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]

No, you don't have to only if you use square payroll. Your full legal name that matches what the IRS has on file for taxes. And address on file. If you want one or get one it's easy and fast to do it online than update it with Square. The EIN vs SSN isn't holding you up any. It's been trending higher percentage paid back for most. Here and there a few 70s pop in. 

[ewing1]

How are things trending now. I'm at 65% and all green. Should I not get excited? Lol I could use some new inventory! 

[Jerrysbar]

We're at 88%, all green, and no offer

[ewing1]

Well, I guess I won't get excited then. There's got to be a better platform for us out there somewhere. 

[Jerrysbar]

My husband/business partner said we should just deny the loan offer, if & when we get one and just use the money that we pay into the loan (almost $1300 in 10 days) to stock up and save. It seems like Square doesn't care as much about small businesses anymore.

[Twpchair]

At rate, I would agree! You're almost doing a high percentage paid loan from some cash checking place downtown. Square has a great saving account and higher % than most banks and super easy to do. Even if you took half of it and put into savings and the rest into your account you are further ahead. That is what I do when I don't need the offer or I get one like last time at 68%! I don't take those because im losing over 30% of my new loan and if it's less than you're paying it off in 4 months or whatever. I  have a great lil credit union and a LOC I use for emergence. 

[Lakcontrola1]

I read that someone here had paid off there loan and got an offer for less then last time , I’m not sure if square is doing some changes or what’s going on .

[Twpchair]

It's not just square its all lenders right now. They have stockholders to answer to and numbers that need to show a profit. Square is still lending every day. Yes, you are correct my last 3-4 offers in about a year have been 1-2k less than the previous offer, then the same amount and the other two were 3-4k higher than my largest loan. I've been with Square for 12 years now. It's been a rough couple of years and we have all made it this far just hold on and let the market adjust, lenders to start letting that money flow again, and we can do this!

[Twpchair]

There are but definitely read their forums and reviews. All lenders have been holding tight lately till things calm down and hopefully soon things will mellow out and lenders will start getting back to normal! I looked at the names usually about every 3-to 4 months and the number of new people to square is crazy! They made big leaps in businesses.

[Twpchair]

My last few have 81%. 84% 91% (that one I took) and the last one 69%! I don't take or try to take anything under 85-90% I don't like giving up 30 plus % of my new offer on an old loan. That's just me though. Have I early on 100% if inventory was low or something was broken down I sure did. After 12 years with Square, I have a great little credit union and did a line of credit with them for emergencies now. Good luck and hopefully soon this board will light up!

[ewing1]

Hit 76% today! Still nothing. How are you doing? 

[Lakcontrola1]

I’m at 86% all green still nothing . 

[Twpchair]

Hopefully, soon! My last was 91% and then they jumped to 69%. I passed on that fast! Good luck! There's a lot of new ones rejoining if you could please keep us posted that would be great!

[Ann14]

I’m 66 I’m excited  lol just don’t know how long until 🙏😭😅

[Twpchair]

It's trending higher % on the whole but we are all different and process differently and my last was 69% and 2-3 prior was 91% so I never say never but I follow the trends. Good luck with yours!

[Twpchair]

It's been trending a higher % to paid off for the majority but a few 70s are popping in here and there lately. 

[NRVCards2]

Currently at 84% and having steady sales. Hoping for some help soon!

[Twpchair]

Good luck to you! Please keep us posted! There's a lot of people waiting around your range!

[Twpchair]

Hello, I was have been looking for you! How is going? Did the algorithm fairy hit yet?🙏 definitely agree to stress over a computer pick isn't good. I get it we all do but unfortunately, we have no clue or control over it. Stay on track and keep plugging along!

[Paulynne]

Best thing to do is keep selling. Don’t psych yourself out. The algorithm is alllllll over the place. 

[KICreative]

I've never been offered a loan while one is going. It's only ever been a few months after the previous has been paid off...