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!

[Twpchair]

It is rough right now unfortunately. Many lending institutions are holding tight right now. The market is all over the place! Hopefully, things will settle down soon and lenders will start picking up! Good luck and keep plugging along!

[Twpchair]

Unfortunately, since early summer the percentage rate paid back is trending higher paid back. Lenders are holding tight right now. Square is still doing loans daily just the good Ole days of 70% are gone for the most part right now. Good luck!

[VanKalkerFarms]

Loans have done the exact opposite of slowed, there are more loans everyday than last year which also was a recored etc.  Right now 1 new loan is start, not offered but accepted and started, EVERY minute.  That is incredible.
 Now it may be that the percentage paid back has or has not changed, personally I don't get why it would even be an option to be 70% paid back on a loan to then get another loan and have a lot of that loan go to paying back the first loan creating a circle of fees and payments digging you deeper into needing loans.

[Twpchair]

I agree 💯 my last loan was 81% paid back ok fine. My loan in June was 91% paid back! I prefer the upper 90s! I am getting more of the money instead of rolling over 30% to the new loan and that means less money! I try to tell people hold on square is still lending every single day! Unfortunately, they all don't post here. They could do away with the 70-75 % paid off and it wouldn't hurt my feelings! I was one who was in favor of the talks about a line of credit vs loans. Those talks didn't last long. Have a great day!

[VanKalkerFarms]

Absolutely, a line of credit is the way to go. 

[Swain]

Has anyone received an offer?

[coolcoffeecrumb]

I am almost 3 weeks paid off, all green metrics, no offer.

[Healthyketo]

I'm afraid this will be me. I only have $77 left to paid off and no offer. Never had to wait this long (99%). Thinking of switching to another POS but i've been with square for a few years already and they have always been so good. Not sure what has changed. I'm still hopeful though! Hope you get one soon!

[beautyspabrow]

Have you gotten offer yet?

[Healthyketo]

No 😔 only $56 dollar left til im paid off to. I just don’t get it. I’ll be paid off by later this evening. I usually get a lot of orders towards the end of day. I even messaged Square yesterday, but gotten the same generic message that we are not guaranteed a loan even if all our metrics are green and even if the loan is paid off in full, There is not a guarantee on another offer that they advise that I seek financing elsewhere for the meantime. And that our account is reviewed daily for any potential offers. Still hopeful everyday I pray for an offer so hopefully today will be the day!  🙏🤞

[VanKalkerFarms]

Thousands of offers are made a day.

I have a $147k offer today, but I never use Square Loans.

there are more loans everyday than last year which also was a record from the year before and the year before.  Right now 1 new loan is started, not offered but accepted and started, EVERY minute.  That is incredible.  Square Loans facilitated 129,000 loans totaling $1.32 billion in originations, up 17% year over year in the last 90 days.

So while it may seem like you aren't getting a loan for whatever reason, there are literally, not figuratively, over 10,000 loans happening a week.  

[coolcoffeecrumb]

Thank you for this info, I am curious how you came about it?  I have been able to find very little on their loans.  Truly appreciate the info!

[GlitzyCow]

Just curious what is your quarterly sales to get that offer? If you don’t mind the question.  

[SPPhotography1]

Can someone from Square Loans please review my account??? I’m at a loss at what else I need to do to be offered a Square Loan again. I’ve been processing with Square for over 15 years and am on my 10th loan currently. I’ve paid back every single loan within 8 months at most and this one will

be no different. Every business metric possible is in green, record sales year, record card processing, record numbers across the board, no refunds, no complaints, no issues of any kind in our entire history with Square. Current loan is 3/4 paid off and no new offer in site. Something has definitely changed over the last 2 years with Square loans offers and this is the kind of stuff that causes businesses like mine 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 of my business that isn’t way up normal. I’m sorry but I cannot believe there’s just sOme

random computer software out there just randomly generating business owners loans through a confusing algorithm that makes no sense to anyone but it. I’m not buying it. 

[thehealingplant]

Unless I’m misreading the usernames, you’ve had 3 loans this year alone then correct? If so it definitely seems like you’re getting reviewed much quicker than the rest of us to be fair.

[Jjpainting]

No they said 10 loans received since with square for the past 15 years. But also said takes about 8 months at most to pay any said loan back. That sounds about right. I usually receive an offer every 3-6 months, more so 6 months now as my loans are more towards an accurate number as opposed to my first few. But unless you have some unusual circumstance, no one is manually reviewing any account under a normal circumstance and very few people are getting offers under 85%. From the people that post on here, it seems like it’s been averaging between around 85% and 92%. Some haven’t received loans after being paid back for months,

which is just odd. I’ll be hitting 88% today, so hopefully I’m close. I think everyone is getting frustrated cause they have come to expect them by no more than 75% and that they state on their site, most people get an offer around that number but not guaranteed. 

[thehealingplant]

Definitely wishing you the best of luck getting yours soon! (Us as well!)

and I just noticed they started the actual thread and as of January 1st they were on their 7th and now their 10th. Again, maybe I’m misunderstanding what they’re presenting but it reads like they’ve gotten 3 this year.

[Jjpainting]

Oh I see what you’re saying.  Well on January 2nd they jumped from 7 to 9 lol.  So first post was maybe a guess. But it sounds like they received one at the beginning of the year, probably their 10th now 6 months later are 75% paid off 🤷‍♂️. So to me I’d say be patient as I’ve only seen a few people get an offer that posts on here getting an offer under 80%. 

what percentage were you at again?  

[thehealingplant]

We jumped from 69-74 in the last week and should hit 75 by midday today so maybe, just maybe. This is number 10 for us but it was a huge jump (almost double) our last offer and the first that’s taken us over 6 months (just over 7 currently.) we’re processing significantly higher and paying it down faster regardless but we’ve also been dealing with some weird reporting issues.

our customer mix shows green but it’s also reporting incorrect on our dash and now we’re having to escalate with customer service 🤮 Hoping that’s not holding us up

[Jjpainting]

I was at 79% on going into July. From July first to today I will have jumped 9% to 88%. So hopefully we both will have some luck today.  I only do about 3-5 card processing sales per week being a painter. So my loan offers always come after one large sale over my average sale. So hopefully today’s will make it hit. 🤞. 

[Sammie_C]

Hi @SPPhotography1!

Thank you for your post and we understand your frustration.

We are continually re-evaluating your account on a daily basis to determine if you’re eligible to receive another loan.

We can’t guarantee a loan offer even if the key factors displayed on the eligibility page show all “Good.” I understand this isn’t the best experience, so I’ve shared this feedback with the product team.

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.

There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. There’s no additional information we can share at this time, and we can’t go into further specifics about program requirements because the criteria we use is proprietary.

Let us know if you have any other questions!