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!

[Mansellmc]

Around 8 pm Wed night. Money deposited today. I sent a heated email earlier that day. Don’t know if that had anything to do with it or not. Who knows. But I finally got it. And just in the nick of time! 

[ewing1]

Oh where did you send it? 

[Greatlakes891]

Was a review email or actual email?

[Twpchair]

Congratulations! It's hard to say but imo the algorithm already picked it you off when you updated that afternoon and then later the offer comes in. Wednesday prior to Thanksgiving here I doubt a human took it over. Just imo over the years. Regardless congratulations on the loan and I glad it came at the perfect time!

[ewing1]

What percentage were you at? 

[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 ? 

[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 

[Stefanieblue]

I wish I had answers, but I’m in the same boat.  I’ve been with square for about 12 years and the loans has helped my salon business in every way. I’m at 86% paid and no new offers in sight…I check twice a day but lately it seems like I have to be paid in full before any offers come… so I guess that’s their algorithm for most. Hopefully they are reading our comments and complaints   I hope they know for those that’s been with square for over 10 years has invested a lot into them to keep them up and running…

[ddlbb]

Did you ever get an offer?

[Stefanieblue]

Not yet... still waiting ....

[ClareJ]

I’m also a Salon owner at 81% currently and have received offers twice a yr for the last five years. Did they offer you anything yet?

[coolcoffeecrumb]

Any offer? I'm at 78% and could really use a new offer! 

[CTC18]

I’m at 61% and that’s when my last offer came in. I’ve paid my current loan back 4x as fast as the minimum. I’ll post here when I get one but nothing as of today.

[MKF3147]

Did you ever get your loan? 

[CTC18]

Received an offer today at 78%. 🙏🏻 Now just waiting for approval.

[stanleycourtney]

congrats, I am at 90% and still waiting

[Twpchair]

Did you receive an offer yet? Fingers crossed for you!