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, really? I guess in all my years I'll knock on wood! My highest was 91% and my lowest was 65%. 4/5 years ago like clockwork, I could almost quarantine 70-75% and an offer. Not so much anymore.

[Jerrysbar]

We've been in business 14 months and we're 88% paid on our third loan. We paid off the first one quickly, within a couple of months, the second one we were 75% paid off when we got an offer. 

[Twpchair]

Now, this isn't science here ok. With using an algorithm all we can do is come here and keep each other posted and follow the trends. For the majority, that's how it works. Of course, not everyone falls into the same category. We are all different, and process differently, and our economy is all different. After 18 months of good healthy growth with Square, you are building up a relationship and a pattern of processing and trends. Normally, your offer would be going up significantly, as long as all your metrics are growing along with it. A good strong healthy business that each year is doing better. I looked back at mine (12) years. 1st loan 1k 2nd loan 6k 3rd loan 16k. Again, different times also. On the whole not just you or me or our businesses but worldwide the countries haven't made a full recovery. Lenders watch closely and that's why it is tight right now. Good luck to you and hopefully soon!

[Llcdeliciass]

Do offers come in after updates daily ? 

[Bliss-B]

Since signing up to Square just a little over 4 months ago, I've been checking my metrics daily as I kinda like to look at it 😀

Yesterday, they completely disappeared and now it just says not eligible. I'm guessing this is not normal? 

Update. 

Apparently, even though we take between 10-20k a month through Square we don't qualify for the minimum loan amount according to support. 

[Twpchair]

My first loan was about 6-8th in I believe? It's been 12 years. It's not your volume, sales, etc, your kicking butt! You need to establish a relationship with Square and most importantly the algorithm has to establish a pattern or history of how you process is all. Nothing to do with you or anything like that is wrong. Do you swipe cards or online or invoices?

[Twpchair]

You will once you have established usually 6-8 mths some are closer to a year. It's not your volume it's breaking down how you process, daily or weekly, invoices vs swiping cards all-day every day. Are you staying with Square or have you jumped from POS to POS providers? All of this and so much more data goes into the system to provide you with the best loan offer. Obviously, with those numbers the traditional 1-3k loan would be silly. That's why they need a running calculation of how you process. The business 2 doors down it took them a year and 3 months with Clover for their first offer. Honestly, they haven't forgotten about you but that first loan isn't usually in a couple of months. It will come and most likely lower than you expected. That's fine accept it pay it off fast and they will keep rolling in. Good luck and keep up the kicking sales!

[Jerrysbar]

At 88% paid, we finally got an offer. It was half as much as last time, but we're ok with that, we'll pay it off quicker and still have enough to buy extra inventory. Fingers crossed for everyone still waiting. By the way, the offer came about 6 hours after the daily update.

[Twpchair]

Congratulations!! Thank you for the update! It does help others waiting!

[Souloutcafe]

I’m so happy for you praying I’m next when do they update?

[Mansellmc]

I would like to know this too! 

[Tori_tora]

Hi all! I’ve been lurking on this thread for months. Just wanted to share I finally got an offer today at 85% !!! My last loan was 13,600 and this one was 10,350. Disappointed it was less but so thankful for it either way. Don’t give up hope ❤️❤️

oh and it came in around 8am. Approved in less than 10 minutes

[Twpchair]

Congratulations! And thank you so much for sharing this! It truly helps others to see what % a little lower ect. Very happy for you and congrats again!

[Ann14]

Hello everyone I’m at 68 and just got an offer for 58,700 I this is my 6th loan . My last one was 40,000 but since I moved location sales been great . 

[ReptileLyfe]

Good to hear! What's your revenue looking like to get 40-50k offers if you don't mind me asking?

[Ann14]

About 50-60k a month 

no worries I been opened for a little over 2 years now with square . …. Food industry 

[ReptileLyfe]

Ok so you're about double with loans about double. we've been between 25-35k monthly. About 2 years ago my cousin said he gets 100k offers and I thought I once read 'up to 30%' of yearly sales but my offers are far from that!

[Twpchair]

Congratulations!!!!! You are one of rare ones! One in thousand! Great to hear and hopefully you will bring good luck to everyone else! Also, great job on the increase in sales. Great year for you!

[Ann14]

 Wanted to update you guys 🙌🏻🥹

[Goldiesflowers]

Just got an offer at 88%, 8k less than my last one, but will help nevertheless! 🙏🏻

[ReptileLyfe]

Have you ever NOT taken the first offer but waited until it updates again? In the past, I didn't accept the first offer and every 2 weeks a new offer came in. Although I'd like to think the offer amount would increase (more of our loan is paid and we owe less than 2 weeks prior), in the past the offers seem to decrease every time. I'm assuming it also goes by recent sales and processing. I'm currently being offered 26,600 but I think I am going to wait and see if it'll go up before I accept anything. Just checking how it is for others.