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!

[Twpchair]

I know it is frustrating and hard to plan for purchasing or repairs anything else you need to continue to operate and grow. The plus if you can hold tight is that the new offer you will get more and more of as the % goes up! Compared to 52% rolling over half and losing half of your offer you get more and more! Good luck and keep plugging along! I truly wish you the best! Been there done that! I stopped trying to crack the algorithm and followed up with the trends going on. Easier and more reliable.

[Oxbow]

Im at 86% paid, all green, longest Ive ever waited in 8 years

[Twpchair]

12 years and my longest was Aug/September at 91%! That one I took! I hate to roll over a ton of old money that eats into my new loan and I tend to stay away unless it is a dire type of thing. I do have a LOC with my credit union for emergencies as well. But I took the 91% larger increase, the fee was ok, and the rate was pretty good and fast and done. Then out of the blue at 69% no joke here comes the next offer of less money and a higher % 😆 yeah, passed on that one. I process or swipe all day every day from 8.00 dollars to 3-4k transactions being a retail furniture store. But these offers have trended higher all summer September and early October. Recently a good handful of 70s-80s popped up. Now, it's been a little slower. We will see soon if the lenders start picking up and offers start rolling out faster. Good luck!

[Twpchair]

I was hoping to see you received an offer! August was my highest % 91%!!!! Then they came back fast at 69% smh. I passed on that! This is our busiest time as well. I won't roll over 31% of an old loan to a new one and lose that much from the new one. Good luck I am pulling for you!

[Parisbarnes]

Last question. Do you know if the loan offer come at certain times and or days? If so what’s been your experience? 

[Alexis321]

I'm paid off for a week now and no new offer despite a jump in sales and processing. Not sure how they determine who and when gets loans. It's a bit daunting. I'm going into my busy season and could use a boost 🤷‍♀️

[Twpchair]

Unfortunately, they use an algorithm to do their picking, and when it does, unfortunately. The big plus is your processing more and hitting the busy season. Hopefully, that will trigger it. Good luck and keep us posted. 

[Twpchair]

Please, understand it’s not just you ok. It’s hard when there are millions of users worldwide who are asking the same questions. It’s all when that algorithm picks you off. I have been seeing a lot more upper 70s and 80s lately compared to a good year of the 90s to completely paid off. Keep processing as much as you possibly can and see if that triggers the system. Good luck!

[Mmccrain]

Has anyone seen a second loan offer at 50% paid off? My first loan was only $1800 and in 30 days I’ve paid 50%. Wondering if it’s possible for a second loan offer to come thru at this point.

[Twpchair]

Honestly, anything is possible, but if you scroll down through the thread, it's trending upper 80% to paid off completely! A few posted low 80% one person in months posted 70s, but that's not the majority. I'm just watching the trend on the whole. We're unique and different, so anything is possible, but I wouldn't want to bet money on type thing. Good luck! Please keep us posted it helps others know what % when/if you get an offer. 

[Koleen1234]

Did you ever receive a loan offer 

[TrendzbyM]

I just hit 75% paid off . Hoping to get one before I hit 80% . I've never been offered one higher than 12k. Be nice to have one for higher this time , sales are good !

[Twpchair]

Good luck! It has been trending higher % keep processing and daily, a good mix of new and regular customers! I wish you the best!

[TrendzbyM]

Thank you !

[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!!