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]

It is and honestly it touches on misleading or not fully standing. I have reached out to the higher ups than me and see if we could get better clarification of it or the wording. In years past most all square users knew that loans regardless of sales, the new metrics is NOT guaranteed at all. It was a "perk" but unfortunately over the years since myself 2012 we've become accustomed to a new offer at 70-75% paid off. Therefore they need to update and provide what is going on now. We are all adults and can handle the truth. But when reading it it's kinda contradicting and misleading. If lending has slow down so be it but keep your customers posted and informed. That way we have the opportunity to go to our bank/credit union. I hope in an hour or so I or @Minion will get a private message as to what to respond to. 

[Minion]

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@brunch1 wrote:

But it does meet all the other metrics as shown in the dashboard. That’s why everyone here is upset and/or confused. The information we are shown isn’t matching the actions you describe as being eligible. 

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I really hope/wish that Square would do away with those metrics in all honesty.  My opinion of those "metrics" is that they were intended for a "general" (maybe even extremely general) guideline.  I think many sellers obviously see those as all green, and then based on % paid back are waiting for the loan to come in.   I don't believe those are useful, and then just causes more chaos, stress and let downs in the long run.  

In the case of the loan, I think just the % paid back would be sufficient and if an offer comes in it comes in. 

As for the generic responses, the mod staff  here and even support is probably honestly all that they do know, or are able to share.  I'm assuming its of some type of property algorithm that probably only a handful of people truly know how it works.

This is all just my .02 and could be completely off .  With all of that said though, there are the benefits of these loans depending on the situation of sellers,  No credit check, no hard pull, minimal (0?) paperwork needed.  

I hope you do receive an offer here soon though, maybe within the next few days being so close to 100%!

[Twpchair]

I agree 💯 with you! It has only caused more confusion if say you're at 90% or a few on here now 💯 paid off all "green metrics" are booming but no offer? Is it just a tool for us, the customer, to know what is going on with our business than great. But with how it's worded, it comes across as this is what makes you eligible for a loan and not just a tool or feature for businesses to use and work on. This might be a great question to bring up in the super or stellar site. 🤔 I'm the type of person who I just want to know type thing I'm a grown adult and just give me the facts and truth and I can go from there. I try to encourage business owners to try their banks as well. I belong to a small credit union, and years ago, I got a business line of credit. I understand now it's harder all lenders are holding tight, but if you have a good relationship with your bank/ credit union, it is a great thing too. I didn't pick Square out of Blue in 2012. I did research, and their biggest plus was you swipe it, and at the end of the day, it's in your account. Other businesses or POS not the best reviews or for a cheaper % you got a weekly deposit? Hmm, you're banking my money and making interest off of it when I could with Square? They have never not once ever deposited my money, and that's a massive plus. The rest are perks we got used to, and unfortunately, it clearly states not guaranteed. Thanks for jumping in and helping with questions. 

[Minion]

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@Twpchair wrote:

Is it just a tool for us, the customer, to know what is going on with our business than great. But with how it's worded, it comes across as this is what makes you eligible for a loan and not just a tool or feature for businesses to use and work on. This might be a great question to bring up in the super or stellar site. 🤔 I'm the type of person who I just want to know type thing I'm a grown adult and just give me the facts and truth and I can go from there.  

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All of this Exactly ^^^   I know I've mentioned my hatred for those metrics somewhere else, but I just can't remember where exactly that was. 

I've taken out Square loans before in the past.  With my business, its a large 60/40 split between cash/check and then card.  So I can extend the loan out to the 12+ months vs the average of probably 4-6 months.  Makes a huge difference in the "APR" so to speak.

Yes , if they even added a temporary wording like "These metrics are for illustrative purposes only, and do not guarantee eligibility when green" would at least keep peoples hopes level and down to earth.  

I hope everyone gets their funding.  But in the mean time, take some of those sales %'s if you are paid off, drop in a squares savings account for a rainy day. Keep cranking out sales, putting some aside each time and maybe the loan gods bless them with offers.

[Twpchair]

I tagged you in our weekly thread with Max to see if there is something that can be done about the wording.

[locksmithnick]

Just an update. My father is also a Square user and has a long history with Square Loans/Square Capital. 

He received a new offer this morning of $25,900 on sales of $80,000 so far for this year. He was 77% paid on his last loan. 

Hope this helps!

[Jjpainting]

Thanks for the update. May I ask, what was his last loan amount?  I’m currently at $80,500 also for the year in card processing. My current loan is $14,700 and 88% paid off.  $25,000 is about the loan size I was hoping for on my next offer…which would be about the same percentage increase from my last loan which was $8500. 

[ayazbey01]

Completion date

06/28/24

Loan amount

$13,500.00   i didn't see any offer

[Jjpainting]

Well that’s pretty much in line with my situation with the previous loan amounts being similar, same amount in sales. Only difference is I’m at 88% paid with no offer yet.  But that story gives me hope. 

[goldslinger]

Well, we have had 100k this year so far and our last loan was 14,700. At 87% paid they offered me 11k. It’s insulting considering we thought the same- we would get offered 25k. We have more than doubled our sales in the three months it’s taken to pay off the 14k. Never a charge back. Nothing. I’m still seething. Haven’t taken the loan yet because I’m hoping to be offered more if I don’t take it. 

[Twpchair]

I know and I am  sorry unfortunately for over a year now that's the same trend I'm watching and have been for over a year.  Best wishes to you ❤️ and all watching 

[Jjpainting]

As soon as my hopes get better about receiving a good offer, you has to slam those hopes lol. As I read more and more posts, and try to figure out at least how some of the algorithm works for how high of a loan one should expect, the more I think that the algorithm is totally just assigning random amounts 😂. Thanks for sharing though.  I’ll keep everyone posted if I get an offer and details of it.  Currently I’m just below 89% and will be between 91-92% by tomorrow after I complete a job.  Still waiting on if another quote I sent out a couple days ago will be accepted.  I’m thinking and hoping it will, and if that happens, I’ll be up to 98% paid by tomorrow. If a loan triggers before I pay off my loan I’ll take it, if not, I might just begin putting 20% aside for all transactions…and get away from paying $5000 in loan fees per year. But I haven’t decided.  I mainly want this loan to hire a marketing firm to begin marketing my company.  I get more work than I can handle with having a couple employees.   But now after two years and getting used to running my own business for the first time, it’s time to expand, hire more people, and I want to begin getting away from the physical work and concentrate on growing my company. I’d still do all the quotes, obviously constantly checking in on my workers at different job sites and help out a couple hours here and there  and then do a final inspection, but then just work on more marketing and finding leads. Ive been a painter for many years and its starting. To effect me more and more physically as time goes on. But in order for me to do all this and be able to hire and afford qualified painters, I need to increase sales, which I need a loan for. And hoping it’s for $20k+ to pay for that and a down payment for a new work truck for employees to use.  Sorry for the rambling here, just wanted to get my thoughts out this morning as I’m exhausted from working 7 days 10 hours a day without a day off this summer, aside from when I broke my rib I needed to take a couple days off. So come on square. I still have some faith in you that you will send me a solid nice offer this week. Lol

[Twpchair]

It's seems most aren't getting huge offers like prior. Of course, everyone is different, and we are all unique with different types of business. I have seen a few go up 5k or 7k but also the much lower than they anticipated. Good luck, and hopefully, they bump it up. 

[Twpchair]

Congratulations! Nice to see it is moving!

[Twpchair]

Congratulations to him! Thanks for the update and posting!

[Healthyketo]

Hope everyone is doing well today. Doing a pop up market today to boost sales. Hopefully today is my day! Had a great morning, hoping for an even better afternoon! Wish me luck guys! 🙏

[itisnotjustpiza]

Good luck!  We are over here still waiting as well.

[BodyLabPhilly]

Good luck!   I’m at 88% and have gotten to the point that I’ve paid back all of the loan amount, just the fee amount is left.  Hoping it triggers an offer today.  

[ls725]

I hope you get an offer, I am at 99% with like $20 left... no offer yet haha.

[Twpchair]

Finally, some movement! Good luck to everyone waiting! 

[ls725]

I wish it was moving for me 😛