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]

I'm so glad you said patiently waiting. I'm sure you have scrolled down and have seen the trend right now. Good news, hopefully, the Feds indicated they were not raising the interest rate. The stock market is staying pretty steady. Hopefully, they will pick up on lending out that cash cow! Too many waiting, and I want to see this board go nuts with offers! Good luck to you and everyone waiting!

[Twpchair]

I did at 69% a couple of weeks ago. In March it was 84% the previous one 91%. A small handful are getting them in the 60-70% right now, unfortunately. Hopefully, that changes soon. Good luck, and please keep us posted

[Teecity71]

This practice of saying a loan is not guaranteed even after a person has completed all of the criteria set forth on the website is unfortunate. Business owners need predictability. We need to know if we complete the right steps that capital will be available.  To think there is an unknown moderator who decides when a business get a loan is scary. Where is the transparency? How do we know these loans are being giving out fairly. I think this is a bad business practice. We need to know every step it takes to guarantee a loan. We can't run our business thinking capital will be made available and after we complete the steps there is an unknown set of criteria. It's not fair, it's not transparent and it's frustrating to say the least.

[bsa77]

Absolutely!! Perfectly said. Also, something I have not thought about previously is how do we know loans are given fairly without Equal Lending Opportunity? 

[Twpchair]

They are all done by an algorithm not a human the only time a human touches it is they need more information about the the new loan offer. It's all lenders if you can post in the 2024 loan board you will see all the statements and what is going on. I wish you the best of luck!

[Twpchair]

Good morning! I know it's frustrating, and if you see a thread loan 2024, there is more information about what is going on. They use an algorithm that determines loans, not people or individuals.  It has nothing to do with who you are or what line of business in your in it lenders on the whole right now that are holding steady with giving out a lot of loans.  Waiting for the Feds to see if they are raising rates,  the market to settle down, the economy the list goes on unfortunately. It's been since at least June. Please don't take it personally and it goes into further details in the 2024 loan board or thread. Good luck to you and everyone waiting. 

[Teecity71]

Why isn't there a page that explain what you're saying. There are business owners busting their butts to pay their loans off early just so they can get more funding. Square list the criteria and now they have added hidden criteria. Now your telling me that interest rates, and the stock market has been added to the criteria by which small businesses gets funding. I really believe Square is making a huge mistake. I have been happy with Square but now I'm looking for a payment processing company I can use that has straight fourth, predictable and transparent criteria by which they give loans. Just blaming my situation on an algorithm is weak because humans are the people that set the parameters of the algorithm and study after study shows that algorithms or even more bias and discriminative than humans. How often is the algorithm tweaked to get different outcomes? I'm a very small fish with Square. They don't need my business and therefore I feel under served. I guess I'm just going to try Clover. I was with PayPal for years and after I found Square I left them. I bragged on PayPal for years until they got too big, I have bragged on Square for years.  I DO NOT WANT leave or start limiting my transactions with Square.  I was expecting a new loan based on the criteria they set forth and I feel like they have snatched the rug completely from under my family and I. The unpredictable nature, no transparency and lack of an explanation other than saying THE ALGORITHM DID IT is a cop-out. 

[Twpchair]

Right up above, I believe all the posts or the mods comments at the very end it has all the factors to loans. Hun, I don't work for Square. I'm a customer just like you, and I noticed it maybe 6-8 mths ago myself. That the wording had changed or added information to it. That's when I started to really pay attention to other pos services that offered loans and reddit. And it's not just square but what's going on right now in the world and square is worldwide and the economy isn't great, the market crashes and bouncing back, the Feds hints not raising rates it's crazy. Do I wish all businesses would release a statement hey its tight, but hold on, it will get better, but unfortunately, I haven't seen any pos do that. All I can tell you hun I understand the frustration, I understand being used to something for 10 plus years and boom changes, I get it all I really do. All I can say is that, like many others, we don't have hidden secrets, but we do watch the trends going on, and this is where we are. I'm watching people paid off 2/3 months all green and nothing, and 20 minutes later, here comes one at 82% and an offer? Why, how I'm not that computer smart to even go down the algorithm hole. But we are here now, and hopefully, it will loosen up soon. Honestly,  good luck to you and your business I really mean that. It's hard enough for us small businesses. 

[Twpchair]

Shoot hun, I just saw your on the 2023 loan page not the 2024 loan thread that is why you are not seeing the latest information from Square. I just got your comment and looked up and its the 2023. If you can is there a way you can back out and look for the updated 2024 from people commenting today? If not I don't know how to add you? Not computer friendly I can tag @Violet can you please 🙏 merge her to the 2024 loan section? Thank you!

[Twpchair]

 when you scroll down to the market part that's what I was talking about but I saw you posted in the 2023 loan page and didn't see this part that was updated I believe the first of the year. It could have been a few months before that? That's when I noticed it was last January, at least for myself. 

[Twpchair]

I think it's too big, but here if you scroll up to the top, that's been the updated list. I apologize again I didn't see until later you posted in the 2023 loan section. Good luck honestly and hopefully it will loosen up soon and get back to normal! 

[photoguy2019]

Hello good afternoon, im not sure how to post to the thread so i thought i would reply to you :). I know this isn’t any loan news but i thought id share.. My Square app and dashboard updated to a new look. Not sure if anyone noticed that.

[Jjpainting]

Yes I did notice a few minor changes.  On the app on the balance page it also now states under the loan “you’re on track”. 

[Tyconcrete]

Welcome to square  capital  lol it's a joke .maybe if all or 3/4 or even half of us would sing a letter or something get going and make corporate 🤔. And we all find a other pos company  they will change unfortunately  I don't see it happening  .any time soon  or there policy changing 

[BiancaAlexandra]

Just wanted to give my feedback!

Ive been using Square for a couple years now, to run my Bridal Hair & Makeup Business. Ive had a couple loans from them and have been affected by the late loan offers too! I usually get an offer around 70% but today I got an offer at 93%. My last loan was for $3640 and the new offer is for $1430. Super bummed. Debating accepting loan or just finish paying off the loan balance. I waited for this offer for so long and now that I have it im not sure I know what to do with it.

[Koleen1234]

How much do you usually process with square 

[BiancaAlexandra]

My net total last year was $53.3k. On track to pass that this year. 

[Twpchair]

That's what they want to see is growth, a stable healthy business, a good mixture of new and returning customers. You can do this and get those offers up and back on track!

[PFS36]

Howdy! Good news... The new location first week boosted our sales at 495% over old location.  Paid off remaining $1400 of our loan in 3 days,  I believe. Hopefully it will trigger something,  but if not, we can keep on waiting. It's just nice to have it there in case we need it.

[Twpchair]

Nice! I'm so glad and excited for you! I know when I moved and roughly 1k square ft to 12k sq ft. I thought my husband was going to have a stroke. I told him you don't know if you don't try it. We outgrown the old building in a year, and it was the best move I've ever made! What an amazing start! I love it! I'm a huge shop, small and local.. keep rocking it! Im so happy for you! 

[PFS36]

Thank you 😊! We moved from a small country town of about 5000 people,  to our hometown with 65000 people.  We're in the entertainment district,  now and wow... should have made this move a long time ago.