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!

[Jjpainting]

Yeah this is just ridiculous. Just out of curiosity, your last offer of $25k, was that offer much higher than the previous.  My 4th loan offer last November was almost double the previous one, then when my 5th offer came last month, it was cut in half back to the amount of my 3rd offer and I’ve noticed that most of the comments on here, from who just recently received an offer and it was much lower, was the same scenario as me. I’m already 30% paid on my current loan and only one month into it. 

[Robgrey]

Currently @ 79% paid back in just under 6 months.  Waiting for my next offer!!!

[Twpchair]

Good luck!!! We have a great business waiting that gave this little thread a name...Loanerville 😆 🤣 😂 it fits perfectly! Welcome back 

[PFS36]

This is crazy that everyone is waiting so long. I'm at 91% all green and still no offer. 

[Twpchair]

No, I've never seen this many paid off or the higher % that I remember. I still watch all the other pos forums, and they are stating the same thing. One, I believe (don't hold me to it), I believe, called Stripe their user were livid when they updated their loan policies and added borrow and / or co-signer if needed. Apparently, it wasn't there before going off of their comments. So lenders are still holding tight.

[indiaink]

is there a method to the madness on when you will be offered another loan?

[Donnie-M]

@indiaink I finally found the algorithm posted somewhere deep deep in a reddit article.

Square Loan Offer Algorithm:

1. Initialize Offer = Yes.

   • Set "Offer Status = Pending Soon."

2. Check Seller’s Sales Volume.

   • If Sales Volume < Threshold, proceed to Step 3.
   • If Sales Volume ≥ Threshold, proceed to Step 4.

3. If Sales Volume < Threshold:

   • Set "Offer = Maybe."
   • Display message: "Keep up the great work! We’ll review again soon."
   • Redirect to Step 5.

4. If Sales Volume ≥ Threshold:

   • Set "Offer = Likely Soon."
   • Go to Step 6.

5. Evaluate Account for Inactivity:

   • If Inactivity > 7 days, set "Offer = No."
   • Display: "Consider boosting your sales efforts."
   • Return to Step 2.

6. Analyze Account Consistency:

   • If Inconsistencies Found, set "Offer = Re-evaluate."
   • Loop back to Step 3.
   • If Consistent, proceed to Step 7.

7. Request Additional Documentation:

   • Wait for Seller Response.
   • If No Response within 48 hours, go to Step 8.
   • If Response Received, return to Step 4.

8. Reassess Loan Parameters:

   • Randomly adjust Threshold criteria.
   • Recompute Sales Volume by the factor of the Airspeed Velocity of an Unladen Swallow  
   • Loop back to Step 2.

9. Final Decision:

   • If "Offer = Yes," display "You’re eligible for a loan! Details coming soon."
   • If "Offer = No," display "Keep up the good work. We’ll review your account again soon."
   • If "Offer = Maybe," repeat from Step 1 for confirmation.

10. Completion:

    • If Offer Status = Pending, return to Step 1.
    • Otherwise, close the process and notify the seller: "We’re still evaluating, please stay tuned, more detail soon!"

Key Terms:

Definition "Soon": Block, Inc. All rights reserved. "Soon" does not imply any particular date, time, decade, century, or millennia in the past, present, and certainly not the future. "Soon" shall make no contract or warranty between Square & Block, Inc. and the end user. "Soon" will arrive some day, Square does guarantee that "soon" will be here before the end of time. Maybe. Do not make plans based on "soon" as Square will not be liable for any misuse, use, or even casual glancing at "soon."

Now<---------Pesso Very Soon---------Soonerino---------Very Soon---------Soon---------Very Soon-ish---------Soon-ish---------Soonish...er--------->End of Time

I hope this helps and is the most accurate answer I can give.

TL:DR:  They continually evaluate accounts on an ongoing basis.

[indiaink]

😂😂😂

[TheRealChipA]

OMG @Donnie-M. After reading that, I’m worried you violated your NDA. 😉😝

[Twpchair]

Here, I am looking around my past offers vs. sales, and I am like, hmm, either onto something or he nailed my last 3/4 offers. Especially the last one at 69%??? A few weeks back. I don't look daily except my metrics and then my bank. I'm not sure why I've only had 1 deposit in a decade that didn't go in at night, and that was on my banks part. They were down for maintenance. 

[Healthyketo]

Nope you’re pretty much in a waiting pool hoping to be chosen. Lol been paid off since June 28th and still waiting on an offer 😒 all metrics on good standing and nothing. A lot of others are also in the same boat as me. 

[Twpchair]

Ughhhhh, you are one I look for everyday hoping to see that offer come in for you! Come on Square loans 😫 and drop an offer tonight! 

[Healthyketo]

🙏🙏🙏praying everyday! 

[Twpchair]

Hello, here I am checking on you! If you don't get an offer soon, I'm going to start calling Square, too! 😆 😂 😅 ughhhhh,  it's not funny 😐 I know it's getting crazy! I'm pulling for you, and half this thread is!!! It just blows my mind, really. I'll be looking later and hopefully shake loose tonight! Good luck, and I hope your offer comes through and it's a good amount for all your waiting!!!

[Healthyketo]

Good morning! Unfortunately I’m still waiting! 😒 I want nothing more to come to this thread and say “I FINALLY GOT AN OFFER!!” But nope nothing yet. 😭 been paid off since June 28th called square several times. They even seem to be rooting for me with “I hope you get an offer soon we’re really sorry about this and we understand your frustration”  lol 🙏 maybe one day I’ll get one lol

[Twpchair]

Unfortunately, not that anyone has been able to figure out. There are many who have tried. In just my experience only and it could be just a coincidence. I've noticed myself after a really busy 3 days or 3 day sales I do and a lot of processing and higher dollar amounts (retail furniture) depending on my percentage paid back 75% or higher now. It seems to kick in an offer late Saturday? It is a coincidence, I don't know? But my last 3 all came after big ticket sales and 3/4 times the processing. My percentages were 91%, 84, and the last 69%!!!! That one kinda threw me off. Because it's been trending, a higher percentage paid back or completely paid off ( not all) but for at least 70-75 %. We are all different. How we process is different and frequency. So if my processing increases and the dollar amount increases and everything is doubled, is that triggering something? I don't know, honestly. If I did, I would certainly be screaming from the rooftops!  That's why we are here to help each other and keep each other posted when an offer comes in and all the information you care to share. Good luck to you and everyone waiting

[Healthyketo]

I’m on the same boat been paid off since June 28th everything good and still no offer! 

[Jjpainting]

Well I’m about to find out if pipe has any impact on square loans. Was just offere a loan with square  still no where where I wanted to be at but it’s better than the $6300 before. They offered $9700 (about 6% of yearly sales). I’ll keep everyone posted if it gets approved 

[Healthyketo]

Congrats! I hope you get approved! This is your second all within the time I’ve been waiting! 🙏🙏🙏 I hope I get one soon! 

[Jjpainting]

Approved in a few min as usual 😁. That was much needed with all my crap going on. 

[CTC18]

What percentage was your current loan at? I tried scrolling back but couldn’t find it.