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]

only seen Pipe. I could have missed some others posting different ones. I have a small credit union and on top of that, I had ID theft really bad last Feb so my bank besides the regular routine put a password and 7-digit code on my account. Even for me to attach my account to try for a larger loan that pops up would take a 3-way call. I can't do auto payments anymore nothing. So me trying pipe was already a no-go! I have a line of credit with my credit union and love it! That is pretty much what pipe is taking 10% of daily sales and once you reach a certain percentage ask if you want to top off. When it asks or sends you back a response like you have to be with Square or Stripe and of course you are. Do you have any numbers to call for customer service? Give me one second! (866) 567-5106 This is the main number that most users are saying is the best to reach them. I'm not sure if you have tried calling them. Also, on Reddit, I just saw a trend of a big glitch on their end (pipes) that affected recent apps, apps in the process, and some with automatic payments getting or I should say not taken out. They were asking people who recently applied or haven't updated with a call from a Representative for more information or general questions to call in and verify your application is even in their system. Hopefully, something will kick in this weekend for you! I am seeing more and more pop-in with offers so that's good! It was dry for a week or longer then boom 1 jumped in. Good luck to you all! 

[mydpins]

It is pretty safe to say that all we want is a clear understanding and transparency. I am at $415K a year on my 19th loan that was for $51,100. I am at 68% paid off. My 60 day minimum just reset on 12/4 and I am almost done with it and no offer either. All we ever get is the same old cut and past response that frustrates us all.  

[mydpins]

Update, just hit the 60 day minimum payment requirement in 16 days, at 69% paid back and still no offer. Obviously, if we are able to mee the minimum payment requirement, so quickly then we are able to afford a higher loan or at least a new loan offer. 

[Parisbarnes]

Hopefully mine hit either today tomw or Sunday lol. I’m met at the 60 day min for Feb. all green. Paid 74% 

so fingers crossed. What’s your norm? 

mine never go over 76% but lets see

[Twpchair]

Mine used to be like clockwork 70-75% but not for over a year now from 91% to 69%  and I am usually paid off in 6 months, not 18 months depending on what part of the year it is. Please, keep us posted. After 12 years just FYI during the holidays it tends to slow down and Jan makes up for it. Good luck!

[mydpins]

Before this last one I was 70-75% like clockwork. Last one as 94%.

[Twpchair]

How many loans are you at if you mind me asking? I agree 100% at that rate that fast the algorithm is set up for 18 months and you are off. This past year we haven't seen major jumps in loans but hopefully, after the 1st of the year that will change! Good luck and great job!

[mydpins]

I am on 19th loan

[Twpchair]

That's why I prefer right here! We are the best way to keep each other informed than the same old script! Good luck and hopefully the algorithm gets you adjusted right!

[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!

[Mkennedy25]

I’m sitting at 77%. Square is weird, I’m seeing that some people are getting new offers at 68% to people getting one after it’s paid off.

I’d really could use another offer right now. I wish there was a way I could know if I was getting another offer soon. I’ve been with square since 2020 and have always paid off my loans on time, even early. Should I look for another point of sell system? The eligibility factors are all green and I’ve reach my daily minimum. I need to know if I should look for something else. This is so frustrating.

[marielmt]

Hi @Mkennedy25!

Thanks for posting on the Seller Community.

We do not have a specific timeframe for when another loan offer may be available. However, we will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

Feel free to reach out to us directly if you have any additional questions!

[Twpchair]

It's not just Square. Most lenders are holding a tad tight but that being said I have seen more and more posting lately. During the holidays after 12 years, I've noticed it tends to slow down a bit and picks up. All POS reps will promise you the moon but remember that you are starting out as a day-one business like square and 9/10 you will get a 1k offer until you build a relationship. Things are changing and money is flowing. 

[Dawggos]

TWPCHAIR. False. 

It is just square. Sorry. I know you're potentially a square worker or person/monitor, but you're wrong. 

In the past 2 years, I switched 80% of my cc business from Square to stripe. I got fed up with square. I still have it at one location but going to make the change soon 100%. Stripe gives me loans like clockwork. 75% paid off, I get a loan and actually MORE the faster it's paid. It's the same as square where they take a percentage out. I've had 6 loans with stripe. 

Quickbooks actually offered me a loan two days ago but I declined. I paid off square loan, and maybe they'll give me an offer and I'll probably decline it. But my business grew faster with stripe.in the past 3 years.