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!

[Kybanjoman]

I got my offer today and paid my last one off in Oct 2024 it was 25% higher than my last one.

[mydpins]

Congrats! May I ask at what percentage paid off you were at? 

[Kybanjoman]

I paid off in Oct' 2024 I was really worried if I was even going to get another offer. It seems like they slowed down offering them here lately.

[Twpchair]

It has been trending higher for about a year now and finally starting to see some high 70s 80s every week. Are you processing every day? Do you do more invoices vs swiping cards?

[Twpchair]

Completely paid off. 

[Twpchair]

Congratulations!!!! Sorry, it took longer but that's been the trend. Wow, one great thing is 25% higher!!!! It's been 25-50% lower to the same as the last offer for the majority of course not all. Great job getting a bigger offer. I hope that keeps up!

[Kybanjoman]

Just got funded today so they are still giving them out. 

[Twpchair]

Every day all-day worldwide! Unfortunately, only the ones that are looking come here. We don't see the ones getting one every 5 minutes or whatever the stats are above. Congratulations again and thank you for sharing it does help others versus a script read to you!

[Parisbarnes]

I’m at 70% do you know when I will get a new offer ? 

[PamS2]

So frustrating, we have received 7 loans always got new offers at 70 to 75%. We are now at 96% always paid on time, everything in green and good. We are now in our slowest time and could really use a new loan and no offers in sight. Every time I call I feel we just get a standard answer  .."when you qualify you will be notified on your dash boards like I'm cattle and not important. We are a new business and don't want to get another POS system but might be forced to, someone please help if you can. 

[Healthyketo]

Sounds like you’re like the rest of us waiting. I always would get one at 60-70% and now I’ve been paid off for a month and no new offer everything on green and good standing. It’s so frustrating 

[Alexis321]

Oh no. I've been paid off 2 weeks and nothing 😔!

I hope you get one soon!

[Parisbarnes]

Omg. Fully paid off? I hope they don’t do that to me. I’ve never went to fully paid off. It’s always been 70-75% max I just hit 70% so I’m praying lol. My last loan was 26k I’m praying double. 

[Alexis321]

I hope you get one as well!

[Twpchair]

This has been a crazy year! For a good 10-plus months it was trending high % paid back or off! Then in late October here pops in the 70s and 80s on a pretty good regular basis. Not all of course but a good %. It stayed that way until last week and loans were going out daily with updates. Now, we hit a dry patch. Usually, I see the most activities from Monday to Wed and Friday and Saturday. Maybe it is just me and the ones who post here. Thursday and Sunday aren't as busy I've noticed. Except Saturday is most of my offers and then Thursday 😆 but if I do a sale during the week it is Monday - Wednesday. I think the increase in sales. Same on Saturday. I do Thurs -Sat sales. It's big boost in sales! Good luck hopefully very soon!

[Parisbarnes]

Perfect and any certain time of the day? I’m praying bc I need this before Xmas. 

[Twpchair]

I don't work for Square, but I follow the trends. Unfortunately, it's going like last summer. June, July, and early August was rough, and then all of sudden, it was booming out loans. There are so many if you scroll down that are upper 90% paid off or completely paid off and still waiting. The good Ole days of 70-75 % paid off as of right now seems to be gone on the whole. You might see 1-2 post I just got an offer at 75% paid off but on the whole it's higher percentage paid back or completely paid off. Good luck to you and everyone waiting! 

[Healthyketo]

Hello, I have been keeping track of the trends and it seems like yall have stopped offering food service/restaurants loans. Are you able to share some light on this? I have called my account manager and he stated that he was out of the loop and hasn’t heard of anything and will discuss with his colleagues in square banking but i haven’t gotten a call back. I understand that these loans are not guaranteed and I know it’s through an algorithm I’ve heard it all several times already but as loyal customers and small  business owners entrusting y’all with our sales and money we like to know what’s going on and what has changed in the loans department. I have had 6 loans with you guys and all have been paid back way before the due dates and had offers in the 60’s- 80% range. I AM NOW PAID OFF FOR OVER A MONTH and nothing. It’s so hard to understand. Then reading so many forums about capital and others paid off with no offer and most all seem to be in the food industry makes me think as square customers we deserve an honest direct answer. Don’t leave us hanging and wondering if we are ever going to be offered another loan. I can’t even go elsewhere for financing cause I do my business banking with you guys and no one will accept square bank statements so y’all have really put a lot of us in a bind. I really hope things start moving for us food industry people. It’s heartbreaking to see so many waiting and paid off for a while already. Praying for some answers or an offer soon 🙏 Thank you 

[brown17]

I don't think it has anything to do with the food industry, but thats just my opinion.   I expierenced this once back a few years ago.  I was getting loan after loan then all of sudden they stopped.   it was like 6 months before I was offered a new loan.   No reason why they just kept saying the same generic response.    I do not know your situation though  Just giving you my history.    One thing is for sure, I wouldn't base it on what others expierence is.   Square loans seem to have a mind of their own and no real baseline on what one needs to meet requirements.   As frustrated as we get we need to remember these are non traditional loans so we really do not have a say.     And believe me this easier said than done!! I am not near my 75% mark but I am still wishing and hoping it still comes even though I know it won't!!!  HAHA

[MommaRavs]

All criteria’s has been met! Yet no offer! 🤦‍♀️😌 very disappointing. 

[PFS36]

Hopefully,  everyone will get an offer soon. We pay a lot of fees just to be overlooked for an offer.