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]

I’d thought I follow up on that truck and things.  Picked my truck up from the shop Friday afternoon. Made it 5 miles and same thing was happening. Had to have it towed back and waste more money on a rental. Being that the dealership misled me by saying that the truck just had a full maintenance check up and tuneup and that there were no mechanical or engine issues at all. They literally fraudulently misled me even at my shop. I had them do a full maintenance check up and they came back with eight different mechanical issues with a quote of $2200. Now some of that I can do on my own but not most. And most are not urgent things anyways but it’s besides the point. I even offered to sell it back to the dealer at half the price I bought it for on Saturday just to get rid of the headache. They said no. And that’s saying something.  I bought “as is” but by law they can’t lie about the quality of the truck like that. For one, safety issue, for two, that can seriously mess up someone’s life. $3500 (which I didn’t expect to get much out of, but I expected more than 40 miles) which has now added up to $4500 between shop work and rentals is a lot of money for a lot of people. Luckily my dad is friends with an attorney that deals with this stuff. I’m hoping he can simply just make a call to the owner to scare them enough to fully refunding my money.  Obviously it’s not worth hiring one but between the $4500 and climbing every day due to more shop costs coming and rental costs plus loss of wages earned adds up. My regular vehicle still has a month until it’s fixed so I’m hoping this lawyer can at the minimum, get them to fully refund me 

[Jjpainting]

Secondly, yes you’re right about loans being lower, but the ones that are posting on occasion about getting a loan double or triple are the ones who had a lower offer before. My loans have always been around 11% of my yearly sales which keep growing. My last loan July 19th was 4.5%. My first payment was due September 16th. Since then (say 3 weeks ago) I’ve paid back 30%/5.5 payments worth. And I was just saying this is exactly how it went last year with lower loans and then November came and got an offer double my previous offer and it came at 66% which never happpens. This is my 5th loan, 68% paid in 2.5 months, and is my right around my second lowest loan ever, my first was obviously the lowest. My offers have been around these numbers $2570, $7350, $8350, $14,700, and now $6300. My sales are up around 30% of last year. I’ve processed more this year by around $10,000 then I did all of last year. I’ll be hitting 70% in a day or two. 

mu biggest fear is the pipe thing. I hope that doesn’t like not get me approved for a loan. I’ve seen people post on here getting a loan at around 20% or what they process a year. Granted this was 6-8 months ago. But this is the time in my life where a loan offer just back to my usual 11% would be a life saver right now.  I’ve paid $12k (well $9k with $3k more when my regular vehicle is completed) in unexpected car expenses in the matter of a few weeks. An 11% of yearly sales loan right now would be a godsend. That would be $17k minutes the probably $1800 current loan so still over $15k. Please square. Help me out lol. My savings has drained in half so quickly 

[BWcreamery]

Thanks for all the info! I saw you are at 70 now! That’s awesome!

I can’t believe healthyketo is still waiting for an offer! I agree with your post that someone should be able to look into it 

Also thanks for the info about repayment. That was my main question I couldn’t find an answer for anywhere on their site was if it was like square or if they would stack a couple days then withdraw it, I appreciate it!!

Hopefully you see a nice size square loan soon! I saw all the stuff you’ve been going through and praying for better days and soon 🙏🏻

[Jjpainting]

Thanks. And it keeps getting worse. Now the shop that is fixing my main vehicle and the one I just bought, is saying that the truck which I’ve driven 40 miles or so, midnight not even be fixable (or worth it that is). I have a lawyer now looking into it.  He specializes is this field of law.  I sent him the screenshots of the advertisement and messages from the dealer from that dealership as well as the quote the shop gave me regarding all of the issues, is definitely him misleading me intentionally and is going to do what he can. He’s pretty much gonna go after them for not only the $3500 I spent there, but the total shop costs thus far, the $1000 I’ve paid in rentals since. And loss of income for all the days I’ve had to deal with waiting for tows (twice now) getting rentals. Two days with no vehicle. He’s a friend of my dad’s so doesn’t even want any money from me regardless what happens.  He’s hoping by going after them for all that, that they at least at the minimum agree to taking it back for a full refund which I’d be content with.  Thank god I’ve been busy, but it’s going straight out the window with this crap. I’m at 74% now. Since my first payment was due (September 16th) I’ve paid back 38%. Not hard though when the loan size is so low. My card sales are 30% higher during the past year compared to when I got an offer last fall at 66% paid back and over double the previous.  Hopefully squares algorithm can find it in its heart to bring my offer back to 11-12% of my annual revenue in card sales. No more 4%’s lol. 

[Twpchair]

In the good old days, you would be closer to 3-4 times the amount by now. But it hasn't been with everything going on in the world. When I looked up Pipe and their reviews were not too bad really. Even there regular users not happy with their latest offer. One was sales up 40% no other loans through companies like this and the offer never budged. Lenders are tight right now. Still lend daily but it not as much or adjusting with your income like it used to. Hopefully, that changes soon.

[Twpchair]

Hopefully, soon! I'm seeing more and more in the 80s getting offers. Good luck!

[Twpchair]

Once you finish your day of processing cards and it goes through their system and they take out their money and no issues than they stated they will deposit your loan amount. Others have posted similar or having to deposit a dollar and the next day they deposited that dollar back into the account. I'm sure just making sure all deposits and withdraws go smoothly and accounts are correct. Good luck keep us posted if you would!

[Twpchair]

I usually update daily between 1-3 pm and 95% of my offers come between 7-10 pm. A handful in the afternoon and I believe those were before having the metrics. Good luck with Pipe! Just wanted you to know if didn't get a chance to scroll down most are saying they need bank statements, a federal or EIN number, or a link to a Facebook page or Google account. Just to confirm you are a legitimate business. They seem to walk you right through it all. Most are saying 1 week roughly from the start to deposit. Keep us posted if it's moving a bit faster. 

[Tailoredgent]

Thanks for the information, still going through the pipe process with statements. Hopeful that that things pan out, and hopeful Square will send a ding with an offer, currently at 86% paid so trusting and believing. The hard thing is when you are conditioned to expect something and it doesn't come disappointment sets in. Working on breaking my conditioned mindset, best of luck to all other waiting, prayers up for success in all of your business!

[Twpchair]

That is the hardest part for 99% of the people. 4/5 years ago I could guarantee almost like clockwork 70-75% I was going to offer in that range. And now it's different and we all as customers notice it. It is hard to plan on inventory. I'm seeing people who lost one of their pizza ovens go out, another lost their less when the building sold. All green and % paid back in the 80-90’s to completely paid off and hurting bad. Trying to figure out that the algorithm is like Wheel of Fortune or Lotto! Best of luck on both! So far Pipe has been coming through big for people here. 

[photoguy2019]

Hello Twpchair how are you i didn’t know how to reply to anyone but i know you will do great for me! I have been offered at 82% just now, here’s some key notes ive noticed this week and leading up to this loan offer… i noticed my last one was offered at $1693 being owed back and 3 days ago i made it down to $1780 left owed and that’s when they added in saying about minimum payment due by date and i noticed that it lined up exactly in the range of it being paid down to 1693 again and as soon as i took a payment just now i received that offered instantly for $7200, my sales were up 50.83% from last year and this is the same amount as the last without the roll over balance. Sorry for the unorganized message i am just scrabbling and happy! Square still lending guys!! Keep going!

[Twpchair]

Congratulations first and to obtain the same amount and not half of the previous offer is excellent as well! It has been so up and down with offers so to see the same even though your sales are up by 50% is awesome and great job on a 50% increase. From what I've watched is usually not everyone of course but the next offer if things stay the same with your business their offer went up to align closer to their sales. Mine did pretty quickly at 69% though. I didn't take it because the new offer and the amount of rollover took all of the increase. I understand if people need it and no guarantee when the next one is coming you do what you have to for your business. If not 80-90% paid off (I like 90%) but that's been 1 time 91% paid off a lower percentage to pay daily. Yeah, I jumped on it! So minus 19% and the same amount of previous offer is pretty darn good lately. Great job!!!!! I'm glad it came through and at the right time!!! Yes, square is still doing loans daily. Millions of users and a small percentage use the platforms. When we are the best info to share! Go get it and keep those sales rolling in! Thank you for sharing and breaking down your information it does help others. 

[Town1134]

     I used to get Square loan offer in the past when 3/4th loan is paid off. But now even at 95% paid off with all factors in Green there is no offer from Square.

  I am very disappointment that I have been giving business to Square since 2021 even though Square offers high card transaction fee i.e. 3% compare to other competitors. 

       The only reason I have been using Square is because their loan structure is easy to payoff and lower interest. But it looks like Square is not interested in loyalty of customers by not offering loan at 95% paid off loan.

   I really want to be with Square but if Square does not offer loan then I will look for another card processing company who value their loyal customer.

[ryanwanner]

Hello @Town1134 !

Unfortunately, Square's loan determination parameters aren't fully known to us sellers. There are a lot of little things that can cause the loan offer to be postponed. Your best bet is to hang tight and hopefully the approval will come sooner than later.

If the loan product is the only thing keeping you with Square, I understand your desire to seek out greener pastures--you have to do what is best for your business. Personally, even with no loan offers on the table, I have found Square's feature set to be extremely beneficial to my business. The loans are just the cherry on top for me.

I know this isn't what you want to hear, but if you search through the community you'll see a lot of loan related questions all with basically the same response as I gave you here. Best of luck!

[SouthernSass24]

Did you ever get an offer 

[Stacelyn24]

I'm really sorry to hear about your frustration with the loan offers. I understand how important it is to feel valued, especially as a loyal customer. Let me try to address your concerns and provide some clarity.

Loan Offers and Qualification Parameters

Square’s loan offers are based on a variety of factors, and while past trends have shown offers at certain thresholds, the exact parameters can change over time and are not always disclosed in detail. Here are a few points to consider:

• Dynamic Criteria: Square uses a complex set of algorithms that take into account not just the repayment percentage but also your recent sales history, account health, and overall business performance.
• Market Conditions: External market conditions and internal policy changes can also impact when and how loan offers are extended.

Value Beyond Transaction Fees

I understand that a 3% card transaction fee can seem high compared to other providers, but Square offers several features and benefits that help justify this cost:

• Integrated Ecosystem: Square provides a comprehensive suite of tools that work seamlessly together, from point-of-sale systems to online stores, invoicing, and inventory management.
• Ease of Use: The user-friendly interface and intuitive design make managing your business simpler and more efficient, saving you time and reducing the need for extensive training.
• Reliable Support: Square offers robust customer support and resources to help you resolve issues quickly and keep your business running smoothly.
• Secure Transactions: Advanced security measures protect your business and customers from fraud and data breaches.
• Analytics and Reporting: Detailed analytics and reporting tools help you understand your business performance and make informed decisions.

I understand the disappointment regarding the loan offer, please know that Square regularly reviews its criteria and your status. I recommend reaching out to Square’s customer support for a more personalized review of your account and to express your concerns directly.

[ayazbey01]

HELLO, OUR BUSINESS HAS PAID THE LOAN, 14 DAYS HAVE BEEN GIVEN A NEW OFFER

[Healthyketo]

Congrats! Was the offer given today? Just curious? Been paid off for 15 days now hopefully they’re moving along today!

[Sj1976]

I’ve been paid off for 6 weeks and no offer. All green metrics. Don’t understand!! 

[Healthyketo]

I’m still trying to figure it out. I’ve been paid off for 4 months and no offer. My sales are up I’m all green and good standing and no offer in sight. Very frustrating. Hope you get one soon! 

[Jerrysbar]

Did you ever get an offer?