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!

[Healthyketo]

Has anyone gotten an offer recently? Haven’t heard of any lately 

[Twpchair]

One yesterday or last night, 96% paid off. Pretty quiet week compared to last week, unfortunately 😕 

[DCC2]

Had a big week leading up to the 4th and went from 84%-96% and got an offer today. Last loan came at 86% in december, before that my previous couple had come in around 75% and 1 in the 60's

[Twpchair]

Congratulations! Thank you for the update! It has been trending higher to paid off!

[Toripori]

I also can’t see any time stamps as to when my account was last looked at seems to be a US option only

[Jjpainting]

I’m in Michigan and there’s a time stamp under the eligibility factors when you click on the area where it says your business isn’t qualified for a loan. Mine updates daily except when I go without card payments. Like mine didn’t update for a week cause I was out of work due to injury and had zero payments come in in 10 days. But the day after I started back up, daily updates time stamped 

[Healthyketo]

Anyone gotten anything today? 😓 not seeing anyone get anything lately. 😖

[Twpchair]

It's been a slow week posting. I saw 2. One guy posted he got an offer without scrolling down I believe half of his last offer or less if I'm not mistaken but he accept over waiting to see if or when the next on would be higher. He also said his "buddy" at 70-75% paid off was offered just enough to pay off that loan and left him 0.00 for the "magical" new loan? That is the first one for me, seeing that. He didn't say if it was 15k left or higher or a lower type thing 🤷 🤔 but since I've been here or at least people posting, I've never seen that one before. He didn't take the offer to pay off the previous loan and get 0.00 and pay 8% I wouldn't either. Pay it out by transactions or pay it off yourself. You would be further ahead. 

[Hawaiicraves]

Aloha,

Wishing everyone the best in there loan issues. Seems square has without a doubt tightened up there funding requirements for now. 

I’ve used square for 3 years , we do over 950k yearly in credit card processing with square. They make a lot of money off my establishment. 
Counter service style Resturant , open 7 days. 

We have had 3 loans, first 2 paid back much quicker than square requires. 50k 112k 165k . Offer was 187k I took 165k. Been offered loans as quick as 58 percent- 70 percent complete. Currently at 84% on 165k loan. No loan offer yet.  Our metrics have always been green. 

It’s unfortunate as square loans are very convenient. I think many will see low offers if any. As others mentioned our economy dictates a lot on lending. Hopefully things start heading in a better direction soon! TRUMP🇺🇸

[Twpchair]

Good luck to you and everyone waiting for an offer! 

[harajuku]

Hey everyone. I never post on here, only read but I wanted to post an update since I've been keeping up with this thread and also have been waiting impatiently for a new offer. I made prepayments on my loan to chump it down to 60% (which is normally when I see a new offer). When I didn't see new offer after weeks, I paid it down to 70% and still didn't see anything so I went ahead and paid it down to 80% because that's been the normal lately. It took about 7 days for my last payment to clear and an offer came in today. My account was reviewed around 5 pm but the offer didn't show up until later. The offer is slightly lower than my last one but I'm grateful to even have one. Hope this helps anyone still waiting for an offer. It's coming. 

[Twpchair]

Congratulations! Thank you for the update! It does help others 

[BodyLabPhilly]

Hit 87% today, all green.  Hoping it triggers an offer. Continued good luck to everyone waiting. 

[Twpchair]

Good luck! Please keep us posted it helps so many waiting!

[Healthyketo]

Updated at 1:56pm and now processing volume “NEEDS WORK” I give up! 

[Swain]

This happened to me as well twice it has gone from good to needs work and back too good I’m not sure how much that affects your eligibility for it to go back-and-forth, but my processing hasn’t really changed drastically so I’m not sure why it keeps going back-and-forth

[Hawaiicraves]

Well I did wake up to a loan offer today. 

$114k. Much less than last loan.  

85 percent paid off currently when received offer. 

I think for once I’m more excited about only being 15 percent left on current loan ,than I am of new loan offer lol.

Good luck everyone !

[Healthyketo]

Wow! Congrats! Are you in the food industry by chance? Maybe there’s hope for the rest of us! Glad to hear someone finally got an offer! 

[TaylorA92]

Im a consistent lurker but not a common poster. I’m waiting for my 7th loan. Each one has progressively gotten a higher payoff. My last loan I got a new offer at 79%. I’m currently at 82% with a busy weekend. I will update everyone on what happens. I am in entertainment. Each loan has gone up in value so I will let you know if it drops this time as it seems that’s the common theme. We process near 300k a year.

[Twpchair]

Good luck! It's been trending higher percentage paid back to completely paid off. A few in 80s though. Thank you so much for letting everyone know. 

[Healthyketo]

Here's to a NEW week waiting for an offer. I am happy that my metrics are all back to good standing! I had a great weekend of processing! Going to have another this week. I am Hoping and praying I get an offer soon. I messaged square last night but once again got the same email  this morning they send out to everyone that asks questions about the loans. Praying for a miracle this weeK! Hope everyone has a great selling week!