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!

[MaMaShriver]

I’m sitting at 87% and still no offer!! I’m praying everyday it will be coming soon!

[maryanngregg]

Got an offer this morning, 1/2 of my last one. 
In the previous days, the updates got earlier and earlier each day. Yesterday the update said I was still not eligible, and at 5:30am this morning, my business was not open for the day yet, so no changes from the prior day, the offer showed up. 
91% paid on my 12th loan. Even tho it’s half of my last one, it’s enough to purchase supplies and stockpile. 
My business is same as it always has been, so no clue why it was half, but it was approved and in my Square acct in less than 5 minutes.  I do not have my bank acct linked, and won’t do if Square goes down, and it has, I have access to other funds. 
Hope this helps all

of those waiting❤️

[Twpchair]

Thank you! Congratulations on your offer and you're not alone. Most are trending lower or the same even if sales are double. A small group will post 1-5k higher but that's few. Hopefully, soon things will calm down and get back to semi normal! Thank you for the update!

[Twpchair]

Congratulations!!! At least now the system has everything updated!

[Llcdeliciass]

Got a offer @ 79% this Sunday around 5pm luckily 

[Alexis321]

Congrats! I'm at 89% nothing yet 🙏 

[Souloutcafe]

At 89% also still waiting 

im In Alabama 

[Twpchair]

Congratulations!!! Thank you so much for the update! I am seeing more and more each week with that % dropping down for a good handful each week. Unfortunately, not all of course ugh! Congratulations again!

[Jpphoto]

Congrats! Still waiting at 91%

[Twpchair]

Congratulations 🎉 I am so happy to see so many new faces!!! Thank you all so much. It truly does help others following the trends for most not all of course.  But the 70s-80s are more and more each day!

[Parisbarnes]

May I ask the amount it was ? 

[Parisbarnes]

May I ask how much wa your offer? 

also have you went passed 89% before ? 

[Solstice]

So we had a $48,000 loan that’s with fees. Back in the day I would get them 65%-79% paid back but this go around after a break and starting a new business this is our fourth loan in a year and a half and have paid back every single one in full before a new offer…. I was hoping that maybe it was the system trying to gauge where the business was at and now I’m not so sure unfortunately… because I feel like we should have an offer by now. 😞 

[Parisbarnes]

So this is a new business ? 

[Solstice]

I had a hair salon starting 12years ago with them then Covid took a 2 year break then bought a different salon and started back up with them June 2023 in a different state… we are doing about $500,000 a year currently. And received 4 loans so far the last one being the biggest. 

[Twpchair]

With processing that amount of volume and paying it back so soon on your 4th loan you were exactly right. The algorithm is set up for 18 months and say you are doing 4 in a year it's not gauging your loans right yet. At that rate it's like you have had 1 loan. It will catch up mine I believe was loan 6 and my biggest loan. I still paid it back in 12 months not 18 but no longer 1-2 months and back into the algorithm. Good luck and hang it there it will adjust to your processing habits. 

[Solstice]

Thank you!! That’s what I’m beginning to think 🙂 which isn’t bad but mannn we are ready for more capital to grow even more. It really does help us and we really like square loans. We took a loan from another company and it was the worse decision we ever made. So hopefully people will hold steady and wait for their loans to come around because they will! 

[Twpchair]

Yeah, many have fallen for that fast cash but the payback is crazy, and they try to keep you in a vicious cycle. When honestly it's a big payday loan. It's been a rough year in the loan department and of all businesses that need a break and boost just to continue to grow and grow is small business owners. Good luck and keep us posted!

[Downtimedawn]

I didn't realize the loan offers had slowed until I came here to read.  I was fully expecting a new offer when I hit 70-75 which had been the highest I'd ever had to pay. All of my loans have been paid off with a new offer in 3 months or less so I was really surprised not to get anything yet.  Bummed but hopefully soon

[Pecard81]

I just received an offer and accepted it, I am at 84% paid back in 4 months, loan is higher then my December loan, but still down from previous ones.   I’ll keep you posted when approved and funded 🙏🙏🙏

[Twpchair]

Congratulations!!!!! I am happy to see that it came through for you!