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!

[Alexis321]

No. Every single time I've received a loan its been paid off a few days to about 3 weeks.

[Parisbarnes]

I wonder why?? I’ve never paid off a loan fully. I’ll keep you posted on mine . Currently paid off 73% usually they offer 75-76 for me. Fingers crossed.’

[Twpchair]

4-5 years ago like clockwork, I was 70-75% and guaranteed offer. Now, im between 91% to 69% my last offer smh. 

[Twpchair]

Congrats!!! I think my latest was 10:30 Eastern time on a Saturday night!

[Twpchair]

Good luck to you! Hopefully, this weekend is your algorithm day!!!

[Twpchair]

For about a year now higher % to paid off. Not everyone of course but following the trends. Also, the holidays tend to be slightly slower in here. Hopefully, one will pop up!

[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!

[Panda24]

They offered me a loan at 80% this time, like previous, at 4k more than my last loan. So, the loans are still going out! The approval did take a little longer than usual and they did ask me for a few more documents, but it was still easy. Hoping the best for everyone! Happy holidays!

[Twpchair]

Congratulations!!!! So happy for you and thank you for sharing! Happy Holidays to you as well!

[EXTC]

Good morning they offered me a loan at 97% paid off. The offer was a little over 2k less than my last offer. I’m not sure how they generate their numbers but my processing has gone up a whole lot.  

[Twpchair]

Unfortunately, most (not all) have been slightly lower. A handful I have seen received 3-5k more. Lenders are still waiting but the Feds lower the rates again by only .5 but better than raising it. This debt ceiling is a concern to lenders. Take care of that and get past the holidays which tend to be slower than normal and things pick back up after the 1st. Good luck!

[Alexis321]

Congrats!

Still waiting here. 2 weeks paid off.

I just received a congratulations via email for paying off my loan but no new offer!

[Hotbear1]

I gave up looking for a loan square is nothing more than a teaser with loans square doesn’t act like a legitimate business until it taken ur money from fees that’s about it. There is no clear understanding about the loan or the process they treat they customers poorly when it comes to information 

[EXTC]

Have it been taking a while for them to approve apps? Usually it’s quick. No so fast this go around.