New Square Loan in 2024

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!

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Yes!! Fingers crossed for new offers 🙂

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I got 80., 

 

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80 what?

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80 % you got a offer or sitting at 80 

Or 80k

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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! 

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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%.

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Square Champion

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! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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You are heaven sent !!!! I just connected my square account to pipe and got an instant offer of 13,000 !!!! Wow !!!! 

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It would approve me 😞 

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You mean wouldn’t?  Mine is pending. Says waiting on my first revenue payment and after that is verified, the funds will be send to my account so we shall see 

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I recieved an offer via square at 82% on Friday, it says it’s waiting for approval. I’ve never waited this long for funds to be approved and deposited. Anyone else dealing with this?

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hello there, did you hear back from Square yet? and congrats on the offer!!

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Square Champion

Was it later Friday? I'm usually a Saturday night offer and nothing moves on their end till Monday for me. Usually, Monday night deposits a couple of times it was Tuesday. Go to your current loan part where the circle of % paid back and see if that's changed to full again. Then right under it will be all your loans and see if your current one is paid and the new one added in for the total. The date should be a recent one. If so then you are just waiting for the processing. If nothing has changed I would call customer service and before the start reading the script tell them im not looking for a loan I have an offer from a week ago! They might have to push it through manually. if you call today and get it all done funds usually should hit overnight. If not you know it's coming Friday night or Monday the latest. But look at the first steps first. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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I'm at 81%, $1632 owed. I'm usually offered a new one by this point. Checking every day all day. All metrics in green. If there are prerequisites we need to achieve, I wish we knew more, or I wish there was at least a way to trigger a manual review.

Orlando Perrone
Owner
Perrone Technologies: The Computer Shop
www.perronetech.net
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Square Champion

I know you and everyone else! And lately, it's been bouncing around with the % paid off. Just for myself once I am about your % paid off and I do a sale (I'm a retail furniture store) from Thursday - to Saturday and really kick in the sales my metrics usually update from 1-3 pm. I have noticed that about 70% of my offers are on a Saturday night from 7-10 pm. It could be just a coincidence or im reading too much into it. But the numbers when I looked up every loan that I accepted. I'm a Saturday and Thursday the most. Very few other days. Trying to figure out how and what triggers that algorithm is like playing the lottery! I just punched in the numbers and that's what I noticed is. I do process every day were open 7 days a week until winter. I see others up 300% in sales all green for months and completely paid off for 3 months and nothing yet. 2 people posted 69% and offered this week. If you see a thread loans in 2024 that is where 99% of the comments and community are keeping everyone posted every day. Good luck to you and hopefully it will be soon!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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I apologize it didn't show up at first you are on the right thread. These are great regular-users and you can scroll down and see who and what % each other are at. They are all extremely helpful and all industries. Good luck!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Heads up, I just got a loan offer from Square.  74% paid, offer made at 11 pm.  It was for $1000 more than the previous loan offer.

 

I'm based on Canada, and Pipe is not an option here.  I used BizFund before.  Great service, they work with you.  Loan starts small, but top ups at 60% all the time.  I know not everyone gets approved, but they are very transparent....thought I would mention.

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Oh good! Congratulations you just gave so many people watching this thread hope!

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Square Champion

Congratulations and thank you! There are some from Canada and England looking for companies like Pipe but more universal. Great to hear!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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I got my second loan ($4k) when my first loan was at 60% paid off. I’m at 70% paid off on my second loan ($4k) all my metrics are green. I opened a new studio and have more clients, more working days and am on the grow and I truly need to get some things before the winter but no offer yet. Not sure how to handle so many unknowns on the requirements for loans thru square. I understand not wanting to roll over too much into a new loan but I don’t owe much at this point. I wish there was clear cut goals for getting a loan.

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Square Champion

As you see here on the post 3 finally just got an offer and have been paid off for months. All summer it was trending higher % like 90s to pay off for most. Everyone is different and they take into account a ton of factors. As far as the overall health of your business sounds great and congrats on that!!! But they take into account the economy, the growth of the health of the market, and what's going on around the world and its stability too. Unfortunately, lenders are holding a bit tight. In 21 days that does play a factor and hopefully, by then, it's going to either mellow out the market or spark it and make lenders happy and back to normal as can be. Lately, it's been 80’s a few popped in here with low 70s?? We haven't figured out that algorithm yet, unfortunately. Just keeping people informed is our best way to try and get a trend that is happening. I think here we get more information than the calling and getting the same script. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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