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!

[DonutLady]

Thank you! I always get nervous when I don’t get an instant approval it’s like a waiting game lol. My fingers are crossed that my funds will be there on Monday! 

[Twpchair]

Keep an eye on your bank, too. Mine was in there before I received a message 

[PFS36]

Crazy, busy weekend so far, but today has been mostly cash. We'll take it, though 😊

[Twpchair]

Cash is always king! I know it's kinda hard when you're trying to get a loan and that extra percentage paid off. As long as you stay busy money is money! Good luck and hopefully this thread will disappear with loans going out! 

[PFS36]

I'm sure I speak for most of us when I say say we all really appreciate the positivity from you.  We're all in this together. 

[Twpchair]

Thank you so much 💓 I understand people get frustrated and want answers besides the normal script response and being with Square since 2012 before loans kicked in, I believe in 2014. I've seen the ups and downs along the way. I've always been one that was in favor of a revolving line of credit, and yearly, they could change that according to sales. It floated around like the credit card idea and didn't happen. Us as business owners, it's hard if you have a great chance or deal on supplies, inventory, and advertising, and here we are stuck waiting on this magical algorithm. I've been there and done that multiple times throughout the years. Thank you really  small business use to be the backbone of America and without you there is no us! We all are unique and add that special touch that big box doesn't!

[GoodBoyDogTrain]

Any new loans recently?? I know I am far behind on the trending amount paid off at 66%, but I keep hoping it will come through. Except for this current loan I am on, which came in at around 76%, they all used to come in the 60s. 

[Twpchair]

Most are trending higher percentage paid back or completely paid off unfortunately. There has been a few in the 80s. Good luck to you and everyone waiting!

[jackiebee12]

i’m starting to lose hope. i’m at 89% paid off as of today and my dashboard updated an hour ago with not eligible. 

all green and has been all green other than when i was on vacation in june and we only opened a few hours a day. 

we’re in a small town and last week was painfully slow 

[Twpchair]

Ohhhhhh no! There is NO losing hope, period! We are all in this together, and we push on! Hun, I know I've been there. Everyone on has been there. But guess what? You are still open and working every day! If I could change that nasty algorithm, I really would. We are watching big box stores and restaurants close daily, and guess what? we are still here and pushing forward! I truly wish you the best and everyone waiting to get that offer NOW! But please dig deep and keep pushing forward. Remember, small businesses are the backbone of America and around the world! You ever need to vent. Please 🙏 send me a message, and I can and will listen to it all

[Paulynne]

I’ve been with Square for over 10 years and have had 14 loans with them (starting at $750). I absolutely love this company and appreciate how the loans grew my business. I will say that something is definitely going on behind the scenes. I have never been at the 75% mark with no offer in sight and usually get an offer between 65%-73%. And OF COURSE at this moment and time, the additional capital would keep us going and we aren’t able to access it. I am PRAYING that this offer comes through today. 

[Twpchair]

Good luck to you and everyone waiting smh. I wish I knew what was going on? I've been with square over a decade, and I have not seen it this slow. Last summer was bad July and Aug. Late August and September, it really kicked in, but I don't remember it slow. Hopefully, it will break open soon!

[PFS36]

Waiting on loan offers is kinda like the lottery.  Ooo ooo did my number come up??? Nope, back to waiting until tomorrow's update... praying for everyone 🙏 

[Twpchair]

I know it certainly feels like it at times! 

[studio219ink]

Reading some of these responses is a bit demoralizing. I've been with Square 10 years like a lot of you, 80% repaid on my current loan, all green metrics and yet, still no offer. Tried calling and got the response was them reading from a script, basically the same stuff I read online. Has anyone had any luck getting manual assistance with getting their account reviewed?

[Twpchair]

A couple got through the script part and to a person who said they would manually look at and follow back with them but that's been a couple weeks ago and they are still here waiting and no word yet.

[Twpchair]

It's been pretty slow, as you see. The first one here this week that at least post here just received an offer yesterday at 68 or 69% that hasn't been the trend most of them have been at a higher percentage paid back or completely paid off. Hopefully, that's good news. We have 5/6 on here now, completely paid off for a month or longer, and no offer, still all green metrics, great sales, and nothing yet. Definitely, ready for a big push of loans going out. Good luck to you and everyone waiting! Please let us know if or when you get an offer. It helps others.

[PFS36]

Here's to a new month and new offers! Thank you to everyone that's updating us. Hopefully August will be nicer to us! 

[PFS36]

Good news is, we're starting the week out great, but it's majority cash again.  Pretty sure that doesn't help the offer process,  but it does show signs of business getting back to normal.  We had a very slow summer so we'll take it!!!

[ls725]

My sales seem to have slow down now from 800-1k a day to now $0 today, this isn't good.. I hope Square gives me a loan even though my weekly processing might go down a bit :/. So much for being all in the green lol.

[Twpchair]

We go through spurts like that at the store. One week all cards and very little cash. Yesterday, all cash no cards at all. Next week who knows probably all cards? It strange 🤔 at times. I'm like you though customer are customers. Good luck!