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.
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!
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.
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!
I give mad props to restaurants and food trucks down to the coffee shops! The prices for you have all gone up 2-3 times! For you to stay open is amazing! But what I have noticed here locally we still support are mom and pop restaurants vs. fast food every time! Most people understand that you aren't making a killing. Unfortunately, prices have gone up! I would take a burger and fries from my local restaurant every day over McDonald's! Keep doing the best you can, and we can and will weather this storm! Here's to everyone waiting for a loan to get one today!
Good, and guess what if you get a generic response? Don't stop going higher. Unfortunately, the square is worldwide and millions of users. It's up to us to pursue it. If not, you will keep getting that generic script. As hard as you fight for your business, apply it here as well! We all get that great rep and the not so helpful one. You do what is best for YOUR business. You got this! You can do it. Just push forward, keep swiping that card, and continue to kick butt
