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!

[moxiemavenandco]

If you read the thread, most of us have been offered loans around the 50% paid mark since 2018. So no, anticipating a loan around that percentage is not jumping the gun as that has been most of our experience with square loans thus far. 

[GlitzyCow]

That is insane. That isn’t even good business. I’ve had over 12 loans and have never been offered capital at 50% paid. Normally in the 80% time frame. 

[stanleycourtney]

Anyone get a new offer lately? I am still here sitting at 85% with nothing but Green and nothing in site. 

[CTC18]

I’m at 73%, all green, sales up higher than ever, and my loan paid back 4.5x times faster than the minimum due in 6 months. Nada.

[Twpchair]

Yes, I did 2 weeks ago and 3 others just posted here this week and one late last night. They are still coming! The % paid off seems to be higher for most (not all) usually right around the same amount as previous loan. Good luck! My last one I was 81/84% paid off and in June I was 91% paid off before new offer. Keep processing both mine kicked in after 2/3 really busy days!

[stanleycourtney]

I have a question.. Does it matter how we process? I do a lot of Live videos and sell on live.. I invoice instead of using the POS system.. I use the POS at my store… Would any of that matter? I am 88% paid off and nothing in site.. It’s so frustrating. 

[CTC18]

It shouldn’t matter how you process i.e. invoices vs swiping. I’m at 78% paid off in 6 months, 4x faster than my minimum requirement due. All green, sales way up MTD and YOY. Still nothing.

[Tritter82]

I also do a lot of invoicing. Doesn't seem to make a difference.  I was just offered a loan about 2 weeks ago at about 76% paid

[Twpchair]

Congratulations! And no, processing is processing whether invoice or credit cards.

[Twpchair]

Processing is processing whether you swipe a card or via internet sales. I do both as well but more cards. My last offer now was 4 weeks ago roughly? No my bank isn't connected and never has been. I had 3 extremely busy days and Saturday night my offer came in and Monday I was funded. I was 81/84% paid off from my last loan in June which I was 91% paid off. Right now it's bouncing around from 70's to completely paid off before a new offer comes in. Last summer the % was was high to fully paid off. Most offers are tending to be slightly higher or less than the previous offer. Lenders from all over the industry are pulling back right now. Even if you're busy is booming in general the economy has slowed down and lenders watch that. Good luck and I hope that helps!

[NRVGuru]

We've now reached 90% Paid on our current loan, and have been with Square for a long while. A renewal would be a huge help, even if it's not as high as our prior one.

[Greatlakes891]

What’s the average percentage your offers have come before? Mine have been between 55-75% everytime. After reading this I’m not hopeful.

[Tritter82]

I have had about 14 or 15 loans and "average" would be between 75-85%. Although, I have also had one completely paid off, and some in the 90% range. 

I just recently, about 2 weeks ago, had an offer at 76%. I hope thus helps 

[Twpchair]

My last one was 81/84% paid off. In June it was 91% paid off

[Twpchair]

Lately no, the offers for most not all is 90% range unfortunately, lately the days of 70-75 % are few and far between. It is between upper 80s and 90s. 

[Twpchair]

Did you receive a new offer?

[Kim7278]

I’m 87% paid off…no new loan offers.  Everything got me is in the green for metrics and bank account is linked.  I’ve been with square for about 12 years. I’ve recieved 4 loans through them and always get an offer around 70-80%.  Minimum due is always paid way before the due date.  I’ve reached out via email to square loans asking if there was something that is holding me back from recieving another loan.  I got the same generic answer what they look for in metrics (which is all good for my business) and I will be invited when they determine I’m eligible.  That answer wasn’t very helpful.  It is extremely discouraging that you can’t request a review after a certain percentage is paid off and how there seems to be no certainty when or if you get another offer even if you meet their requirements.  It would be helpful to get a personalized answer as to why you haven’t become eligible.  

[Breebree89]

I’m in the same boat. I’ve gotten offers after paying 50% off. I’m 68% paid. I wrote to the chat team Friday, they said they could escalatemy account and look into it. It would take 24-48 hours or I could call the 855 number they gave me. I called never got anyone on the phone. So I wrote back in the chat and told them to escalate my account. I don’t know if it will help. I guess I will see tomorrow if I get an update. 🤷🏼‍♀️

[Twpchair]

The trend right now is much higher paid back % wise. I don't think I've seen one person in their 50 or 60% paid back yet. Barely a few in the upper 70-75 and 80s. They are still doing them daily but most are paying back more and the percentage is usually around 90% to paid off even before a new offer. 

[hopecafeandtea]

Did you ever end up getting. Loan offer? 

[BlueStarDFW]

Yes it’s frustrating. I’m on my 5th loan I believe, and have always gotten an offer around 75%-80%. In at 88%. On one hand I know this is an “offer” and not something that we’re entitled to. But on the other hand I’m like “well hell, they spoiled me by consistently giving me loans at X% and now they’re leaving me hanging with no communication”