the offers usually come in later around 6pm

[Fromwithin]

How can you tell the time your dashboard updates?

[Bonzy2010]

if you currently have a loan in progress..look under the "Loan Repayment" line and it says when it was last updated with a time stamp. If you are paid off then someone else might can answer that if it is even there where it would be at.

[Twpchair]

Hello, mine ALL come later. I updated 1-3 pm Eastern time. All the offers I've  had since the metrics came into play all have been Saturday night after 2-3 busy days, and Thursday is pretty much identical. My range for % paid back was 84% 91% and 69% this last Thurs? Offers 1st one, same as last offer. The 2nd one at 91% was 1k higher than the previous loan, and last was double of my highest offer. 

[Twpchair]

Yes, after you update (mine 1-3 pm Eastern) offers 7-10 pm 

[ohboi]

Finally got a loan offer after waiting for almost 3 months. Was 100% paid off and in food industry. It was 1,200 less than previous offer

[coolcoffeecrumb]

SUPER CONGRATULATIONS!!!  You have been paid off for almost 3 months?  This gives me hope as I have been paid off for 2 1/2 months.  May I ask what industry you are in?  I am in the restaurant industry.  

[Twpchair]

Food also 😋 

[PFS36]

Hey! You still got one! Congratulations 🎊 

[Healthyketo]

Yay! That’s awesome news! Congratulations! Send some positivity our way! 🙌🏽🙏

[Twpchair]

Congratulations again! I'm so happy to see this this thread start to open up  

[Tyconcrete]

Well I spoke with a so called  loan specialist at square  .unfortunately same old things you can read up on is all the give . Very frustrating to deal with it no reason to why just there algorithm they say .lol but happy that others are getting loans pray for more people get them that need them fast 

[Twpchair]

Definitely, nice to see movement! And let it continue! Scrolling up there was 2/3 more in a day. Still need to clear some of this board. 

[ohboi]

I’m in restaurants! I thought they forgot about us lol