New Square Loan in 2024

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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!

[VanKalkerFarms]

@Minion Going to a bank is always my answer to these types of questions about getting more and more square loans.  I personally do not think they are good for the business as it is not cheap and it takes the most necessary thing of 20% of your cc sales which is key to getting by if you are struggling. I think It is not the best to take out especially if you are going on Loan 3, 4, 6, 10, 15 you would 100% be better off getting a LOC the savings would be dramatic, and you wouldn't be waiting to see when an offer comes as it is always there.

[Minion]

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@VanKalkerFarms wrote:

@Minion Going to a bank is always my answer to these types of questions about getting more and more square loans.  I personally do not think they are good for the business as it is not cheap and it takes the most necessary thing of 20% of your cc sales which is key to getting by if you are struggling. I think It is not the best to take out especially if you are going on Loan 3, 4, 6, 10, 15 you would 100% be better off getting a LOC the savings would be dramatic, and you wouldn't be waiting to see when an offer comes as it is always there.

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Exactly @VanKalkerFarms !  It took me a hot minute to get in with Chase (closest one to me is the next state over in VT , 2 hr drive). But they have been good to me so far so I'm not complaining.

I will say, Squares loans *can* be good for someone just starting out, ONLY for the simple fact of the minimal (if any) documentation, lack of business credit, poor personal credit etc. 

I'm talking a loan under $4k.  Get it, use, plan a way to make up the fees associated with it, and then be done with it and don't wait for another one.  

I did come across an article on Reddit a few weeks back about someone speaking of some working capital loans (non square) and he broke it down into an APR, since its not "technically" an APR. but it ended up being like 124% or something.  I mean to share it with ya and it slipped my mind. 

[Twpchair]

Any news yet? 

[magnificent4lem]

Nothing new 88% paid,  but I did receive another email so Our business is just waiting for……. 

Thank you for contacting us. I'm Jules and I am reaching out to you on behalf of the Square Loans Team.

It’s important to everyone that lending through Square Banking is done responsibly. We know your business is important and we don’t take that lightly. We want you to be successful and we support your future growth.

To help ensure you get an offer that’s just right for your business, Square Banking reviews accounts on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that we evaluate accounts as a whole. The formula balances different factors of your business that may positively and negatively affect your business’s eligibility for an offer.

Please know that Square Banking is committed to helping your business succeed, but we understand that you may need to seek financing outside of Square Banking for immediate needs. If you are considering other options for a business loan, please review our 4 Things to Consider When Evaluating a Loan Offer in our Town Square Blog.

We will continue to monitor your account and notify you if your business becomes eligible for a Square Loan offer.

You can also review your loan eligibility page by going to the Loans tab on your Square Dashboard. This page was built to help our sellers gain insight into the status of their Square Loans eligibility by taking your business’s real time data and comparing it to key factors that determine eligibility. If any of your eligibility factors need work, you can look at the tips we provide to strengthen your chances of becoming eligible.

Please note that there are many factors that may affect your eligibility, and accounts are evaluated as a whole. Do not rely on the information we provide in the Square Loan eligibility page to predict a loan offer. We cannot promise a loan offer, even where all of the factors on the eligibility page are “Good.” If you become eligible, you’ll be notified directly on your Square Dashboard and via email. Find out more about Square Loan eligibility in our Support Center.

We hope you find this information useful and welcome any feedback you may have.

Sincerely,
Jules
The Square Loans Team

This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Member FDIC.

[mydpins]

Still no offer, and just had our busiest weekend so far this year, 35% higher then our avg… I have 2 more busy weeks coming up and if nothing by then I will take my processing elsewhere to get the cheaper rates. Have also started to look for traditional loans/funding as my busy season is fast approaching.  I use the loan typically to buy extra inventory.

[EXTC]

Currently 97% paid no new offer. Guess they’re waiting for fully paid off. 

[Alexis321]

I've been fully paid off 2 weeks now and nothing. I could really use an infusion but not holding my breath! Good luck to you!

[Parisbarnes]

Omg. Is everything in green? Any disputes? Also how much was that one? 

[Alexis321]

All green. No disputes.

36k.🤷‍♀️

[Parisbarnes]

Omg!!!! I wonder why???? That’s so weird !!!! How long did it take to pay off? Did you call ? 

[Alexis321]

It was paid off in less than 4 months. No I haven't contacted them because there's never any answers.

It's ok. I'm looking for alternative funding. I've never had a company keep me in the dark about funding. They are getting a pretty good chunk in fees etc. Maybe much larger loans and fees are the ones they prefer. I have no clue! 

[Parisbarnes]

Also what’s your monthly sales looking like ? I’m at 20k sales each month. 30k loan 72% paid off. And praying one hits before Xmas lol

[Alexis321]

Received an offer today at 1am! It's the same as my last offer so I'll be taking it. I was 2 weeks paid off. Thank God.

We needed it.

[Parisbarnes]

Wow at 1 am. lol that’s awesome! Congratulations! 

[Alexis321]

I know weird time lol! Ty

[Alexis321]

Approved and deposited in record time. Wow!

[Parisbarnes]

Right. Is this the 1st time you had to wait until it was paid off? 

[Alexis321]

No. Every single time I've received a loan its been paid off a few days to about 3 weeks.

[Parisbarnes]

I wonder why?? I’ve never paid off a loan fully. I’ll keep you posted on mine . Currently paid off 73% usually they offer 75-76 for me. Fingers crossed.’

[Twpchair]

4-5 years ago like clockwork, I was 70-75% and guaranteed offer. Now, im between 91% to 69% my last offer smh. 

[Twpchair]

Congrats!!! I think my latest was 10:30 Eastern time on a Saturday night!