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]

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.

[Paulynne]

So it’s looking like you basically have to be paid off for a while to get an offer. Is anyone getting an offer with 70 or 80% paid off?

[PFS36]

I'm at 90% and all green.  No offer. 

[MommaRavs]

Fully Paid! And no offer. So sad for small business like us. 

[Twpchair]

I know it is. I really hope this breaks soon and lenders start to loosen up. Good luck to you, really.I know it's hard, and prices are just going up and up with supplies and inventory it all adds up way too fast. Please keep us posted it helps others to kinda gauge what is happening.

[PFS36]

At this point,  I think a few of us have a better chance at winning the lottery while getting abducted by aliens. 🤣

[Twpchair]

Yeah,  I don't recall ever seeing so many people paid off and no offer? I believe last week 2 people paid off and received an offer. Yet others 4/5 times a year 🤔 good luck to you, really, and everyone else paid off or not. I'm really hoping with all the factors not including you, but everything else is starting to stay steady, and the Feds indicated they weren't raising rates, which helps to open things up.

[PFS36]

Agreed! Hopefully we all get good news,  soon.

[Twpchair]

It is and I'm 😞 sorry. I really hope things start to open up soon and lenders will start to open up. Good luck to you!

[Twpchair]

Mine last 3 went 91% then 84% and my last one 69% ???? I went to look at my factors after a really busy 3 days running a sale and boom there it was. The only thing I can figure out was the sale, and a really big increase in sales triggered it? Good luck and fingers are crossed!

[Koleen1234]

I am at 75% 

Always had an offer come in and patiently waiting 

[Twpchair]

I'm so glad you said patiently waiting. I'm sure you have scrolled down and have seen the trend right now. Good news, hopefully, the Feds indicated they were not raising the interest rate. The stock market is staying pretty steady. Hopefully, they will pick up on lending out that cash cow! Too many waiting, and I want to see this board go nuts with offers! Good luck to you and everyone waiting!

[Twpchair]

I did at 69% a couple of weeks ago. In March it was 84% the previous one 91%. A small handful are getting them in the 60-70% right now, unfortunately. Hopefully, that changes soon. Good luck, and please keep us posted

[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

[Knight87]

Got an offer on Saturday at 84%, offer was 25% less than the last one, this is 12th loan, get one every 6 months, Last offer came ay 75 %, one before at 85%. On Monday they ask for additional information explaining reason for recent processing decrease, was on vacation so was closed for a week. Then on Tuesday they ask for more additional information,  screen shots for my bank statements and foto of business license. Once I uploded that deposit was almost instant in square account. Hope this helps

[Twpchair]

Congratulations!!!! And yes, thank you so much it does help others waiting!

[PFS36]

So, we did more processing this week than the last month and we updated today at 4pm cst ..... big ol Needs work in red. We jumped to 92% today and had a great weekend so far. This makes absolutely no sense.  I think the algorithm is drunk and we're thinking about leaving Square.  All the people that are paid off and waiting is bad enough,  but to just throw a Needs work in our mix is really frustrating.  You reach out to these people and all you get is the same generic response.