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!

[Ilovejewelrysa]

My loan had been paid off also since April it took us only 2 months to pay it back the way they ask to be paid back but it’s now August and they have not made us an offer and all our aspects are in the green and have been staying In the green also no history of disputes or reviews none of the above ever still no new offer!! We are doing better and better every month but still no offer so maybe they stopped or are no considering my personal credit score which is not top top notch so maybe they just do it by random idk 

[allisonb_23]

Guys I got a loan offer at 88% today!!! 10k lower than my last but I’ll take it! Keep processing! Good luck and much love! ❤️

[stanleycourtney]

Congrats I’m waiting for mine to update. I really hope it comes soon 

[Twpchair]

Congratulations!

[Greatlakes891]

Has anyone seen an offer in the 70s?

[stanleycourtney]

Many people above have had offers in the 70s in the past. However the new algorithm seems to be a higher percentage paid off before getting an offer 

[Twpchair]

3/4 years ago I just about guaranteed my loan was coming in between 70-75 % paid off like clock work! Now, you are a 💯 correct my last one was between 81-84% paid off. Hard to tell it came in late Saturday night and I didn't update yet. I had 3 busy days. I was funded on Monday. The prior one was 91% paid off. Most lenders are tightening up right now. 

[Twpchair]

A few here and there my last one was hard to tell 3 extremely busy days and 81/84% paid off and late Saturday my offer came in and funded Monday. Friday I looked and was 81% and sat it hadn't updated yet and my offer came in Sunday morning it was 84% so I was in that range. Last loan was 91% paid off. That was my highest % since 2014 I use to range from 68-78% but times have changed and lenders from all around are tightening down a bit the economy has a lot to do with lending right now.  As things pick up so will everything else 

[NRVGuru]

We've now reached 90% Paid on our current loan, and have been with Square for a long while. A renewal would be a huge help, even if it's not as high as our prior one.

[Greatlakes891]

What’s the average percentage your offers have come before? Mine have been between 55-75% everytime. After reading this I’m not hopeful.

[Tritter82]

I have had about 14 or 15 loans and "average" would be between 75-85%. Although, I have also had one completely paid off, and some in the 90% range. 

I just recently, about 2 weeks ago, had an offer at 76%. I hope thus helps 

[Twpchair]

My last one was 81/84% paid off. In June it was 91% paid off

[Twpchair]

Lately no, the offers for most not all is 90% range unfortunately, lately the days of 70-75 % are few and far between. It is between upper 80s and 90s. 

[Twpchair]

Did you receive a new offer?

[Kim7278]

I’m 87% paid off…no new loan offers.  Everything got me is in the green for metrics and bank account is linked.  I’ve been with square for about 12 years. I’ve recieved 4 loans through them and always get an offer around 70-80%.  Minimum due is always paid way before the due date.  I’ve reached out via email to square loans asking if there was something that is holding me back from recieving another loan.  I got the same generic answer what they look for in metrics (which is all good for my business) and I will be invited when they determine I’m eligible.  That answer wasn’t very helpful.  It is extremely discouraging that you can’t request a review after a certain percentage is paid off and how there seems to be no certainty when or if you get another offer even if you meet their requirements.  It would be helpful to get a personalized answer as to why you haven’t become eligible.  

[Breebree89]

I’m in the same boat. I’ve gotten offers after paying 50% off. I’m 68% paid. I wrote to the chat team Friday, they said they could escalatemy account and look into it. It would take 24-48 hours or I could call the 855 number they gave me. I called never got anyone on the phone. So I wrote back in the chat and told them to escalate my account. I don’t know if it will help. I guess I will see tomorrow if I get an update. 🤷🏼‍♀️

[Twpchair]

The trend right now is much higher paid back % wise. I don't think I've seen one person in their 50 or 60% paid back yet. Barely a few in the upper 70-75 and 80s. They are still doing them daily but most are paying back more and the percentage is usually around 90% to paid off even before a new offer. 

[hopecafeandtea]

Did you ever end up getting. Loan offer? 

[Twpchair]

At 50% paid off no I haven't seen anyone in a few years. Right now it's trending higher paid off for most not all though. Good luck!

[Flutterbeauty]

Hi there, I have received a couple loans from square but is there a way to ask for more than they are providing for you? Could they possibly do a check in throughout the pay off time and see if you need help with your small business? Times are tough! We can use all the help we can get! 

[TheRealChipA]

Hey @Flutterbeauty.  Square loans have no mechanism for allowing us to either increase or change the amounts of a loan once we accept it.  Also it is not possible to ask for more money than the maximum offered when new loan offers are extended.  From what I’ve read in other posts, that will probably not change.

Having said that, on your loan eligibility page, there is an option to connect Square to your bricks-and-mortar bank.  This allows them to possibly give you access to more funds and bigger offers for FUTURE loan offers.  But as long as you are paying off an existing loan, what you received is all that you will receive.  That’s just how Square Loan contracts work.

If you are really in a bind and need additional funds ASAP, your best bet will be to reach out to a local lender and explore your options with them.

Good luck.