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]

This is not abnormal. I didn’t get my second offer until a couple days after my first one was 100% paid off and I’ve seen a lot of people say the same. I’ve seen some get an offer earlier of course for a second loan. But my second came after first was 100% paid. Third came at 80% then 66% then 91%. So it’s all random and different for everyone 

[Healthyketo]

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! 

[coolcoffeecrumb]

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.

[Healthyketo]

It’s on my dashboard under projected growth 

[coolcoffeecrumb]

I am BLIND!  Thank you!!! 

[Twpchair]

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 

[Jjpainting]

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!  

[Healthyketo]

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

[Jjpainting]

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?

[Twpchair]

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!

[Twpchair]

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. 

[Healthyketo]

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

[Fromwithin]

Mine was paid off 2 months ago… everything is green, still no offer ugh

[Twpchair]

Ughhhhh, I am so sorry. Unfortunately, you are not alone 😢 I hope things start moving soon! 

[Robgrey]

Update update update. 

I received my new offer yesterday at 79%

My previous loan was 100k paid back 79% in right at 6 months.

Sales and processing were way up and this offer was $106,000 k my daily percentage went down to 18.5 from 20%

I accepted offer and was approved and deposited today.

Should have this paid back by the same percentage around the first of the year.  Square is still actively lending. They are just choosing who to loan to and how often.

Good luck and happy processing everyone!

[PFS36]

Congratulations 🎊 a lot of are pulling for Keto to get one, soon!

[Jjpainting]

Congrats on the loan. Mind me asking how much you have processed this past year (by that I mean previous 52 weeks)

[Robgrey]

So this latest one I did 857k on offer 106 k and my last offer was 707k processing and loan was 100k. 

I thought the increase should’ve been more but then they lowered the repayment rate. It’s just a computer AI making the decision?? 

[Jjpainting]

thanks for the info. I just like to know others loan amounts based off a percentage of sales. It looks like you’re between 12-14%. My fourth loan was my highest as based of sales at 11%. My current fifth loan is a whopping 4.2% based off my sales with sales increasing from 128k to 150k between offers. My repayment went from 17.25% down to 12.5%. 

[Twpchair]

Hello, I think I saw your post earlier about waiting to see if you can get a higher offer by waiting? Unfortunately, from all I've seen, they have gone down, or no other offer came at all. You went back into the lottery drawing or algorithm. My last 3 offers lower than 1k higher, and the last one double the previous. Since last June, when I really started to watch the trends, maybe a handful had a significant increase, that's it. Either the same as before or less. Good luck, and let us know if you don't take it, and you don't mind to say hey wow it went down even more or up. It is your personal information, but it does help others know. Hmm, maybe I better not wait or ok. Let's roll the dice. Good luck to you in whatever way you go! BTW, way to kick some butt this summer and painting like crazy! Definitely, getting it done congrats to that

[GlitzyCow]

That is still good. I process more than you and only got a 47k offer. I was happy that the repayment came way down though.