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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I have been thinking about switching to a credit union for a business checking account. I only really use my square and my personal chase account. It was only until recently that I discovered that my square checking is considered a personal account and not a business account. I found this out when I tried getting a business loan. I was preapproved on the few I tried (based off of my business income) but then when they asked for my last 3-6 months of business checking statements, and I sent them my square statements, everyone said they couldn’t accept them cause it’s not a business account. Square advertises kinda like it is a business account instead of personal. How long were you at your credit union before they offered you a LOC?  And do you have any suggestions on a good credit union in Michigan?

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Hi Did u ever get a new offer ? And if so what percentage were u at? I just hit 70% this is my 2nd loan, my first one was completely paid for exactly one week before I got another offer, but I was reading about other merchants getting offers much sooner than full repayment. 

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Square is lending. I have had a good couple of months with processing and I got an offer sometime within the last couple of days bc I wasn’t expecting a loan to pop up but it did and it was 3x more than the previous and it came much earlier than expected. Thank you square. I accepted it this morning and they asked me for my EIN number for the business and once I submitted I had acceptance in 2 hours. I am so relieved. This is huge for us to have a cushion. Insight- we process over 500k a year. I hate banks so I thoroughly enjoy square when it’s working with us. I had a tough last year with square.

I think the reason I got offered a loan so quickly is because I paid the first 120 days in payments in just half the time. They recalculated a more appropriate amount. This is a vast change from years prior. Good luck everyone. 

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Square Champion

Congratulations ❤️ 🎊 I am so happy to see you back on track! You've had a rough ride, but it seems to have you back on the loan train

> 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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Congratulations!  Yeah I think I remember you saying you got a loan offer a couple months ago and it was extremely low, which is what happened to me.  What was your repayment like cause that’s what I’m hoping will happen to me (last loan was about 40% of the one prior and about 4.5% of my yearly processing amount only). My first loan payment isn’t due for another 10 days. Ive already paid over 6X the first payment, or over 180 days of payments in under 60 days of processing.  Actually I was at this mark in 6 weeks.  Most of my customers have paid by cash/zelle this past 1-2 weeks. 

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Do you have your personal bank account connected to square? I’m at 83% and stil no offer . 

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I’m debating if I should attach mine again.  When it was first offered to be able to do that I did attach it. Than a few weeks prior to my last offer I took it off. Then right after my last offer, the notification came back for me to attach it. I would love others feedback on doing this, if it helps with anything at all. I 

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Well I connected it to see if maybe it would generate a loan offer. I’ve usually had one by now. I’m at 83% and I always got an offer at 70-75%.  Maybe it will help 

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Just received my funds from pipe. Thank you again to whomever it was who shared it with us. Could definitely put this to use. 

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Glad I could help. 

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❤️❤️ so thankful for you!!!!!!!!

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Thank you!!  We were successful through Pipe as well 

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Square Champion

Congratulations 🎉 finally!!!! Now, come on Square, and pad that cushion!!! I think you're the last one I've been waiting for, unfortunately, Square is the one I want to see! Congratulations again!

> 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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Congratulations!!!!! I am so so happy for you! It's been a journey hopefully this kicks in something from square too! It looks like about 1 week exactly so far! It's 4:06 am and I could do the happy dance for you! Thank you for keeping us posted through everything! 

> 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 asked this question before but I don’t think anyone answered! It might be helpful to others looking for same answer. 
For those who got an offer recently, did the offer come thru same time it usually updates or after the update? Thank you in advance! 

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@Twpchair answered something similar and said it comes after the update. 

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Thank you and at least for myself I update between 1-3 pm Eastern and offers are usually 7-10 pm was my latest I believe? Since the metrics at least. 

> 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 havent posted since my last loan drought because i had alot of catch up to do.  Let me give my update.  I was paid off on a loan for like 2 months with no offer, over the summer as of the end of May, June and July then one day got an offer.  Heres the kicker.  I paid 48% of that loan and then boom an offer double my last offer and the highest loan we ever got so what ever we thought we knew is definitely not the case. Ive had this loan now for 3 1/2 weeks and 15% paid off so ill come back to give more information as it comes. It really is random! 

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Thank you so much for the update! You are 100% correct just when you think I have found a connection here you come! I have seen myself after a low offer after a drought or a long wait the algorithm seems to adjust the amount to match your income better. Of course not at but it does happen and I am so happy to hear this! Congratulations and keep on rocking!

> 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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Mine was way after the update. I update between 1-4pm and I got an offer at 8pm on a Friday night 

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Congratulations what time did it come

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