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!

[Alexis321]

Oh? I've never seen that before!

[Panda24]

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?

[maryanngregg]

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? 

[maryanngregg]

 

[maryanngregg]

 

[maryanngregg]

 

[maryanngregg]

 

[maryanngregg]

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!! 

[Panda24]

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.

[maryanngregg]

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

[Twpchair]

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. 

[Twpchair]

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. 

[Llcdeliciass]

Got a offer @ 79% this Sunday around 5pm luckily 

[Alexis321]

Congrats! I'm at 89% nothing yet 🙏 

[Souloutcafe]

At 89% also still waiting 

im In Alabama 

[Twpchair]

Congratulations!!! Thank you so much for the update! I am seeing more and more each week with that % dropping down for a good handful each week. Unfortunately, not all of course ugh! Congratulations again!

[Jpphoto]

Congrats! Still waiting at 91%

[Twpchair]

Congratulations 🎉 I am so happy to see so many new faces!!! Thank you all so much. It truly does help others following the trends for most not all of course.  But the 70s-80s are more and more each day!

[Parisbarnes]

May I ask the amount it was ? 

[Toripori]

Hi from the UK again! I thought I’d offer a further update. I still have not received an offer of a loan from square. I questioned them again as to why I cannot see my metrics got nothing but the standard scripted reply. I’m about to open a second premises and have received my second offer already from another company I approached for funding. Same basis as square with the fixed fee and 20% daily sales to repay. I repaid my First and only square loan back in April this year ahead of time and always repaid way ahead of my 60 day target. Sales are up this year. Going to say it just makes zero sense and for my sanity I went elsewhere for funding who are really transparent with what they want from me and received my second funding offer at 59%! If you’re uk based I’d recommend checking out YouLend.

[Jpphoto]

I am currently at 91%, all in green, waiting for my 7th loan. Selling daily, and losing hope. I have NEVER waited this long for an offer. Typically they roll in around 75, 77% The only thing I can think of is that I did a $500 payment myself about 7 days ago to bring down the loan. I think they wait 10 days after a manual payment in order to offer you a new loan. Not sure. Beyond frustrating.