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]

• Offers tend to come after you update. Myself, I usually update between noon and 2:30 daily. I tend to receive 75% of my offers late Saturday between 8-10 pm. Thurs. is my 2nd day I tend to get offers after I update but the offer is early 3-5 pm eastern. It’s not science or inside secrets but watching the trends of my own processing and others in my bracket. Say I am 73% on my loan and want to kick up that percentage fast! I’m retail furniture store and run a sale for Thursday- Saturday only and triple my sales. It takes a big chunk out of my loan. Does or is that that triggering the algorithm??? Not, sure but it seems to work well for me. It could be just my time or coincidence. But I think taking off 8-12% off your loan quickly without prepaying it gets a little flag alert. Just a few of us and a guess at that old algorithm. Good luck to you and keep us posted!

[Twpchair]

Congratulations and look at you rocking it! The more you grow the offers will increase and if you either invest back into your business or 50%50 it. Some tuck 50% away for a rainy day or emergency and the other 50% on inventory blowout sales.  I'm retail furniture store. 12 years? My 1st loan ( I believe I was in the testing phase and the first batch offered a loan) 1k! I thought I hit the lotto 😆 then 3 mths later 3k then 8k as I grew so did the offers. Good luck with your journey and go get it!!!

[Parisbarnes]

Thank you! Also do you know if or have any offers came after Xmas? Asking to see if we still have hope for one this weekend lol

[Twpchair]

Yes, 💯 They are lending every day worldwide. It just slows down going off of trends for years. Today -Sat early morning should be pretty good and people popping in with offers. Then it kinda drops quite till after News Years and then picks back up again. I never saw never when it comes to an algorithm but if there is issues or they need documents, updates to get you approved that takes a human and I would imagine lower staffing, to off or vacation during this time of the year. Hopefully, soon 

[BiancaAlexandra]

I replied in this chat as soon as I got the offer so probably around 5:30 today! I applied by 5:40 and was approved by 5:47pm 12/21/24.

[mydpins]

Congrats and thank you for the info!

[Parisbarnes]

Congrats boo! I hope may come tonight lol. Did yours pop up in dash board or email? 

[BiancaAlexandra]

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

[BodyInBalance]

I try to post in the loan forums whenever bi get an offer since I know everyone is always wondering about when people are getting the initial offers.

I used to always get offers at the 69% paid off mark (or earlier) but my last offer and the one I just received both came at the 76% paid off mark. 

Not sure if that is helpful for anyone but thought I'd just post to help keep people's spirits up. Happy Holidays! 🎄 

[Parisbarnes]

If you don’t mind me asking, how much was the loan. I’m asking bc mine is 75 % paid & the offer was 30k I have 7,444 left 

[BodyInBalance]

The one I had was a little around 33k and the one I received was a little over 40k.

[Parisbarnes]

Gotcha I’m at 75% now wish me luck lol

[BodyInBalance]

Good luck! 🤞🏻🤞🏻🤞🏻Mine popped up about halfway to 77% late Saturday night!

[Twpchair]

Glad to see the increase and not 1/2 of the previous loan. Thank you for all your information 

[Twpchair]

Hopefully, you are extremely close!

[Twpchair]

Congrats! It definitely does! The % is coming down slowly for a good group of people (not all of course) but its been a couple of months of 60-upper 70s popping up here and there finally!

[Solstice]

Update: sitting at 90% on a $48,000 loan that we received in April. Been with square for 10+ years took a 2 year break bought a different business and started up again. Been a year and a half this is the 4th loan this round. All others were 100% paid before new offer. Hoping to get an offer soon. We do about 500k a year roughly hoping for bigger numbers next year. We process Monday-sat. (Salon)… fingers crossed something comes through today. We had our third highest pay back day yesterday… our system usually updates between 11:30-3 az time… I’ll keep everyone posted if anything new comes about! 

[Twpchair]

Good luck! And please do keep us posted.

[Mkennedy25]

Still at 77%, hope I get another offer soon! Could really use it!

[NRVCards2]

Currently at 89% and climbing. Holidays are picking up, and the extra boost would definitely help with post Christmas & New Years

[Twpchair]

Good luck! It's picking up and hopefully after the holidays it will really start moving!