I know it is frustrating and hard to plan for purchasing or repairs anything else you need to continue to operate and grow. The plus if you can hold tight is that the new offer you will get more and more of as the % goes up! Compared to 52% rolling over half and losing half of your offer you get more and more! Good luck and keep plugging along! I truly wish you the best! Been there done that! I stopped trying to crack the algorithm and followed up with the trends going on. Easier and more reliable.
12 years and my longest was Aug/September at 91%! That one I took! I hate to roll over a ton of old money that eats into my new loan and I tend to stay away unless it is a dire type of thing. I do have a LOC with my credit union for emergencies as well. But I took the 91% larger increase, the fee was ok, and the rate was pretty good and fast and done. Then out of the blue at 69% no joke here comes the next offer of less money and a higher % 😆 yeah, passed on that one. I process or swipe all day every day from 8.00 dollars to 3-4k transactions being a retail furniture store. But these offers have trended higher all summer September and early October. Recently a good handful of 70s-80s popped up. Now, it's been a little slower. We will see soon if the lenders start picking up and offers start rolling out faster. Good luck!
Please, understand it’s not just you ok. It’s hard when there are millions of users worldwide who are asking the same questions. It’s all when that algorithm picks you off. I have been seeing a lot more upper 70s and 80s lately compared to a good year of the 90s to completely paid off. Keep processing as much as you possibly can and see if that triggers the system. Good luck!
I hate to hear this! Especially when it comes to small business vs. big box stores or bigger companies with deep pockets or seems to have that one person at the bank who just feeds their needs. By chance, you don't bank with a credit union? The only reason I asked is a few years ago I got a line of credit, and it literally took me a couple of hours and done. Big banks, some run a lot longer, multiple paperwork the board has to vote on type thing. I asked before I went down and they said nothing you bank here we have all your numbers and done.
I accept it usually in the wintertime. In Michigan, it's hard to gauge what winter is going to be like. The summertime is our busiest time until Christmas unless there is some deal on furniture or supplies I can't pass up. I usually don't accept the offer. I put 10-20% aside in square savings, not my credit union. That way, I don't touch it. I also prefer (not our choice) like a higher percentage paid back before my offer. The last one I took half the reason was it was 91% and I wasn't rolling over 30% and eating into my new offer. I've been with Square since 2012, and early on those 60 - 70s was normal. You get a 20k loan and roll over 40%. That's a big chunk gone, and you're paying on it 2x! So rolling over 9% was nice. Good luck to you!
