New Square Loan in 2024

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!

619,406 Views
Message 1 of 2,705
Report
2,704 REPLIES 2,704

Thank you! I did get an account manager so I’m hoping he can do something for me I left him a message! 

3,581 Views
Message 1639 of 2,705
Report
Square Champion

I'm sure they will! I'm not sure where you are I'm in Michigan and 3 hrs behind them. They usually call me between noon and 2 pm. When I had terminal troubles. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,495 Views
Message 1640 of 2,705
Report

Never lose hope!

3,749 Views
Message 1641 of 2,705
Report
Square Champion

Good luck to everyone waiting for an offer! We need a great Tuesday pushing out loans today!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,598 Views
Message 1642 of 2,705
Report

Hoping for miracles to happen today! Let’s pray someone on here gets an offer soon! 🙏  going on 8 weeks paid off all green no offer yet but hopefully soon! 

3,974 Views
Message 1643 of 2,705
Report

I have been paid off since 6/8/24.  Since you are paid off as well, do you see anywhere that it tells you when your account is updated?  I never started looking until I was paid off, and I don't see anywhere on my dashboard or under metrics that has an update time.

3,800 Views
Message 1644 of 2,705
Report

It’s on my dashboard under projected growth 

3,676 Views
Message 1645 of 2,705
Report

I am BLIND!  Thank you!!! 

3,653 Views
Message 1646 of 2,705
Report
Square Champion

Go to home page and scroll to loans and click on that once there you can click on the loan circle and right under that you should your not eligible or and offer but under that gives you all your needs work, card volume, new and returning customers and it goes on. Right there, and before you click this whole information on all your metrics on the right, it should tell you like yesterday at 1:45 pm updated. Mine is usually 1-3pm 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,270 Views
Message 1647 of 2,705
Report

Omg. I was just reading up on some of these comments these past couple days and I’m in shock to see that you haven’t gotten an offer yet. I was shocked when I was on here a month ago and finally got an offer. That offer was about half of my previous one, which during my busy months didn’t make much sense to me but still better than nothing. I’m already 30% paid off after a month.  Still wishing you the best of luck!  

3,397 Views
Message 1648 of 2,705
Report

Yep. Still waiting! 🫠 you will probably get another before me at this point lol 

3,333 Views
Message 1649 of 2,705
Report

By the way I have seen people post and reading old posts you may be right. This is my 5th loan which is the size of my third.  Whenever I see people with a lower loan size like this when compared to sales, ive read past posts about people getting early offers that end up being like there largest loan. Cause at the rate im going, my current loan will be 100% paid in 3-3.5 months, which I just find a little silly as it’s more of a very high interest cash advance rather than a loan which to me is along the barrier of predatory lending which I know square is not about.  If I were to guess, there algorithm has flaws lol. 

I sure hope you get an offer soon. It just makes zero sense to me. How are your sales vs prior years?

3,300 Views
Message 1650 of 2,705
Report
Square Champion

Hello, I posted mine last week, mine from last year, not 3nths ago, June. All percentages higher than everyone else was used to type things. Now, I don't accept every offer that comes along, especially usually between May-December and those are my busiest times. I believe you are from Michigan, too, if I remember correctly? But last year was our busiest winter and March I had another offer again, higher percentage paid and offer 1k higher than previous loans and at % to pay back and with rolling over zero dollars I took it! I look at how much I'm rolling over and the rate. Here comes another offer at 69% paid off and 2x the amount of the previous??? I didn't post it for a bit because, honestly, I felt bad with people waiting 3 mths paid off, etc. But I didn't take that offer because I would lose 31% of new offer and then the % right back up there. I don't get it, I am not one to try and figure out an algorithm of when, if, and why? That's beyond me, honestly. I have noticed a trend with mine, and it seems to be as close as I can do. I don't know if that's what you were looking for or asking, but if it helps you or others, great. I was just asking about you last week, and if you got funding and I see you did!!! Congratulations, and I know you can burn up a loan fast!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,255 Views
Message 1651 of 2,705
Report
Square Champion

Please 🙏 🙏 tell me you have received an offer? I have had a horrible month personally or with my family and have been trying to get on as much as I can. There's 3 I'm watching and now down to 2! Good news only ok. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,209 Views
Message 1652 of 2,705
Report

I WISH I can say yes but nope not yet! Hopefully soon! Lol I’m just living on a prayer at this point 

3,206 Views
Message 1653 of 2,705
Report
Square Champion

Finally! Look at this!!! Let's keep it rolling!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,589 Views
Message 1654 of 2,705
Report

So I got an offer last night.  Although I am happy to have one offered, it's an absolute slap in the face.  My last offer was a Sept 2023, $25k and only took $15k.  Paid off June 8th.  Last night they offered $3570? I mean sales have slowed down but are now just picking up.  Has anyone not taken a loan and then waited and gotten offered a bigger one?  I am a coffee shop/bakery.

3,472 Views
Message 1655 of 2,705
Report

wow...that's barely over 1/5 the previous haven't seen one that much lower vs a previous loan

3,568 Views
Message 1656 of 2,705
Report
Square Champion

I have, and honestly It was mind baffling. The new offer only covered the 21% he owed?? So if he took it he received zero money and paid off the balance 🤔 that one I've never seen before.

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,090 Views
Message 1657 of 2,705
Report
Square Champion

Ughhhhh, I can say congrats, and unfortunately, I cut it short like your offer smh. OK, let's get this rolling. Yes, I don't take every single offer. Maybe go 50/50. Now, this is me and my situation only OK because we are all different OK. Yeah, years ago, I could say I  would receive an offer and not take it, and depending on the first offer, I have received higher offers, and a few were lower. Lately, in the couple of years, if I don't accept it at first, I have received offers, but for myself, only none were larger they stayed the same or lowered it. Again, that has been my experience. The next person might have a totally different experience, though. Myself, I like to see multiple people commenting on their experiences in this area. Just sharing information and experiences might help someone else. But again I'm retail furniture and unfortunately how I process, how much is new/returning customers etc. We truly are different from each and every one else. Good luck truly, and I know it's hard and stressful. This is your busy time. You will be processing more and could probably pay that back pretty fast. Is this that moment when they say welcome to owning your own business 🤔 😕 Keep us posted if you don't mind. I'm curious to see if that offers and that you take it and pay it quickly if that triggers one soon after that 🤔 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
3,318 Views
Message 1658 of 2,705
Report

I got an offer of 8200 last week. I chose not to take via advice from these threads to wait for a larger offer. My offer dropped to 6950. I called in Monday to ask what happened and was told nothing was wrong and there was no reason why the offer was lower. I processed more, am all in green. I also noticed the repayment rate significantly higher than ever. I was warned if I do not take this offer another one may not come through or may be even lower. 

3,076 Views
Message 1659 of 2,705
Report