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!

[Fitnessgirl]

Hey all. I have a question after reading through the thread. How do we know when our account is updated and or the AI has reviewed loan eligibility? Is it the same time for everyone or is there a place to confirm these have been done for the day?

[Twpchair]

Go into your loan part with the green checks on your progress and where it shows saying 78% paid off on the right it will be time stamp last updated yesterday at 2:41 pm or whatever or when it was done. And no I've updated at 1pm to 8pm and no we are all not the same time either. 

[Fitnessgirl]

Thank you for the explanation.

[Mmccrain]

Has anyone’s loan status ever changed to “eligible” rather than in progress before getting a loan offer? 

[Twpchair]

Sorry about that a customer came in. When you look at your past loan has the circle pie graph gone back to zero not whatever was there before like 89% and look at loan history of previous loans and it should say when you previous loans where paid off. Look to see if this last loan is there.

[Mmccrain]

I’ve only had one loan and I’m currently paying it off. Just wondering if the “in progress” changes before another offer comes in?

[TrendzbyM]

I don't think so. I think you will need to be closer to 80% paid off to get a new offer .

[TrendzbyM]

Still no approval this morning! Busy day at work so going to try and stay positive and hope it approves today ! 

[TrendzbyM]

Still nothing yet.. I'm getting so nervous ! 

[TrendzbyM]

Happy to report after calling and emailing again today , I got an email at 530 saying my money is on the Way! Thanks everyone for the positive vibes! It did work out !

[Healthyketo]

Yay! Congrats! Still no offer for me today yet. 😞 hopefully soon 🙏 

[TrendzbyM]

I hope you get one soon!

[Ann14]

Same no offer yet sitting at 77  

[Twpchair]

You see the trend and besides a few most are 90% to quite a few are completely paid off. Good luck and I hope you are a lucky one that sneaks in sooner!

[Ann14]

Yay so happy for you 🙌🏼🙌🏼🥹

[Twpchair]

Yesssss! Congratulations and no more stressful days. Keep swiping 💳 away!

[itisnotjustpiza]

We moved our business to a bigger market.  Adding the second location we had to move our loan to be paid off from the new location when we closed the first one.  We have done business with square for 10yrs. That was the first time we ever had to completely pay off an existing loan before getting an offer.  Now we are increasing revenue faster than we can keep up. Just paid off the first loan for the new location. Has anyone noticed not receiving another off of sales spike tremendously?  Seems like a weird thing to complain about but our fear is growing too fast and not having enough equipment for supplies. 

[Twpchair]

Congratulations first 👏! 2nd, it's not just you. If you scroll down through the feed beside 2/3, most are 90% to completely pay off. I've been with Square since 2012, and I think those Ole days of I could count like clockwork between 70-75 %. I would get a new offer. It's not trending that way now, unfortunately. With sales up, have you thought about getting additional terminals or whatever you use through the square and their payment plan? I did, and there are zero issues. Our neighbors (business) retired, and they had a square, and they were an  amazing Lil café and she gave me her square equipment. I've also seen it on Facebook marketplace for sale. That I would want to make sure it worked. Also, I will tag in someone just to make sure you can still get used one's it's been a few years, and they could have changed that. I don't accept every offer from Square, usually winter is when I get nervous in Michigan, but I also have a great little credit union and got a line of credit in about 2 hrs and done. I'm sorry I really wish you the best! Growing is great but also extremely stressful as your workload triples. Hopefully one will come through soon for you! 

[itisnotjustpiza]

Thanks for the feedback.  We are good with terminals.  What we need is refrigeration for the extra food needed and payroll costs.  It has been more than we can keep up with in a heat wave.  So we had to take a little break.  Our customers are in a panic and jonesing for a fix lol.  I did send a message to see if our other locations status of no longer processing is impacting our eligibility.  It has been a few days so hopefully I get a response.  I would prefer an offer instead to keep us going.  Everyone I know around me has been getting offers.  I do enjoy the information we all our sharing on the thread.  I am happy to hear so many people doing well.  The different industries and perspectives are very intriguing.  I wish they would add a push notification as soon as an offer posts.  I hate checking all the time and constantly being disappointed. 

[7Towing]

I’ve been paid off my second loan for about a week going on 2 and metrics shows green and processing about 20k monthly anybody can give me any idea why i haven’t received my 3rd loan yet?

[Katie_SQ]

Hello, @7Towing. 👋 Thank you for reaching out!

I understand it can be frustrating waiting for a loan offer, especially after just recently paying off another loan.

Currently, we can’t predict if or when your business will be eligible for another Square Loan. However, we will continue to monitor your account for eligibility. Offers are based on various factors, including, but not limited to, your current payment processing volume, customer mix, and Square account history. Even if your business meets one or more criteria, it may still be ineligible if it does not fulfill other requirements.

If your business becomes eligible for a loan, we’ll notify you through the Square Dashboard and via email. To learn more about Square Loans eligibility, visit our Support Center.

Please let us know if you have any other questions.