New Square Loan in 2024

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!

710,965 Views
Message 1 of 2,705
Report
2,704 REPLIES 2,704

I'm not sure if I connected this one at the time or a different one. Not sure how to even find where the connected accounts to the loan are?

6,377 Views
Message 547 of 2,705
Report

I just read the fine print and it says it needs to verify ownership of the bank  account with my name and my account number . So it's probably just to verify it's legit . 

5,981 Views
Message 548 of 2,705
Report

The makes sense. 

5,965 Views
Message 549 of 2,705
Report

Been on hold over 30 minutes . Not sure if I'll get through to anyone 

5,958 Views
Message 550 of 2,705
Report

Usually 60-90 mins before someone answers

5,994 Views
Message 551 of 2,705
Report

My last offer was like this once i submitted I called the capital department to make sure they received my items and within the next few minutes i received an approval email. This was back in Aug of 2023

5,252 Views
Message 552 of 2,705
Report

I'm currently on hold . At least I hope it's with the right department.

5,156 Views
Message 553 of 2,705
Report

For me they wanted bank verification & business documentation. I had never been asked for anything before so that was new for me.  Good luck! I hope you get an approval! 

5,152 Views
Message 554 of 2,705
Report

And did you get approved after submitting?

5,137 Views
Message 555 of 2,705
Report

Yes once they confirmed they received my items a few minutes after I got an approval email stating the funds will be deposited 

5,127 Views
Message 556 of 2,705
Report

How much were you both offered?

5,091 Views
Message 557 of 2,705
Report

I was offered 13100

5,066 Views
Message 558 of 2,705
Report

The last offer was 14,300 in Aug 2023 a lot lower than what was previously offered to me before.  Had a restaurant/ bakery but since closed the doors and went to online orders only which has recently started doing very well and now I’m at 97% paid off on this one and praying an offer comes through soon. 

4,920 Views
Message 559 of 2,705
Report

I finally  got through on the phone and she said they did receive it . Takes 1 to 3 business days . And I had emailed the other day and finally got a response so I asked them as well. He said the same thing . 

4,973 Views
Message 560 of 2,705
Report

What additional information did they need from you?

5,159 Views
Message 561 of 2,705
Report

They didn’t need any when u got my first loan. I’ve never gotten another loan. Yet. Sitting at 58.5% paid off on first loan that was only $1908 (including the fee) so I am praying I’m offered one soon! Just had amazing growth and could use it!!

5,155 Views
Message 562 of 2,705
Report

No approval yet so  calling didn't work for me 😂

4,778 Views
Message 563 of 2,705
Report

It wouldn’t be connected to the loan but connected to your square dashboard.

5,308 Views
Message 564 of 2,705
Report

Doesn't everyone have to connect their bank accounts to receive their money? I remember using the plaid platform and connecting mine last year . Which I had a different bank then. And sometimes I switch depositing to my personal and business. Getting little nervous because it's never taken this long to get an approval, it's usually within minutes . 

5,235 Views
Message 565 of 2,705
Report

I never connected my bank. I just use Square for banking for receiving all my payments. It asks to connect an account using plaid, but I never have

5,239 Views
Message 566 of 2,705
Report

Has anybody had to wait 1 to 3 days after submitting additional information? Offer was around 3, submitted additional by 345 and still no approval email.. I'm getting nervous even though they say 1 to 3 days.

4,752 Views
Message 567 of 2,705
Report