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]

Ughhhhh, I am so sorry I look every day for you 😢 finally a few that have been paid off are getting offers. I hope you are next!

[Twpchair]

Congratulations! I'm sorry it's lower, but hopefully, it will help! I'm glad to see some who have been paid off getting offers! Let's keep this rolling!

[JMIL2024]

I just received an offer of $10,750. I was 70% paid off on an 8K loan from late June. It is our 5th loan in 9 months. We typically bring in 20-25K a month. My last loan was not offered until it was entirely paid off for a week. So, who knows how it works.

Hoping you guys get some offers as well! 

[photoguy2019]

Congratulations!!🎉🎉🎉 i am so happy to hear this!! I have a 8K loan that i am on 64% with now 😊 i have got them in the past at 70%,60%,62%, and last one at 65%.

[Twpchair]

Congratulations again! Those big large deposits definitely trigger it. I'm happy to see your back on track with loans during your busy season! Here's hoping for the rest! 

[Thatgirl]

Is square the only place that offers loans based on payment processing other than PayPal? I am 98% paid off from what i am reading I would do better doing my wait elsewhere with a more predictable loan system, it's part of planning ahead, and a very integral part of growth in a business unlike personal loans for convenience. 

[Minion]

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@Thatgirl wrote:

Is square the only place that offers loans based on payment processing other than PayPal? I am 98% paid off from what i am reading I would do better doing my wait elsewhere with a more predictable loan system, it's part of planning ahead, and a very integral part of growth in a business unlike personal loans for convenience. 

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There are many places other than Square that offer these based off payment.  Each ones have their own set of guidelines and algorithm.  Some have weekly payments, monthly payments or % of sales similar to Square.  

Amex Blueprint (formerly Kabbage)- I believe is only a soft pull for current Amex customers, and i'm almost positive you can check to see if you qualify if you are a current Amex customer. 

QuickBooks Capital- Weekly payments based of sales. 

OnDeck - Weekly payments based of sales

Fundbox- Weekly payments

Each of these have their own set of guidelines.  I would encourage you to look at each along with any fees associated very carefully.  All of these, like Square Loans can change algorithm or offers based on a number of things.  Some of them even can change offers or reduce offers based off from your personal credit score.

If you are looking for full transparency, I  would strongly advise to look into business lines of credit (BOC) with your current banking institution.  In the long run this will most likely save you a headache of having to wait for funds while still building a personal relationship with your local bank. 

Edit: I believe I read an article a few weeks back that the SBA is supposed to also be coming out with some time of LOC or something similar I believe to SB owners.  Unsure of exact details on that though. 

[Twpchair]

Years ago, I went to my credit union and called about a line of credit. Do I need anything, etc, Nope, they had all my paperwork and licenses, and they can look right at my account. I only bank with them.  No kidding in about an hour boom done received a line of credit. Now, I do use that for emergency type situations. But I have it. I just myself like small credit unions vs. bigger banks, just my preference, but they seem to lend faster and more often to small businesses. They did offer a business credit card, and I turned that down over the LOC. I'm old school and I do like Square. I've never been with anyone else, though, to compare. But I swipe that card and 5:05 pm it's in my bank. Loans love them, too. I don't take every offer more so the winter times, or if a deal comes along that I just can't pass up on and an offer came in, I would take it. I'm also one that likes the higher percentage paid back. If I want that loan, I want the most of it and not roll over 30 or 40% of an old loan eating into my new offer. But that's just me. Everyone and their situation is different. I see people with broken equipment or business repairs that need to be done ASAP. That's much different, and I feel for them, and each day I watch hoping they get that offer!

[Minion]

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@Twpchair wrote:

Years ago, I went to my credit union and called about a line of credit. Do I need anything, etc, Nope, they had all my paperwork and licenses, and they can look right at my account. I only bank with them.  No kidding in about an hour boom done received a line of credit. Now, I do use that for emergency type situations. But I have it. I just myself like small credit unions vs. bigger banks, just my preference, but they seem to lend faster and more often to small businesses. They did offer a business credit card, and I turned that down over the LOC. I'm old school and I do like Square. I've never been with anyone else, though, to compare. But I swipe that card and 5:05 pm it's in my bank. Loans love them, too. I don't take every offer more so the winter times, or if a deal comes along that I just can't pass up on and an offer came in, I would take it. I'm also one that likes the higher percentage paid back. If I want that loan, I want the most of it and not roll over 30 or 40% of an old loan eating into my new offer. But that's just me. Everyone and their situation is different. I see people with broken equipment or business repairs that need to be done ASAP. That's much different, and I feel for them, and each day I watch hoping they get that offer!

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I agree everyone's circumstances are different and things come up randomly.  The biggest thing is like you said, if possible, to pay that thing down to 10% or less is ideal for sure if you can.  Just makes the most sense to me as well.  A 15k loan doesn't mean anything if you are losing 4-5k of that to pay off the previous one. 

[PFS36]

So, we opened our new location this Wednesday and we were at 92% ... we jumped to 99% at noon today.  This move was a great move. Still praying for y'all that's waiting.  We're still waiting,  too.

[BiancaAlexandra]

Just wanted to give my feedback!

Ive been using Square for a couple years now, to run my Bridal Hair & Makeup Business. Ive had a couple loans from them and have been affected by the late loan offers too! I usually get an offer around 70% but today I got an offer at 93%. My last loan was for $3640 and the new offer is for $1430. Super bummed. Debating accepting loan or just finish paying off the loan balance. I waited for this offer for so long and now that I have it im not sure I know what to do with it.

[Koleen1234]

How much do you usually process with square 

[BiancaAlexandra]

My net total last year was $53.3k. On track to pass that this year. 

[Twpchair]

That's what they want to see is growth, a stable healthy business, a good mixture of new and returning customers. You can do this and get those offers up and back on track!

[PFS36]

Howdy! Good news... The new location first week boosted our sales at 495% over old location.  Paid off remaining $1400 of our loan in 3 days,  I believe. Hopefully it will trigger something,  but if not, we can keep on waiting. It's just nice to have it there in case we need it.

[Twpchair]

Nice! I'm so glad and excited for you! I know when I moved and roughly 1k square ft to 12k sq ft. I thought my husband was going to have a stroke. I told him you don't know if you don't try it. We outgrown the old building in a year, and it was the best move I've ever made! What an amazing start! I love it! I'm a huge shop, small and local.. keep rocking it! Im so happy for you! 

[PFS36]

Thank you 😊! We moved from a small country town of about 5000 people,  to our hometown with 65000 people.  We're in the entertainment district,  now and wow... should have made this move a long time ago. 

[Twpchair]

That's a big move! I just added square footage. That's a whole bunch of new customers and in that area as well? I'm going to say the same thing. WHY did you not move sooner!!!! 😆 😂 😅 I'm excited for you! Regardless of when you receive a loan/offer and with those numbers, you should! Will you keep me posted on how the big move has changed your business, your clients' new vs. old, or return customers. I am on a couple of other forums, and this question comes up often. Should I or shouldn't I? You know my answer already, and it's the same as yours and go for it. Way to knock it out, and here's to a great start! 

[PFS36]

Thank you 😊!!! We are thinking the same thing!!! Quadruple sales and a better clientele!!!

[Twpchair]

You're not the only one, unfortunately. Just imo only. IF you need it and can pay that off in, say, 6 mths. The next offer for most is higher (not all of course), especially if your sales continue to grow, which is great BTW 👍 and you haven't had a loan in a while, I see this more than not. There's one on here now whose offer was a 1/4 of the last he paid it off in 6/7 months, and it doubled did the same again and 3x the amount. Again, I am not saying that you will have the same experience. Unfortunately,  my crystal ball is broken, but I follow the trends, is all. 93% to pay off isn't so bad less to roll over, and you will get more of your offer. Good luck to you no matter which way you go! And keep those numbers growing and growing 💪 

[lisap1970]

I am new to thread but I’ve come here looking to see how everyone else is doing on loans. I’ve been with square for 10+ years with several loans . I’m  82% paid off but I haven’t connected my personal bank account because I mostly use my square checking . Should I connect my bank? Would it help? I also have been watching my sales and for the year I’m showing I’m done about 30% for the year but we are seasonal and much of our business is when the leaves change and the holidays we are a tourist town in the mountains. 
thanks for any info.