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!

[Solstice]

To be honest I have no clue… I thought maybe they were trying to find out sweat spot but I just don’t know anymore… we process every day except Sundays… everything else is good. Had a couple charge backs a whileee back but everything went back green… like I don’t understand and we are way ahead of schedule pay back 

[Parisbarnes]

Wow! And looking at mine. I processed 30k alone credit card 

[Parisbarnes]

One month 

[Solstice]

We are $35,000 average per months sometimes a little higher sometimes a little lower. I’ve set my mind to we will get an offer when it’s paid off in two weeks cuz I’m loosing hope unfortunately 

[Parisbarnes]

But you’ve always gotten an offer once paid off right ? 

[Solstice]

Yes literally the next day after it’s been paid off every time 

[Parisbarnes]

That’s probably your flow im assuming 

[Twpchair]

With your processing volume and frequency of loans, it is harder to gauge the amount you should be offered and what they are offering now vs 4/5 years ago. Lenders have shareholders to answer to and they have been loosening up the reigns and lending more, better offers than 1/2 off the previous loan type thing. There are so many factors that go into loans besides our metrics. The Market, the Fed’s, and raising rates or not. All of those are looking much better than previous times. Square is worldwide and unfortunately, the overall health of other countries and their economy impact how lenders let it open up and hopefully one day back to normal. The Holiday season together is great for friends, family, and loved ones but it slows offers. I went back just 3 years of scrolling through and the same question was being asked over and over each year. January did pick up or maybe just caught back up? I haven't figured out that old algorithm yet! 😆 and with my skills I never will! Loans are meant to be an 18-month installment and you pay 4-5 a year which is amazing. But it also means IMO your loan offers are too low compared to the volume you're processing. I haven't seen too many posts but a few where they doubled or tripled their offer yet. Keep us posted! Have a great New Year!

[Solstice]

We could really use more capital too… that’s the crummy part. 

[Parisbarnes]

I understand. I pray mine come before Sunday 

[yoyobanhkhot202]

I’ve paid off my third loan $50k three months ago, still got nothing. So hopeless 😞 

[Twpchair]

Ugh, three months ago? That's crazy I am sorry! That's a good size loan and your processing volume must be pretty high and consistent. I don't get it really at times. I think if I remember correctly the longest one I saw was 4 months. I really hope an offer comes very soon!

[Solstice]

We were slow during holidays because we take time off and clients are on vacation. Processing went into need work for 4 days. Went back to normal yesterday and hit 94% paid still no new offers… 

[Twpchair]

Ugh, yes a couple of mine dropped due to being closed but yesterday bounced back up again. We are open 7 days a week from May-Dec and then Jan we close 2 days a week so im sure that will have me bouncing around. Hopefully, soon that algorithm will pick you off. Good luck 

[Dawggos]

I received an offer from square two days after my loan was paid off last Monday. I've had 6 loans with square since 2019. This one was 25% lower. Told them to shove it and took a better offer double square from Quickbooks capital. Actively looking for a different POS for my location that has square (I have stripe with my other location). 

[Matt49401]

Any tips on how to help get it moving faster? We are on our 2nd loan- but moved ALL of our processing to them- so we got a it around $23K on 12/14- but because of holidays and because of us moving all our volume to them, it's 92% paid off. Has anyone had any success calling, messaging, or using the little face reviews to get some attention? Did we mess up by moving our volume all to them (like now are they werided out that we are processing 4 times as much?!) 

[Solstice]

Honestly there are no tips unfortunately… except for keep processing and pay it off and hope that an offer will come through… we are 95% paid on 5th loan in a year and a half, after taking a two year break and opening a new Business. We have paid all in full before receiving a new offer. Tried reaching out and constantly leaving feedback and nothing.