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]

Sometimes it depends on when you were offered one. I usually go to my old loan and look below if it says paid off as of say yesterday you are set it’s just waiting for the paperwork is all. I tend to get most offers late Saturday night and nothing happens until Monday night deposit. But Sunday I can see my old loan is paid off and my loan circle is back to 100%  check that out. 

[Solstice]

Sitting at 89% paid early before feb 3rd min pmt and only half through the allotted payback time… all green and no offer yet… 

[Twpchair]

Unfortunately, after 12 years it is the season. This isn't the first time I've seen it slow down a bit on offers and now it's the perfect time too! The Feds lower rates again a half a point but better than raising them! I know it's not a help but hold tight keep processing and after the 1st it usually lights up in here! Good luck!

[Parisbarnes]

Any help for me? All green. Just went from 69% & now at 74% just this week. Fingers cross bc looking at my other loans they issued on Saturday and Sundays lol. 

[Twpchair]

I tend to be on a Saturday as well! I process like crazy on Saturday and try to trigger the algorithm to pick it off. My % has been crazy like most this past year. From 91% to my last at 69%. No reason why I am paying back by 6 months, not 18 months but the algorithm just seems to not pick it up and adjusting it correctly to the 18 months. Hopefully, after the 1st and things calm down lenders will let that money flow again! Good luck!

[Parisbarnes]

May I ask how much wa your offer? 

also have you went passed 89% before ? 

[Solstice]

So we had a $48,000 loan that’s with fees. Back in the day I would get them 65%-79% paid back but this go around after a break and starting a new business this is our fourth loan in a year and a half and have paid back every single one in full before a new offer…. I was hoping that maybe it was the system trying to gauge where the business was at and now I’m not so sure unfortunately… because I feel like we should have an offer by now. 😞 

[Parisbarnes]

So this is a new business ? 

[Solstice]

I had a hair salon starting 12years ago with them then Covid took a 2 year break then bought a different salon and started back up with them June 2023 in a different state… we are doing about $500,000 a year currently. And received 4 loans so far the last one being the biggest. 

[Twpchair]

With processing that amount of volume and paying it back so soon on your 4th loan you were exactly right. The algorithm is set up for 18 months and say you are doing 4 in a year it's not gauging your loans right yet. At that rate it's like you have had 1 loan. It will catch up mine I believe was loan 6 and my biggest loan. I still paid it back in 12 months not 18 but no longer 1-2 months and back into the algorithm. Good luck and hang it there it will adjust to your processing habits. 

[Solstice]

Thank you!! That’s what I’m beginning to think 🙂 which isn’t bad but mannn we are ready for more capital to grow even more. It really does help us and we really like square loans. We took a loan from another company and it was the worse decision we ever made. So hopefully people will hold steady and wait for their loans to come around because they will! 

[Twpchair]

Yeah, many have fallen for that fast cash but the payback is crazy, and they try to keep you in a vicious cycle. When honestly it's a big payday loan. It's been a rough year in the loan department and of all businesses that need a break and boost just to continue to grow and grow is small business owners. Good luck and keep us posted!

[Mkennedy25]

Sitting at 75%, hope I get another offer soon. Could really use it! 

[Twpchair]

hopefully soon!!! Good luck!

[Parisbarnes]

Thank you! Also don’t know if they come a certain time? The offer? 

[Lanails]

I think Square loan department has problems recently . I have been with square since 2016 and have 18 loans with them 

usually 65-75% paying off they offer new loan but now 85% without offer 😭

[Twpchair]

They are still lending out daily worldwide! As Square is growing and expanding their brand loans have increased in all honesty.  I know it doesn't seem like it but the amount of people who use public forums vs actual users is a drop in the bucket. I do agree that things are changing with loans. 12 years with square and until about 4/5 years ago I could almost guarantee an offer between 70-75%. Now, I can literally go from 91% to 69% with nothing changing in my processing really. It’s hard when you are waiting on an algorithm system to pick you off and trying to figure it out 😂 good luck! We have a list of about five things we believe that triggers it. That’s all based on years of trends though and not cracking a safe! Good luck to you really! 

[Parisbarnes]

May I ask what’s the list of the 5 things that can trigger it? My hot water heater broke and messed up my floor. I need help. 

[Twpchair]

This is just going off trends and watching other people ok? The algorithm has its own mind. But here you go! Increase in processing! The more you swipe those cards the better! The dollar amount is great as it’s eating up your loan but also a good mix of regular customers and new customers is great. That’s growth and the word is getting around. Please 🙏 try NOT to do chargebacks, returns, or the biggest one is disputed. Those trigger the system and a human has to get involved now. Too many will hold up a loan. If you have a return try to take care of in-store among each other first if not having 1 or 2 a year isn’t horrible and most have no issues. I’m retail furniture store and all of our furniture comes with a warranty already so I have a zero-return policy since day 1. 

[BiancaAlexandra]

Hey Yall! I haven’t been on here in a minute after getting my little loan from Square. I’ve just been hustling. Well, thank the Lord I managed to pay 78% of that small little loan and they just offered me another loan today. I’m so grateful!

For reference my Most recent loan was much smaller than usual at only $1,430! I took it in September and today I got to 78%, everything green, and they offered me a loan of $3180! Almost as high as the biggest loan I got from Square before. 

I am but a small town hair stylist/makeup artist with big dreams!

[Parisbarnes]

What time they offer boo ?