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!

[Twpchair]

Have you tried to reach out to customer service and make sure in your first sentence put technical support issues? I will go back and look and see if I still have tech support number. Sometimes if you don't I'm afraid you might get that good Ole script response. Are you or do you process cards daily? If so and it's still not right that needs to update so the algorithm picks that up. It's in the green section that a good healthy mixture of new and return customers. If it's not picking that up correctly your green section for it might be green today but turn into needs work. When you update daily it should show that properly. 

[thehealingplant]

Yeah I will call them but it's definitely an issue where it's not correct for sure. Even though I see people on our scheduling labeled as new customers they're popping up later as "returning." It makes no sense tbh.

But it is showing everything green in customer mix on the dashboard

[Twpchair]

Hmm, if it's green in that section it means you have a good mix of new vs returning customers and with it green according to them that's what they look for and the algorithm picks up all green sections and good to go to wait for that Ole miracle and mysterious algorithm! To me, it's like who picks the shortest straw wins! 😆 🤣 😂 hopefully,  everyone who is waiting gets their offers. 

[thehealingplant]

I just spent over an hour on hold trying to get the situation sorted because we started the day with 7 new customers that showed as 3 and while I was on the phone with support it changed to 1 new customer. Our metrics still show green so I'm hoping it's not affecting things but I'll be honest, it's a little scary given what Glitzycow went through.

[Sammie_C]

Hi @thehealingplant!

Thank you for your post and we understand your concerns.

The information shown on your eligibility page is usually refreshed in real time. You can see the last date and time your loan eligibility was evaluated under “Eligibility factors.” However, if you have not processed payments through your Square account recently, the data may not be updated until you process payments again.

If you have additional questions about your account specifically, please feel free to contact us directly for further assistance.

[Healthyketo]

I agree, I don’t know how many times I’ve emailed square and have gotten the same generic response through email. Well, my account was updated at 2:40pm cst today and no offer. Going on 5 days paid off. Guess the waiting game continues. 

[Blockhart]

Have you had a new offer yet, I’m day 6 paid off - this is my second paid off loan, it was paid 8 months early. And everything is green. I don’t understand why I haven’t gotten a new offer yet.

[Healthyketo]

Nope! Nothing! Going on 7 weeks paid off all green metrics up from previous month and still no offer. I’ve been so disappointed with square. But what can I do other than just keep waiting patiently.!😭

[Blockhart]

That’s so frustrating 😭 I’m so sorry. I’m really needing a new one now so I was hoping you were gonna say something different 😩

Keep me updated if you get a new one, I’ll keep you posted with my updates too and if I get a new one or not! 🤞🏻🤞🏻 here’s to hoping we both wake up tomorrow with new offers! 😭

[Healthyketo]

I need one to! I will definitely keep you updated. Hoping you receive one soon! Praying for all of us! 🙏

[Twpchair]

I was so hoping to see you get one! Ughhhhh, I have been gone for a few days, and wow, what a hot mess! I scrolled before commenting and went lurking on other sites. Almost word for word from other sites. They are all leaving theirs to come to square or other places.

[locksmithnick]

Ha! Did anyone just get the email for “Announcing larger loan offer amounts” ?!

Literally just got the email… 

[PFS36]

What did it say???? Lol

[itisnotjustpiza]

I am guessing they are emails stating they are now offering up to $350k instead of $250k.  Not specifically offering larger loans to each person.

[ohboi]

Nope didn’t get the email. What did it say?

[TrendzbyM]

Yes I got it too! But I just got a loan last month. 

[jackiebee12]

I just checked my email and i got that email at 12:15 today. crossing my fingers for some good news. i’m at 87% but this week has been so slow 

[DonutLady]

You have been so encouraging and very helpful especially for me who is new here! It’s like our own community! We’ve got this! I pray everyone gets a loan n it’s approved! 

[Twpchair]

You are so welcome! I don't work for Square or a bot (whice I have been called). The multiple typos should be a clue! No, I've been with Square since 2012, and the loans kicked in 2014, I believe, but would have to look. You nailed it, though we are all in this together, and you are right. This is our own chat and gripping group, and we can all celebrate together when someone gets an offer. So I let them vent and get it! Tomorrow is a new day. Unfortunately, I follow the trends and it's going like last summer. Really slow June to August and then boom it took off. So, hopefully, we will clear this board out fast! I'm really interested in your case that's a new one for me, and I reached out to our Mod for help for you. 

[PFS36]

Thank you so much! We're waiting for a loan to expand to a larger market.  Square will make a lot more money once we open our new location lol. I wish I could slip the algorithm a 20 to move all of us up in the loan line. 

[Twpchair]

Good for you for growing! That's awesome, and when you crack that algorithm, don't forget to add me, ok! 😆 😂 😅 expansion and marketing are expensive and important to you to grow and create more customers, more employees and that's a great thing!