New Square Loan in 2024

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!

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Square Champion

That's a big move! I just added square footage. That's a whole bunch of new customers and in that area as well? I'm going to say the same thing. WHY did you not move sooner!!!! 😆 😂 😅 I'm excited for you! Regardless of when you receive a loan/offer and with those numbers, you should! Will you keep me posted on how the big move has changed your business, your clients' new vs. old, or return customers. I am on a couple of other forums, and this question comes up often. Should I or shouldn't I? You know my answer already, and it's the same as yours and go for it. Way to knock it out, and here's to a great start! 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
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Thank you 😊!!! We are thinking the same thing!!! Quadruple sales and a better clientele!!!

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You're not the only one, unfortunately. Just imo only. IF you need it and can pay that off in, say, 6 mths. The next offer for most is higher (not all of course), especially if your sales continue to grow, which is great BTW 👍 and you haven't had a loan in a while, I see this more than not. There's one on here now whose offer was a 1/4 of the last he paid it off in 6/7 months, and it doubled did the same again and 3x the amount. Again, I am not saying that you will have the same experience. Unfortunately,  my crystal ball is broken, but I follow the trends, is all. 93% to pay off isn't so bad less to roll over, and you will get more of your offer. Good luck to you no matter which way you go! And keep those numbers growing and growing 💪 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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I am new to thread but I’ve come here looking to see how everyone else is doing on loans. I’ve been with square for 10+ years with several loans . I’m  82% paid off but I haven’t connected my personal bank account because I mostly use my square checking . Should I connect my bank? Would it help? I also have been watching my sales and for the year I’m showing I’m done about 30% for the year but we are seasonal and much of our business is when the leaves change and the holidays we are a tourist town in the mountains. 
thanks for any info. 

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Square Champion

I'm sorry I responded, but I don't see it? Loans these last 2 weeks or so are bouncing around! This summer, it's been trending higher percentage paid back or completely paid off, and now you're seeing a couple each week in the upper 60s or low 70s??? About 3 weeks ago, I was 69% paid off and checked my metrics, and boom, there's an offer?? So, I'm not going to say it's swinging like 4/5 yrs ago when I hit 70-75%. I could 99% guarantee an offer was coming in, and I was growing, and business was booming. Do you process cards daily and check your account and metrics? That's where I see it the last 3 or 4 because I used to get an email alert, and I haven't? I checked my account usually every night, and there it was. Good luck, and hopefully, we are getting over a hump and lenders holding tight. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Oh? I've never seen that before!

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I know! This is my 7th loan with Square over the years and I never seen this. I'm wondering if this is what they are doing instead of loans or in addition to? If you take the credit card does that stop loan offers in the future?

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I saw this and messaged Square lol 

It is different and you can have both, the credit card and the loan. 
He said to reach out to the Square Banking dept about the credit card, M-F

if you are eligible (have no idea what makes one eligible) the invite will show up on your Square balance page on your dashboard! 
I should have screen shot the conversation with him, dang it!! 
I just hit off the message with him! 
Maybe that’s why all of us die hard Square users got such weak loan offers/no offers, to roll this out too? 

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Sorry! It would only let me post one screen shot at a time! I went back into the chat screen and the guy was gone, but the chat was still open! 
All posted above!! 

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Oh, so interesting! Thanks for reaching out. Someone else on a different thread said you can only have one or the other, but it looks like you can have both according to your chat.

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You are welcome! Yes, I made sure to ask, 1 or the other, or both! 
we are all in this together!

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Square Champion

Did you ask a user or mod? Because this has been in the testing process for close to a year now and you can't apply for one it comes as an offer like a loan for now at least. And NO you can't have both! In the testing phase, there were some user who received the card and waited for it to arrive just happened to get an offer and accepted it, and then received their card. So some did receive both but that has been correct and working properly. If you get selected for a card you will not receive any offers. It's been in Beta testing for some time now. It should start popping up in here soon. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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No, it is one or the other! In the testing phase, a few did receive both both that has been corrected. As of now you can't apply for one it will be offered with a limit just like a loan offer comes. But no if you are approved for say 25k and then a loan for 25k Square is not going to let you overextend yourself to where you are paying back half of what you make. Unfortunately, I have done a few tests for them and there are always bumps in the road and that was one. 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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Merry Christmas!!!! 
do they give loan offers on Xmas ? 

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Square Champion

Not that I can ever remember after 12 years. Usually, the week between Christmas and New Year is pretty slow if I remember correctly it seems like  late Wednesday -too early Friday were the most active. Never say never but going off memory that seems to be the trend. Good luck and keep us posted if something happens 

> Square Champions Innovator, Beta Community Member, Square Champion Expert, Square Champion Advisor.
If I helped answer your question hit the best answer. Thank you!
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So do you think the will send loans out this week - the weekend or no? 

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No one really knows… everyone is different and random… unfortunately 

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