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!

[GlitzyCow]

A lot of factors go into how one chooses to process. You paint. We farm and own two small businesses. To each their own. I have a lot more overhead than you do. 

[PFS36]

We have a farm and I tell ya, ain't nothing cheap running a farm. We have 500 head of black baldy, 100 Nubian goats, 3 chicken houses and tax on 1500 acres. We know the struggle of farm. Our business is a restaurant that operates 3 days a week and with food costs through the roof, it's tough. No, we can't just use our livestock in our restaurant lol

[Jjpainting]

What kinda judgment am I passing. I don’t know if everyone pays the same rates but mine is 2.9%. I’ve found multiple different companies that I could get under 2%. I haven’t looked too much but I did find a legitimate good one that offers 1.9%. Everything I just said there are observations and not judgement.  I’ve started my business 2 years ago and when I looked at my yearly reports and saw the total processing fees I’ve paid,h mouth dropped.  If you’re processing a few million, 1% is a huge amount of savings. The reason I stick with square is due to their invoicing.  It’s the most user friendly for both myself and my customers. So I maybe there’s some reason like my reason I just gave that would keep that large of a business with square.   I have know idea how you read that as passing judgement. 

[Jjbeautyco]

Hey all. I’m about at that point where I get another offer..73% but it says my bank account was disconnected and to reconnect.   I tried but kept saying error … has anyone received an offer without their bank connected??  I called the squareloan phone number and they hung up 2x.   Any help would be great.  Thank you 

[CTC18]

I do not have my bank account connected and I got an offer at 73% today.

[Ann14]

Congratulations 👏 yay I don’t think I have to connect it then .

[Twpchair]

I don't either. The majority I see here only don't as well 

[Paulynne]

I called and asked about the bank. They said it does not affect your eligibility, it helps them improve the amount of the offer. I have had 15 loans with Square and did try connecting this time to see if it would help, but it didn’t. I disconnected it, but although they said disconnecting was fine, I think it could be holding me back. I’m 93% paid off and haven’t gotten an offer. Most people on this forum have gotten loans without connecting. 

[Twpchair]

I thought 91% was going to be our lucky number???? I've been watching every day for you! Good luck today!

[Paulynne]

Me too…me too. Guess I’ll keep selling and waiting. 

[Twpchair]

Unfortunately, I don't work for Square because I would be up here you get a loan, you get a loan, and everybody 80% and all green you get a loan! I can usually follow the trends and you've seen all summer until recently it's been a higher % to paid off. There's always a few here and there that pop in around the 70s. About October it has been bouncing around from the low 70s to the high 90s?? Not very consistent at all. Good luck and you are correct all we can do is keep swiping away. 

[Twpchair]

Any news yet? It's been crazy at work and part of our busiest season. May to January is our time. What line of business are you in?

[Twpchair]

The majority here post do not have it connected. On the whole im not sure? Good data there would help businesses make a better informed decision..

[Alexis321]

I've never received a loan before one was paid off. I wish they would!

[Lakcontrola1]

You only received 1 loan from them ? How long ago 

[Alexis321]

I've received 3 loans.

They've all been paid off for weeks before they offered a new one.

[ThePlantDealer]

Oh goodness. Have you ever reach out to the customer support and ask them why? I'm curious 

[Alexis321]

No. I just figured it was normal. I've never gotten a loan before paying a loan off. 

[Twpchair]

I never say never with an algorithm but imo not the traditional way it normally goes. After you establish a good 3-4 loans you should be rolling along here. 

[Twpchair]

Me too! 🤔🤔🤔

[Twpchair]

Ops see what I mean these just popped up after I sent you the reply. I have seen more and more lately vs 10-12 years ago posting loans 1-3/4 are bouncing, not going higher amounts like others, etc. Has it changed from years ago yes, it is different. I could almost like clockwork knowing I would receive an offer between 70-75%. That was 4 to 5 years ago. If my business was growing my offers did as well. Now, a good group of regular older users stick around and help out but more importantly watch the trends. This forum site has great users and they are not going to read you a script! This past year square has grown and more people switched to it. The volume and number of loans are up every quarter. Unfortunately, it's such a small % that post here so we don't always see it. I'm seeing a higher % paid back, the same offer as the prior 1st, 2nd offer lower (sales doubled) 3rd slightly higher than the last offer. Shareholders want to know what and where their money is. All lenders even banks and credit unions are holding onto the money tight. The market is up and staying pretty steady, interest rates didn't go up and those are all great things for lending. Hopefully, very soon things will open up!