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!

[coolcoffeecrumb]

Has anyone had all your metrics "good" and not gotten a new offer after being 100% paid? I'm at almost 98% paid and no offer still.  I'm wondering if people aren't getting offers even after 100% paid. 

[mydpins]

I have been 100% paid off since 5/20, just had our busiest weekend of the year thus far doing significantly higher then our avg and still no offer

[Twpchair]

Hello, I was wondering what was going on with you? I see now. Unless I missed one all I have seen or posted here (not all do) one person I believe it was Sunday or Monday reported they received a new offer. The amount was the same as previous loan. His percentage paid off was higher as well. It's really slowed down like last Summer for a couple of months and then kicked right in again. 

[mydpins]

Still been fully paid off for 10+ days, had an awesome weekend and expected to have another this weekend. No offer and trying to figure out what to do next…

[Minion]

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@mydpins wrote:

Still been fully paid off for 10+ days, had an awesome weekend and expected to have another this weekend. No offer and trying to figure out what to do next…

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Hows your business credit?  How is your personal credit?  Any relationships with any large banks or local credit unions? (trying to drum up some alternate ideas for you)

The crappiest thing to say, but I'm going to say it.  Keep rocking out sales!  Even if there is no offer, take 10, 15, 20% of what you made over the weekend,, and fro sales that you make this weekend, and see some of the funds that you would have lost to fees with a Square loan. 

I'm not by any means saying you don't need it , or couldn't use it to purchase more inventory.  I am simply saying that I hope the best for you and you get an offer that you are looking for, but in the mean time just toss some funds away for a rainy day. 

[Twpchair]

This right here! Great support and encouragement! Also, I have a great relationship with my little hometown small credit union! When I walk in, the first thing they say is Hello Tammi! Not, I can see your bank card, account number, and DL. They know me and address me by name, and I love it! I have a revolving line of credit, and once I set up my business account with them 12 years ago and they had all that information on file, I asked me what I was looking for as an amount. About 5 minutes later said yes, we can do that! An hour later, I was done and out of there! Half of that time was them helping me add that revolving line of credit to my mobile app for a 1 click transfer into my checking/debit section. I find myself at least credit unions are a little easier than working with big branch state wide banks. Just imo there. I always wish everyone the best as I'm a huge shop small and shop locally! Big Box makes enough money imo but us mom and pops we depend on our community support and I will pay a little extra because I know how much it means, how hard they work and usually the customer service and product is so much better! You rock it!

[VanKalkerFarms]

even being paid off on a previous loan does not guarantee a new offer will be presented.  

[ohboi]

My 6th loan with square usually get an offer between 60-85%. I’m currently at 96% literally $350 left on a $10,190 loan. Accepted the loan in late February 2024 for context to how fast it was paid. We are rocking. Definitely they have the ability to change the algorithm and it’s not as system generated as they say because if all of us used to get new loan offers like clock work in the past and now we all don’t get offers or have to wait until almost 100% paid off they changed the algorithm! Learn to operate your businesses without dependence on them is my advice.

[VanKalkerFarms]

That is great advice to not depend on the Square loans as they are unpredictable and also can hurt your business financially taking much-needed income to pay back an expensive loan.

[Minion]

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@ohboi wrote:

My 6th loan with square usually get an offer between 60-85%. I’m currently at 96% literally $350 left on a $10,190 loan. Accepted the loan in late February 2024 for context to how fast it was paid. We are rocking. Definitely they have the ability to change the algorithm and it’s not as system generated as they say because if all of us used to get new loan offers like clock work in the past and now we all don’t get offers or have to wait until almost 100% paid off they changed the algorithm! Learn to operate your businesses without dependence on them is my advice.

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Echoing what @VanKalkerFarms  said.  Kudos for being so close to paying it off and solid advice for other sellers.   

[ohboi]

For the first time in my square loan history ,I’ve made it to the end of a loan at 100% paid off. If/when I get another offer I’ll post here. Something is definitely going on. 

[Minion]

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@ohboi wrote:

For the first time in my square loan history ,I’ve made it to the end of a loan at 100% paid off. If/when I get another offer I’ll post here. Something is definitely going on. 

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Congrats! I

[VanKalkerFarms]

now that you're out from under the pressure of paying back a loan, take 5% of your sales (a quarter of what was being taken to pay back the loan) and put it into a savings account each night so that it is there to hit instead of hitting another not free loan.  Do your best to stay out of getting more loans and you can start building that business up so much faster when you get to keep the money at the end.

Congrats on getting it paid off.

[Twpchair]

Hello, can you send me a private message in super sellers, please! Thank you 😊 

[Twpchair]

Thank you, I have been waiting to see if or when you get an offer! Good luck!

[DieselMaster]

Ive now paid off 77% of a $22,900 dollar loan. In the past its offered me loans when I was only 60% paid off. Theres no set amount and alot of factors go into getting a new loan the best thing to do is just keep proccessing. 

[Twpchair]

Yes, unfortunately, the percentage is trending higher if not paid off. All you can do is keep plugging away! Good luck!

[Luckyme1]

Just wanted to update everyone in case it’s helpful… 87% paid off on 30k loan. Just received an offer for 10k less. Trying to refrain from accepting it. 😬

[Twpchair]

Congratulations! Thank you for the update! And honestly how you run your business or your needs that's all on you really. I'm sorry it's lower but it's been trending lower or the same as the last loan! I just appreciate you posting and keeping everyone informed! It really does help. You can scroll down and read and maybe that might help you make your decision. Good luck regardless of what you choose!

[vainstudioyqr]

I’ve been following this post for a while now, I’m at 90% on a $10k loan. My husband who also uses Square and processes far less than me just received an offer (lower than his last) at 82%. Still nothing for me. Very frustrating as I use their platform to process much more than his and have all green metrics, and have paid off my loan faster than him. But just to give some people in the 80%’s some hope. Hopefully we get some more transparency soon.

[Twpchair]

Congratulations to your husband! I know it's frustrating and hard to figure out! That's the million dollar question for sure! Thank you,  for posting it really does help others that are waiting and wondering also.