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!

[Jjpainting]

My funds are on their way to my account 😁. I just got into a bad car accident and, being that I hadn’t been in one, I never paid attention but I found out that I never elected for rental insurance. So between that and my deductible and  all of a sudden my business slowing down, this is very timing for me 

[Twpchair]

Great to hear! I am so sorry to hear about your accident! Are you ok? I know it seems like when it rains it pours! Please keep everyone posted you seem the closest to the finish line. You might be the first to see if they increase your line of credit with your big drops at one time. Good luck to you and i hope everything goes smoothly with the insurace, body shops and the good ole rentals!!

[Twpchair]

I had to look them up and I am on the same page as you. I don't think it is a scam just a newer start-up go-between. Their rates compared to others online wow 10% vs a couple I saw in the upper 20s! Good reviews except if you didn't get an offer type thing. No 100% guarantee you will get one either. The other comments were from started 1-4k and built up with them as I went along. Definitely, if you need it and struggling to keep the doors open. Here is 2nd option. Thank you for sharing all your information! Users to users are the best way to get a better understanding of how or what is going on. I would rather hear your account of what's going on with you than a generated response. 

[Alexis321]

I tried to go through Pipe. Sent all the info and statements they needed and waited about a week, nothing. So I called. They are waiting for *funders* to look at my account. So nothing yet. 🙄

[Hawaiicraves]

Aloha all

i did wake up to a offer today. I noticee last rew days it had been updating later in afternoon. I also reached a minnimum payment thresshold  3 days ago , 85% paid off on currrent loan. 

new offer is $113k , much lower than last offer. 

Good luck everyone!

[ohboi]

Great news!!! A lot lower offer?? lol that’s enough to buy a house lol!! The most I’ve ever gotten from them was 11k on processing almost 300k in our peak year. It good to see they are still rolling. Healthy Keto and others hold on tight, it’s coming !

[locksmithnick]

$11k loan on $300k sales? Something is very wrong here…. 

My last loan was $30,800 on $175k annual sales. 

[ohboi]

I never knew we were getting the short end of the stick until I saw what others were receiving. Yep 11k then it started going down to like 10k, then 9k, paying them off in like 2-3 months. Our sales are always consistent year round. Our restaurant does a tooon of card sales combined with people ordering online through the square website. 

[Jjpainting]

Yeah that is low. My last loan was $14,700 with about $130k processing. I’m at 92% paid off and still nothing. 

[Jjpainting]

I usually hit the min payment within a couple weeks. My past loans have come right in the middle of the two month payment or right before it’s due, even though my min would be paid well prior to that lol. 

Did you have high sales the day prior or day of offer?

[thehealingplant]

Me too. Mine were consistently around 2:30/2:45p and nothing so far today so maybe for both of us?

[locksmithnick]

I’m at 69%. I probably won’t hit 75% until the first week of August but I’ll let yall know what happens. 

[Jjpainting]

Well not for me.  I just checked and mine updated an hour ago. Nothing.  I’ve seen quite a few posts on here from people whose last loans came end of last year, where the offers came at a lower percentage and almost double, who are in my shoes and not getting nothing. I really thought I would have had least gotten an offer when I got the actually loan amount paid off with just the fee remaining…but I almost got half of that even paid off. 

[thehealingplant]

Mine updated about 23 minutes ago. Praying for that 7p offer.

[Jjpainting]

So my last 3 loan offers were as followed. $7150, $8500, $14700. This one is $6300 😂.  Should I even take it?

[jackiebee12]

what do you mean by yours updated? as in your payment “for the day” or your status updated about when they last checked to see if you were eligible? 

i’ve never watched mine this closely so i don’t remember if my others came the same day that it updated and said i wasn’t eligible. i’ve been all green for well over a month and it unit went to needs work when i was gone for 2 weeks on vacation 

[Jjpainting]

I actually just got an offer!

[ohboi]

Let’s gooooo!!! Beers on you tonight! Lol

[Jjpainting]

Haha. After it pays off what I owe on my previous loan, it’s just above $4900.  Repayment went down from 17.25% to 12.5%. This would be paid off within 2 months 

[thehealingplant]

We got one too! Exact same amount and terms!

[Healthyketo]

I’m so happy for you to!!! 🎉

pray for me! 🙏🙏