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]

Wow, that is crazy! I have been with Square since the day I opened and I have (yet) been fully paid off before I received one. My highest was 91% in August and the lowest I remember was 65 or 69% I would have to look again. It's early yet! 😆 and a rough week for me trying to post or comment here. I'm not sure if it was on my end or if everyone was experiencing it. Bugs, crashes, sit and spin, and it's trying to load and then crash, lost it all. Have you been with Square for a while now? Curious with this now. 

[brown17]

I habe been having major issues with square the past week or so...not receiving cuatoner messages. Customers paying invoices but it never goes through. I called square yeaterday and of course was told it was on my end even though its happening with multiple long time customers!   I hope they fix the issues this is a busy time for me 

[FloresLiquor]

I used to get Square loan since 2020. In 2023 , my account was not current in 2023. So they give me pre-approval offer in Nov 2023 and then denied as my other business account was not current on my other Square account. Then Dec 2023 onwards I was current on all my accounts.

      It has been over 4 months , and Square does not offer any loan even though all factors looks green except Account Activity.

  Upon contacting Square in March 2023, they say that it will trigger auto offer. I did mention that my account is current since Dec 2023 . So whats is reason that Account Activity shows 'Needs Work'. They do not have answer for it.

  I also asked if they have flagged my account not to receive any offer in the future, then they said that there is no issue with my account.

  I feel very disappointed that even though I was giving business to Square since 2020 then they dont appreciate customers loyalty and business.

  They flagged account not to receive any offer once you are not current in the past and no matter how good your current history shows, they will simply flag.

  They give false information and false hope to customer stating that they  will get offer automatically.

   The only reason that I was with Square over 4 years because they used to offer better loan terms even though CC processing fee is over 3% which quite expensive compare to others.

     But it seems they do not appreciate customers business.  I am thinking of switching to other POS and CC processing companies who appreciates customers loyalty. Anyone experience this?

[Minion]

Hi @FloresLiquor 

If I'm understanding your post correctly, you have two square accounts, and one account was not current as in it had a loan payment or a chargeback that needed to be taken care of to bring that account current and not negative?

[Twpchair]

That's how I'm reading it as well? But if you're account activity needs attention and its not green then you need to bring something up! Processing volume, mixture of customers etc. Something in there will let them know what needs to be improved. They clearly state they look at past loan and history, charge backs etc. I'm not sure if I'm reading the question correctly either to help out with the proper response. 

[FloresLiquor]

Account 2:

- Was not current in Nov 2023.

- 100 % paid off in Dec 2023

- Got loan in Dec 2023.

- As of April 2024, it is current with all Green status

Account 1:

- 100% paid off in July 2023.

- Got pre-approval offer in Nov 2023

- Denied approval in Nov 2023 because 2nd account was not current

- From Dec 2023 until April 2024, all factors looks Green except 'Account Activity' shows 'Need Work'

In summary , for past 4 months , there is no issue with my accounts but they simply do not want to make offer by flagging account .

[Minion]

---

@FloresLiquor wrote:

Account 2:

- Was not current in Nov 2023.

- 100 % paid off in Dec 2023

- Got loan in Dec 2023.

- As of April 2024, it is current with all Green status

Account 1:

- 100% paid off in July 2023.

- Got pre-approval offer in Nov 2023

- Denied approval in Nov 2023 because 2nd account was not current

- From Dec 2023 until April 2024, all factors looks Green except 'Account Activity' shows 'Need Work'

In summary , for past 4 months , there is no issue with my accounts but they simply do not want to make offer by flagging account .

---

Thanks for the updated  info @FloresLiquor .  

There could be some type of internal flagging within the algorithm on your account due to the one account that was not current for that period of time.  Like @Twpchair mentioned, they do look at past loan history as one of their metrics used.  Whether it is actually "flagged" is a different story.  While the two accounts are different, you yourself is what times them together and who would be responsible for those accounts. 

When it comes to Square Loans and offers , it really is hard to figure out just exactly how it all works.  Their metrics shown in the eligibility are more of a suggested guide, but just because they are all green doesn't necessarily mean that an offer will be populated, it just means that you are in good standing.  It's still a good thing though to have them all green.

I don't work for Square, I have no hard evidence on how offers work, I am simply basing my answers off from either experience or reading through many of the other loan threads over the years from other sellers. 

 At the end of the end though, it is your business and no one knows what your business needs more than you do. If a loan offer is what you need their are other alternatives to that while still using Square.  Who is your business banking account with if you don't mind me asking?   

[Twpchair]

Makes perfect sense now! Thanks again! The break down of the accounts and time frame makes perfect sense now! Going forward it's easier to help others with multiple accounts. 

[FloresLiquor]

Got an offer and approved loan in 1st account on 4/11/24.

Thanks Square for being considerate!   Square funding  is a game changer that fuels business growth. So I apprciate loan offer and approval !

  Thanks Minion for your time to reply !

[Twpchair]

I don't know if they have "flagged" your account or not? You currently have a loan from one account that's roughly 4mths old and you are still paying on. You might not be eligible for another loan for the other account just yet until you pay down the first loan. Over the last year lending or lenders have tend to pull back a little with the economy not being so stable. So if you were use to getting multiple loans for both accounts that might not be the case right now. You might have to pay one off before the next offer comes in for the 2nd account.  Keep working on what factors need work and process daily! It's not just you I promise lots of people/businesses and even lenders are feeling the crunch. Good luck and I hope you have a great 2024! I'm glad @Minion could break it all down clearly. 

[FloresLiquor]

Got an offer and approved loan in 1st account on 4/11/24.

Thanks Square for being considerate!   Square funding  is a game changer that fuels business growth. So I apprciate loan offer and approval !

  Thanks Twpchair for your time to reply !

[Twpchair]

You're welcome! Congrats to you!!!! 

[FloresLiquor]

Updates:

Got an offer and approved loan in 1st account on 4/11/24 ✌️ 💪 😀 🎉

Thanks Square for being considerate!   Square funding  is a game changer that fuels business growth. So I appreciate loan offer and approval !

  Square loan offer and approval not helps business grows but it at also boosts confidence of Square customers to remain loyal with Square !

[Healthyketo]

Super slow this holiday weekend so I’m sure there’s no offer in sight for me this weekend. I wish the algorithm was more transparent. Still everything on green. Hoping for the best! 

[goldslinger]

I just got an offer right around 83%. It’s about 3k less than the last so im considering declining. Makes no sense. I’m a two person business that has already cleared over 100k this year. No chargebacks. Nothing negative. So frustrating. Has anyone declined and then been offered more layer? 

[Jjpainting]

Well at least you got one.  I just had a really busy 4 days (I’m just a one man owned company, , but have a few part timers that work for me.  I went from around 79 or 80% paid off up to 86% paid off from the first through fifth of this month. I’m cleared $107k ($78k in credit card processing). 

im sure that if you decline and wait until you have like a super super busy week, a better offer will come along. 

quick question, did your offer come as soon as your account was updated with that time stamp?  Just curious is all.  I’m on my 4th loan, and never paid attention to that. 

[goldslinger]

I believe so, yes. Because I usually am evaluated between 2-4:30 and that’s when I saw it. No email, either. Had to check my dashboard. 

[Jjpainting]

Gotcha. Thanks. I haven’t been updated yet so crossing my fingers as my sales we up 300% this past week. And yeah, the only time I’ve gotten an email for a loan was the very original first one. 

[goldslinger]

Oh wow, I’d think you’d get one soon especially with an increase that large. We have had a couple really awesome weeks and accepted walk-ins yesterday to boost sales. I think it worked. But today has been busy with appointments too. How long until these offers expire? Or should I decline??? I could just cry because we needed the anticipated larger amount. 

[thehealingplant]

We have never declined an offer however it seems that when people decline them or miss them there is no exact timing for when you may get another offer (similar to a normal situation.) Obviously the only issue with this is if you need the help now or are able to wait for it.

Even if we got offered a slightly lower offer than our last we would have no choice but to accept as we're hitting a really hard season of the year and need to market to keep up with the larger companies around us who can spend endless money marketing.

Obviously do what's best for you and your business. Just consider how it could or could not affect your business and it's needs.

Wishing you all the best and continuing to send good vibes for offers for those in need (including ourselves.)

[Jjpainting]

Yeah what I said was just a guess that maybe a larger offer would come if you wait for another one and you have some amazing sales in a week. But you’re really rolling the dice. Do you mind me asking what your last loan was and how much your processed over the past 12 months. My last one (4th one, was $14,700 and came when my 3rd one was 66% paid off on November.27th which was only a $8350 loan).  When I got my last loan, I did $120k in processing over the previous year.  Now I’m at $149k over the previous year. So I would think my next offer will be larger as well but who really knows.  But I’d take $3000 less right now. That would still give me $9000 (I owe pretty much just the loan fee right now of $2300 or so).