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!

[Twpchair]

Hopefully,  it's good news! Fingers crossed 🤞 here for you!

[Twpchair]

Ughhhhh,  I know what you mean a few weeks back I received one at 69% and waited weeks before saying anything because others had been paid off and I felt bad so I kept it to myself until someone else posted 70% and then I said something! There is no reason why or how the algorithm picks it up. All I did was a 3 day sale and processed like crazy! I updated 1-3 pm normally, and boom, about 7 pm offer comes in 2x the last, which was 1k higher than the last. All factors were good, but the loan part wasn't paid. I am so happy to hear this, and congratulations!!!! I am doing a happy dance! Let's keep this going all day every day! 

[jackiebee12]

we had a really busy lunch today after two ridiculously slow days and hit 98%. around 3pm i finally received a loan offer at a whopping $7150. my last loan was $22,900, but my sales are down about 14% and i’m about to change my hours to do breakfast and lunch only instead of lunch and dinner. 

i took the offer because anything helps right now! i will update if/when i get approved. 

[Twpchair]

I understand that especially changing up hours, anything helps. We have been seeing lower offers with a lot of businesses seeing more cash and checks vs. cards, too. Business is staying the same or increasing for some, but they are not using their cards. Most I here in retail is that way they stick to their budget better. Congratulations again, and definitely keep us posted. I know my offers tend to Saturday night, and nothing moves for me but accepted until Monday. I'm not sure how that works on a holiday. Maybe someone else can jump on who received an offer on a holiday weekend?

[jackiebee12]

i’ve never received an offer on a holiday weekend, but i have on saturdays. all of my approvals were accepted at different times. anywhere from 10 minutes to 3 days. still waiting on approval for this one 

[Twpchair]

I'm a Saturday person, and usually 7/9 pm an offer comes in. I don't move until Mon, but with that being a holiday, don't stress out. It's my norm. What I check is my loan circle. Usually, Sunday is full, and then when you go into previous loans, I can see my last loan there. So it's just waiting. Also, my money usually hits my credit union before my loan papers arrive.  That's been my experience every late Saturday offer. I looked, and I've never been or had a Sunday one? Thursday and Saturday are 95% of my offers? Good luck and keep us posted!

[Twpchair]

I'm in retail, and every Sunday morning, I go out for breakfast with my sons and their wives. I've noticed breakfast has gone up a bit, but not like dinner. Did that come into play or just more demand for breakfast 🤔 just curious how our food industry is doing with the increase in food. Containers for takeout just about every single thing has gone up. 

[jackiebee12]

we are in a small town (that is growing like crazy) with only two places to really eat breakfast - and i don’t eat at either! one of them doesn’t have a secure future - as in they could close within the month because their building sold to another owner. 

eggs alone have gone up and down this past year. even before i did breakfast, i use a lot of eggs for our chicken tenders. they are currently up in the last couple of months. sausage is up. 

foam cups for drinks are way more expensive than plastic. i’ve switched to plastic deli cups to sell my salsa in larger quantities 

i have had to raise my prices probably 3 times in the last year, but i’m very transparent with my customers and let them know which items are increasing and most have been very understanding. i offer smaller plates for those who can’t spend a lot or those who just have smaller appetites 

[Twpchair]

You did fine and posted right where you needed to! 

[PFS36]

10:41pm CST and dashboard still hasn't updated.  

[Twpchair]

Hmm, mine was 30 minutes off yesterday 🤔 on a holiday weekend? I'm not sure if anyone has responded, but I reached out to see if they are working, updating anything going on with metrics? But if 75% are OK and 25% isn't working right or some not at all. That doesn't sound like an overhaul of work being done imo. I'm up north and barely have a bar. I'm not sure if I received a message back. Hopefully,  yours will kick in.

[Malamaark]

Good to see many more people getting an offer come through, unfortuanty two months at 100% paid off and still nothing here ! hoping for a miracle at this point 😂 

[Twpchair]

I know I would love to see this board full of offers! Too many completely paid off and waiting. Good luck to you and everyone waiting! Please keep us posted if you don't mind? 

[ApexSupply]

If Im unable to recall, where can I see the % I was at when I received my last square loan? Did math to get a rough estimate but not sure of the easiest way to tell. Currently at 72% and pretty sure last one was at 68? Hoping its comes soon and even though my last was my largest yet I hope its a little more this time as the additional boost has really helped increase my sales. 

[Twpchair]

Honestly, the best I can figure is doing exactly that. Before, I could always count on one 70-75%. Now it's been 91, 84, 81, and 69. I did a square folder on my phone, the date, the percentage paid off, and if I accepted it. It's easier for me and fast. Before, I did what we did, and I think it was within a point or two. Unfortunately,  that's all I know as well.

[ApexSupply]

It’s definitely frustrating. 73% today. I feel like it’s coming 😂. 

[Twpchair]

For months, it's been trending higher percentage paid off or completely paid off, and now out of blue, I'm seeing 1 o 2 at like myself 69% 65% and then 96%?? We still have some 3 mths or longer completely paid off, and everything is up and processing like crazy? I have an LOC at my credit union, and I know they are offering lending, credit cards, and LOC. About everyday they are offering something. This started about a month ago or so? Hopefully,  that's a good sign. Good luck to you and everyone waiting!

[Jjpainting]

I have been thinking about switching to a credit union for a business checking account. I only really use my square and my personal chase account. It was only until recently that I discovered that my square checking is considered a personal account and not a business account. I found this out when I tried getting a business loan. I was preapproved on the few I tried (based off of my business income) but then when they asked for my last 3-6 months of business checking statements, and I sent them my square statements, everyone said they couldn’t accept them cause it’s not a business account. Square advertises kinda like it is a business account instead of personal. How long were you at your credit union before they offered you a LOC?  And do you have any suggestions on a good credit union in Michigan?

[BeeBraids]

Hi Did u ever get a new offer ? And if so what percentage were u at? I just hit 70% this is my 2nd loan, my first one was completely paid for exactly one week before I got another offer, but I was reading about other merchants getting offers much sooner than full repayment. 

[BWcreamery]

Finally got an offer!!

Have been paid off on my last loan of $9350 for about 6 weeks now. 
Today (Sunday) I got an offer just before 6PM for less than half of my last offer (3700 this time) and approved and in my account within 8 minutes. 

Thankful but still praying for yall! 

[Healthyketo]

Congrats! Great to hear some activity today. Hopefully more will be rolling out this week. 🙏