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!

[ls725]

I've noticed whenever loan offers have gone through their stocks were up at $80 a piece, they're now down to $58.. At one point Block Inc was at 200 something back in 2021, that's a HUGE dip.

[PFS36]

But, their earnings are up. Block is also discontinuing Cashapp in the UK. Looks like a lot of changes going on.  Now, this is just what I read the other day.

[Twpchair]

Square earnings and lending is up and has been year over year. But right now I think it just needs to calm down around the world and let the market level out and lenders can get back to lending! 

[PFS36]

Square could calm this side of the world if it would send me a nice loan offer 😀 😄 

[Twpchair]

😆 🤣 😂 I hear ya! I do have to say honestly, with all the people waiting for an offer on the whole, everyone has been pretty understanding, or they get it type thing. It's not you or your type of business. Lenders are holding tight right now. The market is going crazy, we still haven't passed last year's budget which has to be done by September! The next budget starts in October! September, we will know if the Feds raise interest rates or not? I'm hoping like last year, once September hit and the market was stable, the Feds did their things, and boom offers started moving great. Not that I don't like anyone but I hope you are all gone here soon (I mean that nicely 😉) Good luck to everyone waiting I truly hope it soon!

[Twpchair]

You are correct! Anyone can go jump on Facebook or reddit and look at all the other POS that do loans, etc. And they are stating the same thing! The market isn't steady. The world is on pins and needles right now, and it all comes into play. Waiting to see if the Feds raise the interest rate 🤔 I understand people are waiting and waiting and we will probably see a few here and there get offers. I just have a feeling until things calm down hopefully we can get back to business again! Good luck to everyone!

[Twpchair]

😆 🤣 😂 people are patiently waiting every night for little Jack to come around! At least you have a sense of humor! Honestly, besides that, there's nothing else we can do. It's like spinning that wheel and sees where or if it lands with an offer. 

[Paulynne]

So my account has been sitting with “Needs Work” for a couple of weeks now. I had a week of crazy sales and invoices paid about 4 weeks ago, and it threw my average weekly sales above normal. Now my account shows that I need work for my sales volume. But every week or month won’t be like that ONE week, it was very rare. I usually get a loan at 70%-73% paid and I’m sitting at 78%. 

[PFS36]

Mine goes to needs work every Wednesday.  It went to needs work on Saturday for some reason,  but changed back to green,  today.  I'm at 92% and still nothing (restaurant) . The Square loans people probably complain about how much a burger is, now 🙄 

[Tyconcrete]

Restaurant here as well sitting at 86% .and all my metrics have never been anything but green .only one that's not is loan repayment  it has always said in progress. But never had needs work on any of them .and no new offers. Past 6 loans always came in before 80 % .smallest amount I have gotten was 16k and never one lower always bigger and current one was 78k have just 10k left on it so .it's very frustrating 😕. 

[PFS36]

We're on our 2nd loan at 15500.00. Almost paid off in 5 months with 1300 left to pay at 92% . Seems like they'd offer a loan just to keep the industry strong, but apparently "the algorithm " doesn't care.

[Bonzy2010]

85% now still nothing..I've resigned to the fact that it probably isn't coming until after I'm done paying it off and then have to wait a bit longer after after seeing all you guys at higher % or paid off. sucks that this is the new normal for it but hoping all of you get it soon so that at least it would mean a better chance for me. Higher % I see you all hit means higher I'd have to get the way it seems nowadays.

[brown17]

This happens to me often as i dont take daily payments.   Ive inquired with them before and they assured me that how businesses work is taken into account and not to focus to much on it.  I did see down the thread last week i believe someone get an offer with theres saying "needs work".    

Currently ive doubled my processing volume in past 45 days but sitting at "needs work" as didnt take a payment on friday.    Im at 55% paid on previous loan received at end of may. I know i have at least till 62 % (lowest percent ive been offered a loan)   last loan was at 86%.   But like i said ive doubled my typical processing volume.      

[Twpchair]

Yes, there's been a couple with needs work as they are closed 2 days in row. And the other I believe he said he's in construction and not everyone pays with square and they take that into account if he does 2 only a week or 3 they are large payments. And his always is red in card volume. He said he usually gets 3-4 offers per year, depending on the winter. Imo maybe they do take it into factor a certain percentage, but again, imo it has a lot to do with your history. Your time will square, and charge backs are big as they take time and money. Most that's going on now, unfortunately, isn't you or me or the next guy. Square has shareholders to answer to, and when lenders of all sectors are tightened up, it trickles down to us. I'm hoping that with the Feds indicated no raise in the rate and the market is holding tight, they will loosen up a bit. Good luck to everyone waiting, and hopefully, soon, it will loosen up. A lot of people are really holding strong, and it's rough out there. 

[photoguy2019]

Mines is a little similar i am currently at 59% and i have got them at 60%, 62% and 65%. I will keep everyone updated as the next couple days will be busy for my card processing. 

[Twpchair]

Unfortunately, as you see, the percentage is running higher than previously. It's been a rough summer hun. Hopefully, it will break soon. I know so many are holding tight for one. Good luck to everyone waiting for an offer

[Swain]

Just got an offer!!! 85% paid off. A little less then my last one but thankful 

[PFS36]

Congratulations!!! Which industry?

[Twpchair]

Congratulations!!! So nice to see! They seem to run a little under or about the same as the previous one.  I am happy for you, and I hope you kicked off a trend

[PFS36]

It's been quiet here lately.  Either everyone has gotten a loan, or they're making so much money that they aren't concerned with it. I hope it's both!!

[Toripori]

Neither! Still waiting and as the UK is finally having something that resembles a summer it’s got very quiet! No offer, can’t check metrics, feeling completely in the dark and like I’m being stringed along with the vague promise of keep processing to qualify. I’m already up on last year, and hugely from when I received my first loan, always met my 60 day minimum payment within 10 days. Not sure who else in the uk offers loans like square do or else I’d leave!