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!

[brown17]

Sucks cause i do monthly invoices which now wont be paid again till next month.  (Few will trickle in here and there)   so my metrixs will go down and i probally wont get another chance till next month.   Im 78% paid . Just keep grinding I guess! 

[Twpchair]

Ughhhhh, yeah that's a hard one to try and figure invoices vs daily card transactions. You think they would know know your processing habits. A few others like yourself get the same offers when they get bulk amount of invoices that come in. Good luck!

[brown17]

Thats hpw it use to be for.  Recently our season started and ive had an influx. Currently sitting at 80% and no offer.   Processing daily but i have a wide range amounts so the bigger the invoice hurts me whwn im just getting a bunch of smaller ones.   At thia point im just plugging along and not worrying about it.  

[Twpchair]

My last one was 81-84% paid off before my offer. In June it was 91% paid off. I don't see too many people who are getting any 70-75 as of late. Unfortunately, that's all we can do is keep plugging away! Good luck hopefully this week will be it for you!

[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!

[BIGK]

Just received another offer at 71% and this one was almost $20k higher! I submitted the application last night around 7pm but haven’t heard anything back yet. I usually get approval and funds within 30 minutes but not this time. I hope that isn’t a bad thing! 

Has anyone had to wait a while before?

[Twpchair]

Congratulations!!! Thank you so much for posting and yes my last one was a Saturday and I know it's slower on the weekends but no don't stress by tomorrow the trend of 20-30 minutes is a day now ! Thank you so much for letting us know and please 🙏 keep us posted as it helps others!

[TrendzbyM]

That's so great!  I just hit 70% today and hoping for an early one as well!

[Twpchair]

Just hold on hun , it's taking a day depending on the time! Watch your loan  part more than email okay! Congratulations 

[Twpchair]

Yes! Once on Thursday and the other was late Saturday. Each one hit my bank account before I got a message from Square. I watched my old loan, and once it hit or went to zero, I knew it was fine! Monday-Wed seems like 10-15 minutes and boom done. 

[Hairplaysalon20]

Anyone received an offer I am at 86% and all green but no offer 

[Twpchair]

Yes, last week there was quite a few posted they received an offer. Right around your percentage or higher. A couple were in their upper 70s paid off but most are trending higher right now. Good luck to you!

[coolcoffeecrumb]

I am 5 days paid off 100%, all metrics have always been "good" and still no offer.  This was my 5th loan with them.

[Twpchair]

You are with the majority honestly. Following the trends is upper 80s to paid off. A few here and there are posting upper 60s or 70% but not many at all. Good luck hopefully it will come soon if not enjoy that extra cash in the bank. 

[Minion]

Congrats! Honestly though Im sure you can use the loan for products etc, but enjoy the full CC sales for the time being.  Even take a a small percentage of the sales until an offer comes and tuck that aside for rainy day in a Square Savings account.

[Cecemora101]

Hello - checking to see if anybody is in the same boat as me. I have paid in full 2 loans in full and all my metrics are green, does square just stop giving you loans even though there seems to be nothing wrong with my business sales or metrics. Does square help get you another loan or this just an unexpected invitation? I have had my 2nd loan paid off for two weeks now and no new offer or any offer. Does anyone else experience this ? Unfortunately when I call I get the same response so seeing what others are going through. 

[Twpchair]

Square does give out loans daily! They use an algorithm that checkes your account daily and see if all your metrics are good. Other considerations are charge backs, returns, disputes etc. Sales are good and a good mix of new and returning customers ect. You don't apply or invitation it's their computers algorithm that picks it off. That's why it is so random and people try watch how it's trending. Right now it's a higher percentage paid back or like you paid off. Hold tight and keep processing! Good luck!