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!

[Twpchair]

Yes, unfortunately 7-10 business days for it to post, and then it's 10-14 days to get back into the algorithm. I usually try to tell or urge people who are going to prepay off some of their loan to do it in the 40-50% range so it doesn't hold you up another month or so. Hopefully, all this will go through on the quicker part and before Christmas and New Year's. Good luck and keep us posted! Hoping for the best!

[Jpphoto]

Oh my goodness. What was I thinking. Thank you for your insight. 

[Stefanieblue]

Hello, I’m at 86% and have not received any offers until I was fully paid off. Do not, I repeat, do not make any payments towards your remaining balance… it will set you back on being offered a new loan. Just make sure you just increase your credit card intake to boost your percentage up… 

[Parisbarnes]

Gotcha babes. May I ask how much your loan was? Mine was 26k it just hit 71% today. 

[Panda24]

Is the "pending" approval process longer this year?

[Parisbarnes]

What’s the pending approval? I’m confused 

[Panda24]

Sorry, after you accept a loan. I'm usually approved pretty fast and it's been a day. I know that's up to 3 days. I was just curious if it's longer in general or just me.

[marielmt]

Hi @Panda24!

Great question - I’d be happy to explain.

Square Loans applications are reviewed on a case-by-case basis. Due to regulatory requirements, the review process may have changed from any previous Square loan application reviews. It is a part of our due diligence process to confirm some of the details of your application.

Review should take 1-3 business days, but please reach out if you have not heard back after that timeframe!

Don’t hesitate to contact us directly if you have further questions or concerns. 

[Parisbarnes]

Did you get approved? Did they ask for certain documents this time ? 

[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?