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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congrats! glad to see a fellow restaurant getting an offer..keep us posted about the approval process, I am in sort of the same boat with sales about 10-12% lower compared to last year's.

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Awesome! Thank you for the update!

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So got an e-mail Tuesday morning ( new offer came Saturday evening) asking for ' more information' - they asked why the applicant's name is different from the account owner's name.  We have had almost 10 loans now with Square and have only been asked about this twice, and every time we applied it's always under the manager's name, not owner's name. 

Hopefully this gets approved quickly with no issues. Also they have asked as well why we did several bank account changes. I explained that we switch deposit banks sometimes depending on time of year because we want different expenses/funds in different accounts. 

 

 

Will update. 

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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! 

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

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Square Champion

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!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Square Champion

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!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Ughhhh I just wish square would just give us all one. Been paid off since June 28th metrics all green & good standing and still nothing! I’m so frustrated and annoyed! I use to get them anywhere from 69%-80% paid now I’m going on almost 3 months paid off!  What’s going on square? We’ve been such loyal customers I don’t get it anymore. 

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Dear Square, could you please 🙏 bring them some luck with an offer today, please! I'm doing my daily check-in with ya! I've been there and done that with stalking like a nut all day! The winters are my stressed out 3/4 mths. If we have a bad winter more and more, leave Michigan and head south! That's when I went to my little small town credit union and got a line of credit. Done in a couple of hours and 100 lbs of pressure off my shoulders. I truly hope today is the day! Hold tight.

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Just got an offer.  8 days paid off, but only half of our last one. I took it since we can pay it off in 2 months. 

 

Although,  they may be going off of our new location. 

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If you scroll down I can see if I can tag her. @GlitzyCow. She had a problem for close to a year I believe and kept getting the runaround and found out she had a hold on an account or customer. And that was stopping all loans. She might be able to answer better or tell you how she got to a real loan agent. I'm not saying you have any issues I don't have any connections you don't but I don't understand why so long it might be worth a shot to send her a message. I believe she was on last week and had her 2nd offer in like 6mths since they cleared it up. She is about the best one I can think of that was waiting for so long. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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My loan from square has been paid off since May 2024. I had 4 loans in 6 months from square and haven’t received an offer after paying off the final one in May . Crickets since , I’m processing close to 500k annually 

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We are 87% paid off on $48,956.00 ( including Fee) been with square since 2018. We have paid back 42,600.00 in 9 months. We are up about 20% from last year. The last few months have been slow but we are still beating our last year sales. This is our 13th Loan and we have always had a new offer in or before the 70% paid off range. I am totally lost on how this whole thing works. At this point I'm just ready to get the remaining $6300.00 paid off and get to enjoy the extra $1200.00 a week of my sales that go back to square to repay the loan and look for a company that takes less of my money in transaction fees. We have had a hard summer as we are a vacation town and people are just not traveling as much. It just kinda hits ya hard that when ya actually need Square all you hear is crickets from their end. 

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Square Champion

It does and it has been a rough summer for consistent loans, offers lower, what percentage, the list could go on. I went from the same as you 4/5 years ago guaranteeing an offer at 70-75% paid off. Now, I went from 84% to 91% then threw in 69%. It's all over! There's a big handful of people who are completely paid off for months. It's not just you but what is going on in the loan world. Good luck to you and hopefully we are seeing more and more with offers!  

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Ugh, there are a few completely paid off for months and waiting also. It's been a rough summer but im seeing more and more lately. I am hoping it pushes out the loans. Good luck to you and everyone waiting!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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It didnt offer me anything as well 

i have 5,000 more to pay on my square loan . Loan with square was 31,000

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Hold tight it looks like this is round 1 and possibly the test pilot group! I have been with Square long enough to remember I believe 2014 and I received this email that your account is available for a loan. I was in the first rounds of loans going out. Then test round or not it was boom boom and done with money the next day! I was so excited to get that 1k and the rate was low. Hopefully, all goes smoothly, and they start busting them out. So far at least posted on that thread the most I've seen has been $4,600.00 so it looks like and I am just guessing and going off other forums that have pos and they use a different 3rd party loan company and their line of credit was increased or they offered an increase. I guess we will see! Good luck to you in everyone waiting on both now!

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Pipe has been around for a while, but I think you’re right about them just starting to begin lending to people like us. Before they only lended to a different kind of business (or something like that). I’ll definitely keep all of you posted on my experiences with them. 

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Well sitting at 91% paid off and nothing  .almost done at least paying it off and then won't need any loan from them and .I be looking to ho to a credit union. See about getting a other credit card processor cuz unfortunately when you really need squared they're not out to help their customers it's sad especially the ones that have been with them very long have had multiple multiple loans always paid early on time never late and the only thing they can tell you is it's algorithm my **bleep** I believe it's a bunch of BS but it is what it is thought that with the feds cutting the interest rate by half a percent and news of them cutting another quarter percent in November that they would start lending but already $68,000 or less than seven grand left and I'll be done it's a shame cuz Square makes plenty of money off of me and countless others through their fees and credit card processing and all the other stuff associated with subscriptions and everything else but yes they don't want to help out there long time customers they ought to have an option where they can do a manual underwriting and a manual approval or offer but no they say they can ultimately I believe it goes through a human to approve the loan but enough venting for me I wish everyone luck that's going to hold out and wait for one I've already given up on that hope

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I am at 81% and still no offer.  I've had 16 loans with square.  Sales are up, everything is in the green.  It's only been 6 months since this loan was taken out.  I normally get an offer by now and don't understand why I haven't yet.  Has anyone gotten any offers recently?

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Yes, there are 2 under your comment. It was pretty rough on here for a bit but there are more people posting now I just received an offer. Hopefully, it will be soon! I will be honest with you there are a good handful completely paid off and waiting and others pop in at 69% and received one. Good luck and keep us posted! 

> 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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