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!

[Tony53]

Hey! Did you get your loan already? 

[levelpt]

No loan yet. I’m at 80% paid since last loan . Last time was offered one at 67%

[moxiemavenandco]

Nothing yet, sitting at 65%

[ggbluejune]

Hello everyone, I am at 94% waiting for a new loan offer so I can get more inventory.  I'm continuing to swiping every day but have no offer, while I have someone who works in the same business with me and was offered at 70%.

 I'm confused 

Any one experience similar situation?

[TheRealChipA]

Hi @ggbluejune  All sellers are different. All Square Loan offers are different. Comparing another seller’s experiences to your will only serve to frustrate you, trust me. The loan offer algorithm is a black box that will send you and offer when it determines your are eligible for one. It has always been that way. 

Square Loan offers are triggered by regular reviews of our accounts and activity and when the algorithm determines it is time for another offer, one arrives.  There is nothing that we can help you do in the seller community, and Square employees won’t be able to accelerate this, either.  For most of 2023 I saw lots of similar threads here where sellers had paid off their loans then waited weeks, if not months, for new offers.

I can offer some context, however.  Even a cursory reading of economic news reveals that the worldwide lending market is being very conservative right now.  All lenders are being very cautious about when they offer loans and especially how much they offer.  With worldwide interest rates so high, all loans are very risky for lenders so they aren’t being as free and easy with them as they once were.  This is a reality that is going to stick around for a while not just for traditional lenders, but for merchant lenders like Square.  Hopefully we will see some loosening in the overall lending marking in 2024, both in the area of interest rates and qualification requirements.  But regardless I expect that it will be a very slow process.

Sorry to be the bearer of unwelcome news, but at this point it is at least reality.

[Brittany_SP]

I’ve been thinking the same thing because of the economy. Once I saw others weren’t having anymore luck at 80% I just had to prepare myself to move as if one will not come up, so then IF it does, it will just be a major plus and relief.

[Twpchair]

That's a great way to look at it! I know it's hard when for years we could almost quarantine between 70-75 % and the offer came in. Now, it's trending higher % and it's hard because square is lending more and more each year but unfortunately,  not all post here. Good luck and I hope you have a great 2024!

[Brittany_SP]

Same for me. My last loan I was offered a new one at 73% paid off. I’m at 80% now and still nothing. I’m not sure what’s changed or what happened but they keep telling me they don’t know and to look at your loan dashboard.

[stanleycourtney]

just curious did you ever receive a loan offer? 

[Sweetlocs20]

Im actually at 89 …no offer. 

[stanleycourtney]

My sales are up from last year! I had a slow January and February compared to other years. I am at 82% and still nothing. I usually have an offer by now. 

[Twpchair]

My last offer was on a Saturday after a busy 3 days and was 81/84% paid back. In June it was 91% paid off. Following the trend it seems most (not all) are higher % paid back. I know that a lot of businesses were use to 70-75 % but right now the lending market is holding tight and watching what happens. With that said square is lending out more and more each year! Not everyone post here and it seems disappointing but honestly they are still doing loans every single day at great rates or increased. Good luck and keep watching your dashboard! 

[Movecrew]

Have you received a new offer yet? I'm over 80% now and just wondering. 

[Movecrew]

Have you been funded yet. I'm experiencing the same issue. I'm at 84 %

[Summer2024]

Hey @Movecrew! 

My advice would be to reach out to our Square Loans team about your inquiry. We are limited in account details on this platform. Check out this support article for how to get in contact with the Loans team so they can take a deeper look into this with you. 

Hope this helps.

[levelpt]

I’m at 75% paid off and nothing yet. My last third loan was offered at 68 %. Still waiting.

[Lanails]

They are not helping 

they say loan offers generate by computer 

[SPPhotography1]

Can someone from Square Capital or Square Loans please manually review my account. I have been with Square for close to 10 years and I’ve had 9 loans with Square. I am 80% paid off on my current loan and should have had a new loan offer by now. ALL of my metrics and eligibility factors are in the green. My sales and customer number are all above normal. 2023 was a record sales year. There is absolutely no reason why I haven’t been offered a new loan yet from Square. Please just look into my account and view the numbers for yourselves and then offer me a new loan. I need it for business capital purposes and it would greatly help right now! Thank you!

[sayra]

Hello, @SPPhotography1. 

Thank you for reaching out to us. We understand your concern, and we appreciate your patience. We have combined your question with another seller who inquired about a similar matter. I encourage you to review the response we provided. Please know that if we had more details to offer, we certainly would. Your understanding means a lot to us.

If you have any further questions or if there's anything else we can assist you with, feel free to let us know.

Have a great day! 

[Movecrew]

Any luck? I've been with square over 10 years and and I'm currently over 80%.

[Crosstimberkoi]

Nothing here at 80% also.