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!

[anchohoney]

Here we go again. 81% paid off, all factors green, no new offer. We use Toast at our other restaurant, and they make a new offer at 50% paid back, like clockwork. Why can’t Square meet that standard?

[Denisemcam24]

I’m at 95% paid off, I should have it paid off within the week. I did finally get a loan offer today. The offer was 19k less than my last offer. I unfortunately will be declining this offer as I’d rather have the 20% in daily sales going forward. 

[CANDIDHOME]

I did not connect my bank, and got one at 86%... It truly seems so random. 

[VanKalkerFarms]

Here we are on Nov 8, the day after Square's third quarter financial reports and yet again Square Loans has GROWN more.  In the third
quarter of 2024, Square Loans facilitated approximately 136,000 loans totaling $1.38 billion in originations, up 18% year over year.

These are just some amazing numbers.  $15,333,333.33 loaned out on average per day.  1,511 loans averaged per day.  
That's an average of one $10,150 Loan every 57 seconds all day every day for 90 days straight.

I understand those posting here want more loans or not seeing them as fast as before, I post the publicly available numbers so you can see that EVERY day more than 1,500 loans happen and maybe 2 of those people report that here a week, the other 10, 480 people that do get them a week just go on with their day and probably don't even know this forum exists.

So for 2024 Square in just the first Three Quarters of the year has loaned a total of 4.15 Billion to over 50,700 businesses.

@Twpchair 

[Twpchair]

Let's see this boom! It's always hard when it soars but oil is booming today and the stronger the market the better for us all in many ways from businesses to lenders! @VanKalkerFarms thank you again for keeping us posted!

[Ann14]

I’m at 64% 

[Llcdeliciass]

Odd seems like new form of verification hope you get your approval soon. Currently sitting at 73% right now 

[Llcdeliciass]

Do offers come in after updates daily ? 

[Ann14]

 Wanted to update you guys 🙌🏻🥹

[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.

[Alexis321]

Congrats!

Still waiting here. 2 weeks paid off.

I just received a congratulations via email for paying off my loan but no new offer!

[Hotbear1]

I gave up looking for a loan square is nothing more than a teaser with loans square doesn’t act like a legitimate business until it taken ur money from fees that’s about it. There is no clear understanding about the loan or the process they treat they customers poorly when it comes to information 

[BiancaAlexandra]

I believe it popped up on my square POV App and it prompted me to go to the dashboard on the website 🙂

[Solstice]

Hit 91% paid back today… still nothing bummer 

[CTC18]

Is anyone still getting loans in the 60% range? I’m currently at 60% on my 11th loan and have paid it back 4x as fast as the minimum due.

[Twpchair]

In the 60% paid off range I have not seen any one at 60% it's trending to the upper 80s to paid off. I'm sure you have received your new offer by now. I just wanted others to see the new range. Of course, it's not everyone but on the whole it's higher paid off. Good luck to you!

[moxiemavenandco]

Sitting at 62%. But seeing that someone finally received one has me much more hopeful than I was!

[CTC18]

Also sitting at 62% 😮‍💨

[Charliesparties]

I just hit 90% and no new offer. Previous offers at 65 and 67 percent. Sales up almost 300% since January.

[Twpchair]

It's rough right now. I know many businesses are doing great but unfortunately, the market, the economy is pretty up and down right now and lenders are holding tight. Hopefully, it will get better soon and lending will start pushing out the loans! Good luck!

[Healthyketo]

86% paid off  sales increasing still at “needs work” for payment processing and payment frequency. I’ve lost hope. Waiting to pay off to see what my next move is