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]

Hello, im guessing you are from Michigan too? There have been low 80s and a couple in the 70s. It's been a good year of higher-paid back to paid off. I have seen since October that % coming come a bit. Hold tight and process as much as possible, especially like a 3-day span and see if that kicks in the algorithm! Good luck!

[Jasmineb1995]

Just got my offer today at 87% and sadly it’s half of my previous offer eventhough I’ve grown so much this year 

[Twpchair]

Ugh, I know it's not what 75% expected or wanted. Hopefully, you follow the trend and pay it back quickly, and a new offer comes in most cases go back to your last offer ( not this one), and about 3-5k higher if you continue to maintain. Not all of course but following the trend just a handful that's been waiting for one have stated “My offer was double the last one” not many of those. Hopefully, the funds will help!

[Twpchair]

Well, I just answered your Monday question and it looks like although lower a Friday after a holiday offer came in! That's why it's extremely hard to give a 100% answer. We are all different, we process differently, and we are located differently. Our lines of business are different. All most of here to help is offer our opinions and what we have been seeing on the whole. Very few that post on here at least have had substantial increases in their offers. 50/50 split between lower or stayed the same. A good 25% 3-5k higher and maybe 5-10% received close to or around double the amount. I know it doesn't make sense but lenders are starting to loosen up a bit. Hopefully, we can get back to 4/5 years ago and could count like clockwork 70-75% new offers and always higher as your business grows!

[Jpphoto]

Congrats! I am at 90% with what would be my 7th loan and still nothing. I am starting to lose hope. 

[Souloutcafe]

Congratulations what time did it come

[Mansellmc]

Around 8 pm Wed night. Money deposited today. I sent a heated email earlier that day. Don’t know if that had anything to do with it or not. Who knows. But I finally got it. And just in the nick of time! 

[ewing1]

Oh where did you send it? 

[Greatlakes891]

Was a review email or actual email?

[Twpchair]

Congratulations! It's hard to say but imo the algorithm already picked it you off when you updated that afternoon and then later the offer comes in. Wednesday prior to Thanksgiving here I doubt a human took it over. Just imo over the years. Regardless congratulations on the loan and I glad it came at the perfect time!

[ewing1]

What percentage were you at? 

[Souloutcafe]

I’m at 85%

[Twpchair]

Hopefully, you are getting so close! Keep processing like crazy if you can and see if that algorithm kicks in! Good luck!!!

[ewing1]

82% and nothing 

[Twpchair]

Your last % if you don't mind me asking questions what was it? How many roughly offers do you receive in a year? 

Mine since last March/April I believe now I do not accept every single offer either. I tend to in the winter our slower months. 

But March/April 84% (didn't accept) lower

June paid off ( higher 9k than my original offer, not the lower one I turned down. Didn't accept it

August still paid off and was watching how slow it was with offers. This was 15k higher than my last original loan I accepted and I got nervous and accepted it. Then comes my last offer at 69% paid off for the same amount denied it! I don't like to roll over 30% especially, if the offer is the same or lower. That's just me but in the past in the dead of winter and it's a rough one I do have a LOC at my credit union or bite the bullet and could accept it. 

[Twpchair]

I'm retail furniture and from Michigan and our snowbirds are gone roughly Nov/March/April that's are slower time except for the Christmas season we are extremely busy. So pretty much May-December is my best month in my area. I'm very rural and we don't have any big box stores besides Dollar General everywhere and fast food at both exits on the freeway. 

[ewing1]

I should add I've always met my 60 day minimum right away. I've never had to make an additional payment. 

[Twpchair]

Okay, yeah that is one where you still would be an offer but lower is all. That means their last offer/loan was too big for processing to handle. So that's all good. Even slowing down we all have different times that are our slower seasons or like yourself and a few others that do construction or painting tend to have a much higher payout and the customer is writing a check or they use something else for their pos system to payout invoices. Unfortunately, a job is a job and money! You can't force them to use Square. You want that job you take what they want. I don't know imo going off of a good 90% the percentage is coming down if I was a gambler if you process like you have been I would be putting money down and thinking that this week or weekend? Again, I just went back through the last 3 pages, and the amount stated in the 80s is the majority of them now. 

[ewing1]

I wonder if anyone talks to a support agent and it helps with triggering an offer? 

[Twpchair]

It's getting to one is the problem. You are calling a call center and unfortunately, you get the script that there is no guarantee of if or when you might receive one but keep processing.

[ewing1]

Ick. Even when they say to call the loan specialists. 😔 So frustrating and what a run around.