Square Loans

[Jeimi]

I am genuinely confused and I’m hoping somebody can help me. I am currently paying off my 4th loan with square I don’t know what happened but my new offer amounts keep getting lower and lower. My highest loan was my second one. And I paid that off within 9moths. Anyways I guess my main thing is I’ve actually paid off this loan quicker than my other ones. I’m in month 6 of getting this new loan and I’m at 98% paid off and I have not gotten a new offer and I’m used to getting a new offer within 85% to 90%. is Square slowing down the new offer process and why am I also getting offered lower amounts if I’m paying off these loans quick. 

[Minion]

HI @Jeimi 

Square's algorithm is a mystery to most and trying to full understand how it works compared to the offers received will make anyone go crazy.    Question for you if you don't mind answering, as I've seen similar situations like yours, was your second loan higher due to it being sent at a much earlier pay off % than "normal"?  Did your CC sales increase dramatically during/after these loans or did they decrease? Things like customer mix, CC sales etc will always play a part in the offer, but to what value each holds is unknown.

I think that there possibly was a change a year or so ago with offers being  smaller  loans so that the business wouldn't be suffocating for an extended amount of time

[Jeimi]

Those are actually good questions that had me looking at my reports. from looking at my previous history. My sales have pretty much stayed very steady. I know last year when I got my new loan offer I thought itwas lower because I went three months without working because I was on maternity leave so I took the three months off but the moment I got back from maternity leave, I made my normal monthly services plus more for the people that wanted to get in and make up the time that they lost (I’m a hairstylist) which is why I was genuinely confused that the offer was lower than my second loan. I just paid my loan off this morning with my morning client so I’m hoping hopefully that was the case that they wanted my loan to be fully paid off but I’m just very confused because all of my loan offers came in between 85-90%. I would really like to restock on supplies for my suite because we’re in July and I’m about to start getting busy for back to school and I would like to have everything I need for all of my clients in one go. That and also a bigger suite became available, so I’m trying to see if I can move into that bigger suite because I would like to have the bigger space.