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]

I think people hold the metrics as a loan offer coming or guarantee, and it's not. It's a tool for us to use to see where we are, what we need to work on, etc. I am just north outside of Mt.Pleasant. you could spend a lifetime trying to figure out the algorithm, and just when you do, they can idle it up or down add in or take out certain metrics. I've just noticed my offers usually come after 2-3 days of extremely busy days and not so much my metrics.

[MayaP]

Hello @Twpchair,

I would contact support at 1-855-700-6000 and ask for the Square Capital. The team is available to speak on the phone Monday through Friday from 8 am - 5 pm PST. 

If you need anything else, let me know 🙂

[Twpchair]

Thank you! I didn't see any numbers for tech support directly for your dashboard. I'll let them know! Thanks again!

[Twpchair]

My best friend lives in South Lyons. I like to go down and go out for the weekend but I'm a country girl at heart. I was born and raised in West Branch area.

[Jjpainting]

oh cool.  Yeah I get a job once in a while in south Lyon. I grew up in Northville right next door to south Lyon and have a couple life long friends that live in south Lyon.  It’s a nice little city. 

And I kinda pass near west branch whenever I go up to traverse city to visit my aunt, uncle and cousin or the few times that I’ve gone to Mackinac Island.  I don’t think I’ve actually ever been in that area though.  

[Twpchair]

A nice used to be small/medium farming community, and now it's growing and more industrial parks than Mt.Pleasant I think? But get out of town, and the farmers have just expanded out. My brother lives in Traverse. He's a PA at Munson Mental Hospital. It's nice for a visit but so busy in the summer it's crazy! I'm glad business is going very well. That's awesome to hear from Michigan! Do you transfer and do inside jobs in the winter?

[bsa77]

I guess one good thing is that you don't have to play the rat race with square loans. Capital is the ONLY thing keeping me around. Right when I reached 90% and all green then they pulled the "needs work" in frequency and volume which makes no sense. I am above average in both. My business does not receive volume processing but larger ticket purchase which we are selective in our business it never has. If I reach 100% and no longer have ties to square bye bye square. What's the point when other processing companies offer lower rates and loans that you can count on rather than the algorithm that they mysteriously use. How do we even know that equal lending is applying here? 

[Koleen1234]

I completely agree with you. What is the point of staying around 

[mydpins]

Just hit 100% yesterday on our $70k loan. This is our 18th loan with Square and have been with them for almost 10years. Still no offer, so have begun to look at other options for my business. I use to process through costco at cheaper rates by far but no loans. The loans is what convinced me to switch. 

[Twpchair]

Still nothing? Ughhhhh, it's been pretty slow for a couple of weeks with anyone posting they received one. I know not everyone post here or comment but it does help others see the trend. 

[ewing1]

Just hit 80% and everything is saying my trend is down. It's not down at all. Complete opposite. I'm processing more than I ever have before. 

[ohboi]

I knew I wasn’t tripping lol!!! Im on my 8th loan with square, in the early days I would get a new offer around 60-70% and always paid off the entire loan or can in 3-4 months. They were giving me higher loan amounts until last year when they started to give me smaller loans ok whatever. I’m at 91% and it says my weekly sales “need work” I’m like whaaaaaat this comes out of nowhere aaaaaaaand we are busier than ever with credit card sales, square online sales. Naw they just need to be honest with us and say, “Square loan customers, we ain’t got it right now”!!! Lol

[Twpchair]

It's been trending a higher % paid back to completely paid off for the majority (not all) March I was 81/84% paid off before new offer. Last June 91% paid off. Offer was slightly higher roughly 1-2k more? They are still lending but with the pos businesses the ones that offer loans their customers are saying the same thing. Looks like they are all tighten up pocketbook for a minute and see how things are going. Good luck! 

[ohboi]

Yes we use both POS in combination with our online website which all goes towards paying off the loan.

[Twpchair]

Yeah, hopefully things start getting back on track! We had our best winter and business has been crazy which is good but if they are watching the market, or economy in certain areas and states some are better than others right now. Big box chains closing stores. I'm sure there's way more going on behind the scenes. Unfortunately,  people get use to a certain rhythm and then suddenly it changes it throws you off the norm you're use to. Hopefully, you will get an offer soon! 

[ewing1]

My dashboard where it says loan eligibility hasn't updated since Monday! So..... We know they aren't looking every day. I made a huge loan payment yesterday and it's saying I haven't processed enough. YEAH---- ok!!! 

[Twpchair]

That's interesting 🤔 I'm not trying to be smart. I look at mine every Sunday when I do my weekly round up of numbers and inventory and orders is all. I don't check it daily is all. That's why I said that interesting to hear yours hasn't updated since Monday and we now almost done with Wednesday depending on where you are. How would someone who does daily totals or anything else be able to keep accurate track of the loan section if wasn't updating daily? By that if an area needs work and you are focused on bringing that up and you are by your numbers but on their it doesn't reflect? That makes it 10x harder to get those numbers up. Same thing if you were all green but had 3 slow days and you as the owner knows that but it's not reflected on your screen. Maybe this whole needs work information things need to be addressed or updated differently 🤔 we got by without for 11 years for me. I like it personally but if it's not giving you accurate or updated information that's not good either. Hopefully something shakes loose soon for everyone waiting! 

[Twpchair]

You're not the only one it seems? I haven't received an email or text reporting any issues? I know prior to my last loan offer in March it seemed off but then I had 3 busy busy days in a row and then an offer popped up. For some reason and maybe it's just me over thinking but it's like a week behind? If I take in a bunch of cash or checks one week and a few cards per day. That week all green? Then the next week solid cards all day I'm down? I'm retail furniture store and it's hard to determine how customers are paying anymore? I see people on here daily asking about the needs works and it was busiest week of the year type thing. Good luck if you are waiting on loan!

[magnificent4lem]

Very discouraging as a business owner to have no transparency with the loans department. Also very disappointing that we paid All our loans off way ahead of time and now in 2024 it seems as the loan offers have slowed down completely. It’s like square is just taking everyone’s money and not looking to help their businesses grow very discouraging!!!!

[magnificent4lem]

It’s still very dissatisfying that we process with square for years and also rely on the extra capital to grow our business with inventory and new equipment every year around this time. Unfortunately we have been counting on the square loans for the last few years during this time because it really helped us grow our business with weddings Proms graduations and etc.. in our salon. We counted on square because we process with them and knew we could budget this into our monthly/yearly revenue. But now I’m being at 89% paid off and not receiving any new offers or transparency on how to receive a new offer is very discouraging. We have paid off all of our loans in full way ahead of time and never had any issues or problems. Being a business owner and relying on capital is very discouraging when you’re being told to just wait without any information on what could be holding your new loan offer up or even on how to better our business to receive a new loan, even though all about checks are in green. In conclusion is just very dissatisfying and discouraging as a business owner when you process with the company because of one of the factors they were offering square loans as capital and then you don’t receive a new offer, after doing good business on our end and just be told we have to wait 

[Minion]

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@magnificent4lem wrote:

It’s still very dissatisfying that we process with square for years and also rely on the extra capital to grow our business with inventory and new equipment every year around this time. Unfortunately we have been counting on the square loans for the last few years during this time because it really helped us grow our business with weddings Proms graduations and etc.. in our salon. We counted on square because we process with them and knew we could budget this into our monthly/yearly revenue. But now I’m being at 89% paid off and not receiving any new offers or transparency on how to receive a new offer is very discouraging. We have paid off all of our loans in full way ahead of time and never had any issues or problems. Being a business owner and relying on capital is very discouraging when you’re being told to just wait without any information on what could be holding your new loan offer up or even on how to better our business to receive a new loan, even though all about checks are in green. In conclusion is just very dissatisfying and discouraging as a business owner when you process with the company because of one of the factors they were offering square loans as capital and then you don’t receive a new offer, after doing good business on our end and just be told we have to wait 

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Definitely feel what you just said there.  Many business owners feel that same way. While there are some positive things about Square Cpatial that makes it easy (No Credit Hard Pull, Minimal documents, repayment ease) are really probably only the 3 main ones.  You never actually  "build a relationship" that many think you do.  I'm not sure if that will ever change in the future or if it is even humanly possible to with the amount of users who take out loans like @VanKalkerFarms  pointed out. 

Curious though, who is your business banking with?  Have you looked into like a business line of credit (LOC) by chance?  I have one with Chase, and I just got my foot in the door recently with PNC as well.  But they have some decent terms.   While I know the thought of a brick and mortar bank isn't appealing to some, you can however actually go in and speak to their loan officer and build a solid reputation with them which may in turn be more or just as favorable in the long run as Square Capital.