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!

[olivesageeee]

Hi Twpchair! You helped me back when my loan was over 80% and I wasn’t getting anything, I ended up being offered at 88%! I’m currently at 67% paid off now, are we seeing earlier offer percentages these days? Last November I was offered my highest loan ever at 62%! Just wasn’t sure what it was looking like. 

[Parisbarnes]

What’s algorithm? What’s it for and what’s it mean? 

[Ann14]

Do you have to be connected to your bank to receive an offer ? I’m at 59% on my 5th loan and it’s asking if I want to connect . 

Updated a bit late today  10pm 

[Twpchair]

No, I don't have mine, and since that appeared I've had 6/7 offers. For my little credit union with ID theft, I would have to 3-way call with a human to do it. It won't let 3rd parties access it. Others have lately and like others their offer was lower. But everyone is different and what's good for me might be the opposite for you. I have not heard anything bad about it or a negative impact at all. I guess imo why not give it a shot and see? I didn't go into the fine print about terms or access to account or accounts type thing. Good luck keep us posted if you don't mind especially if it does help. Others could really use that feedback!

[Paulynne]

I’m glad to see someone ask about connecting the bank. I was literally about to ask that question. I wondered if majority of everyone receiving an offer has connected their bank? And if you did, did it improve your loan offer or the speed in which you received it?

[Twpchair]

I don't and can't. With ID theft my account is locked and 2 steps of verification to get through. The only way is a 3-way call. I believe I've had 4/5 offers since then. All seemed normal as normal is now at least. 

[CANDIDHOME]

I did not connect my bank, and got one at 86%... It truly seems so random. 

[Creldredge]

Hi guys. Been reading through comments because of course I'm waiting on square to offer a new loan. Sitting at 85% and nothing yet. How do you know when they update for the day?

[Twpchair]

It should have a timestamp once it's done updating like last updated at 3:02 today. Right under your metrics before you click to open it and see each section.

[HALEBOUND]

Has anyone gotten a new loan as of today's date 11-04-2024? I'm at 75% all in the green and no new offer yet. I've had about 5-7 loans so far (can't remember exact number). I was really hoping to stock up before xmas, but its not looking so good. Also,  wondering if the Election could impact new loan offers. 

[Twpchair]

This week has been pretty quiet so far but for the last 2 weeks, there was a good bunch who had offers. As far as the election goes without getting into political discussion here. If you read above I believe it is still posted at the very bottom about the loan section and factors. Square like any POS company that offers loans have to answer to stockholders. Elections do have or I should say do have impacts on the market, policies that would change, the economy all of that affects how all lenders will react even banks and all lenders. Until this is over all we can do is wait and see. If the market starts booming, that's a good sign, interest rates drop those are what they look at and look for! But, between now and January 20th we shall see if things start popping or if they hold tight for a bit. It's really been a rough time for a lot of businesses that got used to like Clockwork 70-75% and an offer. This has not been the case for a while now. It was trending 90% to paid off completely! These past few weeks I've been seeing upper 70s to low 80s more and more. It's hard hun honestly, we are all so different from each other, and some businesses are booming, and others are barely keeping their doors open, and all that comes into play. Good luck hopefully soon an offer will pop up!

[Kristencutshair]

When you guys receive an update does it say you've been approved for a new loan or anything specific? I'm sitting at 75% with all green markers.

[maryanngregg]

I’m wondering when it does update, with the time stamp and says *not eligible*, does a offer come later that day, or does the *not eligible* disappear for the daily update and a offer appears instead of update?

[Pecard81]

In my case it updates and later that day I get the loan offer but it’s not during the update.  That’s in my case.   Hope it helps 

[Kristencutshair]

But does it still say not eligible? or does it still say that and then it's just *surprise* loan offer. it's been awhile since I've used them and i'm realizing a lot has changed lol

[Pecard81]

It just “Surprise”!!

[Twpchair]

The same I've never updated and instant offer. I update 1-3 pm and offer around 7-10 pm usually.

[Joeylee56]

What just happened to me a few days ago was that the “last updated” did not update for 48 hours. That should be an indicator that it’s incoming. Not always the case as they often have glitches, but if your loan status stops updating and your green and above 75% , it’s definitely more likely than not.

[Pecard81]

Is the 75% almost a 100% must now?

[Joeylee56]

Unless if you’re getting a ton of processing per day. 

[Twpchair]

That long long trend of 90% to completely paid off so I would say. However, in the last few weeks I've seen a good group of upper-70s-80s who received offers. 2 I believe in the 60s. Now they were processing high volumes and big numbers and no disputes no returns. Hopefully, they didn't jinx the rest of us! 😆 good luck and keep us posted! Posting your experience it helps us to see a trend until someone else besides myself figures out how to crack that code in the algorithm! 😆