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!

[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 

[Paulynne]

Nothing to report here either. 

[PFS36]

Same. I guess we'll wait until next year. 

[Twpchair]

I saw one and another one but am having issues. Hopefully, they get that worked out quickly, but definitely a slow week. Hopefully,  the holiday weekend and increased sales will kick off a big week of loans! Are you paid off yet, or are you getting real close? I know you were plugging away at your percentage. This week has been really busy, but almost all cash or checks. We had a huge storm go through, and last I checked, right after the storm, like 255k without power. We were lucky 4/5 hrs. The rest are looking at Sunday and Monday!!! It's not good on a holiday weekend.  We have power here and the store.  1 mile down the road, the rest of town is just dark. The restaurants and party stores have lost so much money in food it's crazy. One lady came in yesterday small diner and roughly said easily 55k plus to throw away and lose all the weekend business. She has insurance, of course, but doesn't replace the business she will lose. Like our restaurants need another blow. She uses Square as well. Good luck and something gotta shake here soon!

[brown17]

Misding my loan dasboard all of a sudden. Anyone know why?   

[Twpchair]

Not sure if it's an update but you're not the first. The next day all back and green.  Hopefully,  that's it. If not with being close to the holiday I would try to call if not I'm not sure of hours until Tuesday. 

[brown17]

 If you can share with community I do not know how to post my own post, just able to reply.   My Dashboard dissapeared about 45 min ago.    I Then received a new loan offer. 59% paid off on previous loan.   My sales have doubled over the past month and I take a mix of cash, checks and credit.    Please no one come for me! I have never received a new loan offer this early.    lowest percent paid was 62% and that was 2 years ago.    The loan was more than my last.    I have encountered a 6 month no loan offer period before in the past (many years ago).   I truely stand by my statement that I always post.   DO NOT go by others expierences.   Every business is unique in their own way.   I also had "needs work" on my processing dollar amount.   I am shocked and relieved at the same time.  This could not have come at a better time.   First time in 13 years of business I am struggling and it is due to the state of our economy.    I pray everyone get's an offer.     

[photoguy2019]

Congrats!! This is exciting! I am at 60% and i usually get them every 6 months.. and my last 4 have been 70%,62%,60%, and 65%. I have a busy weekend coming up so i am expecting for those sales to push out that offer if it doesn’t come in today or Tomorrow 🙂

[Twpchair]

Let's get this going! Ain't no stopping now! It's been slow for too long! We need this page to light up!

[Tyconcrete]

I hope so had a good wensday Thursday and Friday iam hopefully that we  will be busy tonight and tomorrow 🙏 😊. But I parking every one gets one this weekend. Enjoy your weekend every one. 

[Twpchair]

Same to you and everyone! Have a great weekend and kick some butt in sales!

[Paulynne]

That’s a miracle! Nobody will come for you. It’s more inspiring than anything else. 

[Twpchair]

Ughhhhh,  it is and I want to see this all day everyday! We have so many with equipment down, inventory running low and they need it so bad! Wishing you and everyone waiting for an offer soon!

[PFS36]

Almost 6pm cst and dashboard still hasn't updated.  That's odd.