New Square Loan in 2024

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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!

[CTC18]

Last time I received one at 61% and I hit 60% today so I’m hopeful. I’ll update you as well!

[CTC18]

Still waiting at 62%

[BodyInBalance]

Waiting but at 71%.

[CTC18]

Does anyone have their bank account connected? Trying to figure out if that helps or hurts.

[Tritter82]

Mine isn't and I got a loan in October. I won't connect mine. 

[Twpchair]

I've had 3 loans now since they started to ask to connect to your bank account and I have not that! I can't anyhow with square using an outside service. 

[Tony53]

Hello all, I’m at 81% and have not received a new loan. This loan was given to me in may of last year. The monthly minimum payment has since disappeared and we will not know what the next “monthly” payment will be until March 4th. Do you think the loan would be around the corner? 

[CTC18]

Still waiting at 67% of 67k loan. Currently on my 11th loan since April 2020.

[GoodBoyDogTrain]

I'm sitting at 75% paid off, and just crossing my fingers at this point. Last one was offered around 67%. Is everyone waiting longer for loans to be approved than in the past?

[Jose22282]

Has anyone had any luck with any offers? I’m coming up on 78% paid and no offer yet. 

[Twpchair]

Yes, I did about 2 weeks ago. I had 3 very busy days and late Saturday night offer came in slightly higher and lower % of daily sales to pay back. All indicators were green and no my bank isn't connected. My previous offer was June and I was 91% paid off. All indicators green as well. They are still doing loans. I stick around here and from June till now I see more and more people reporting they just got an offer. These are just the ones that post here. Good luck and keep processing daily!

[allisonb_23]

Guys I got a loan offer at 88% today!!! 10k lower than my last but I’ll take it! Keep processing! Good luck and much love! ❤️

[stanleycourtney]

Congrats I’m waiting for mine to update. I really hope it comes soon 

[Twpchair]

Congratulations!

[Twpchair]

At 50% paid off no I haven't seen anyone in a few years. Right now it's trending higher paid off for most not all though. Good luck!

[TheRealChipA]

Hey @Flutterbeauty.  Square loans have no mechanism for allowing us to either increase or change the amounts of a loan once we accept it.  Also it is not possible to ask for more money than the maximum offered when new loan offers are extended.  From what I’ve read in other posts, that will probably not change.

Having said that, on your loan eligibility page, there is an option to connect Square to your bricks-and-mortar bank.  This allows them to possibly give you access to more funds and bigger offers for FUTURE loan offers.  But as long as you are paying off an existing loan, what you received is all that you will receive.  That’s just how Square Loan contracts work.

If you are really in a bind and need additional funds ASAP, your best bet will be to reach out to a local lender and explore your options with them.

Good luck.

[Flutterbeauty]

Hi there, I have received a couple loans from square but is there a way to ask for more than they are providing for you? Could they possibly do a check in throughout the pay off time and see if you need help with your small business? Times are tough! We can use all the help we can get! 

[Kbso11]

So I’ve had loans before and currently am about 80% repayment. I’ve always met my min requirements way early. All my factors are all in good standing. Is there something more I can do to make me qualify sooner? I feel like all my appliances ant work are going out at once! 

[Minion]

Hi @Kbso11 

I'm sure you are probably already aware of this thread with other sellers like yourself in similar situations.  There is a really decent amount of "data" in that thread from all different types of sellers and business. Honestly other than paying off your loan early in full from our bank "may"** qualify you sooner, that is a very large gamble to take and not to mention the 7-10 days it could take for the final payment to fully process, and then potentially be considered.  

The bets thing to do is to just keep pushing forward with business as usual, and seeing as you are so close to paying it off, hopefully something will pop up in the next couple of days/weeks for you. 

[sayra]

Hello, @moxiemavenandco. It's great to hear about your experience with Square since 2018. As for Square Capital offers in 2024, we are limited in account details on this platform. We recommend checking your Square Dashboard or contacting our Square Loans Team for more details. Wishing you a successful and prosperous 2024!

If you have more questions or need further assistance, feel free to ask.

[GoodBoyDogTrain]

Any one gotten anything or had any news this week??