Does the place you are at now rent you that space or take a percentage? I know in your job it all varies. Are you allowed to run sales on say haircuts and colors and if you use your card vs cash offer a 10% discount? I know most people go by cash is king and nice. But honestly mostly younger say 45 years old and younger barely carry cash and use cards for everything. Our age group is about 60 and under using cards. My older customers cash or still writing a check. Where you are at do they charge a fee for using your card? I do not and that's a huge plus. I get asked almost every time someone goes to check out and finally, I posted on the door we do not charge a credit card or debit card fee! Our furniture prices are reasonably priced for our area and I keep them that way. I still make what I need to and our customers not only remember that but tell others. Which brings in more business and new long-time customers. These fees upon fees are killing people, especially on lower-priced items. 50.00 and under is where it hurts a lot of people. Go out say for lunch and 15.00-30.00 dollars plus tip plus fees add up. I got charged a pizza box fee, and a breadsticks container fee, which I wasn't told, and a 25.00 dollar order turned out to be 43.00! I wasn't too happy and unfortunately, my last time ordering from there. There are ways to make money and still not add everything onto the customer. I know products and supplies have doubled to tripled and that's where I use a portion of my loans getting good deals or bulk. If I can get a semi truckload of furniture and might not need it all but half a semi. I can now run a sale on the floor models rotate them out and clear some space and floor models are an 80% profit. Find your nitch there and go with it if you can or are allowed. But never be afraid to go out and get it! If you don't you will always 2nd guess yourself. My husband almost died when I told him I was going for it from 2k sq ft to 12k plus. He said you will never fill it. And keep up. Watch me I want to do this and have no regrets for not doing it. Well, I did it and then some. So you can too. The sky is the limit you just focus on your business part and go from there.
Yeah, you are doing basically a payday loan right now. That's where the algorithm helps to crunch numbers and larger loans faster than prior to using it. I know I went back and looked at my first 5 loans. First 1k 2nd 1.5k 3rd I believe 5k and each one went up. The 5th loan all in 18 months was a 16k big jump. This is where the algorithm can speed up that data and information and our metrics update daily. Loans on the whole for those in 300k and lower bracket are tending to catch up again. Hopefully, soon we can get back to semi normal.
With the increase in credit cards vs cash that will be a huge help. Also, you are blowing through these loans in about a month roughly. You are getting past that loan 1-3 and building that relationship up. Which are all great. They do take into account your history with Square, your previous loan history, and how your is business going with your metrics. All of which are good. You're growing, establishing a history again with Square. That was a question I was going to ask you last time you were waiting. You were with Square prior and took some time off I believe you stated you started your little family. How long were you with Square the first time before you took some time off and roughly how long were you gone? Did you have to open up a new account or were they able to reactivate your old account? Just curious if that old information was transferred or if are you considered starting from scratch? There are a few like yourself who had been with Square for years and Covid took a toll on them and they had to close for 2 years and now back open. 10 plus years with Square and now its’s like starting from day one? I am going to reach out to one of the Mods today and get clarification on this or if it’s a case by case determination? Hopefully, this one doubles and see if you can get 3-6 mths out of it. Then keep building from there. You already know your on my radar lol. I will let you know if I find out anything.
You're eligible, but the lending landscape has changed. Check the pinned post and the "click here" for updates on loans. Generally, there's an 85-95% payback trend, though it's different for everyone. Loans are still being issued daily worldwide, but you may need to wait for an offer. To improve your chances, focus on increasing sales, swipe amounts, and customer volume while minimizing negatives. The goal is to create more money for reinvestment rather than rolling over old loans. I've been with Square since the beginning and have seen the changes firsthand. While offers are more varied now, it's important to adapt your expectations. Good luck and hopefully it will be soon. It's hard I understand I do, with no guarantee of if or when all we have is each other to keep up with and keep posting your experiences and % you're at It does help others who read through the threads.
Thank you for sharing that information with me! I completely understand how important your loan history and previous experiences are in this process. I can relate to your situation—I remember my initial loans being lower amounts too, and it felt great to pay them off in just a couple of months. Back then, we didn’t have all the metrics we do now, so it was just a good old email communication.
I see so many business owners here now who are navigating loans in the 2-4 range, and it can be really helpful to read through their experiences and reflections. Initially, it took me until about loan 5 or 6 to receive a solid offer that didn’t come with overwhelming rates and fees. Fortunately, the algorithm seems to have improved over the years, allowing for faster offers than what we experienced a decade ago.
I understand that many points of sale require 6-12 months of history before considering an offer. Building that history is crucial, even if it feels frustrating when you’re in immediate need of funding. I want to congratulate you on your business growth—that’s truly wonderful to hear! If you don’t mind me asking, how long have you been completely paid off? I recall that I paid off my last loan around the second or third one, just about 10 days before receiving the next offer. It sounds like you've made great progress, and that’s something to be proud of!
Hmm, okay, that’s getting close to the range of others. There are multiple loan pages available, but the most current and active ones are New Loans 2025 and Loan Offers 2025. These have the most engagement and users just like you on Loan 2-4. A few offers appeared after two weeks, and one was 99% paid off. You’re not outside the norm; just keep an eye on your dashboard. Typically, email notifications follow later unless you accept an offer before it is generated. While I can’t access your personal information or make any guarantees, the loan center is always there for you. The mods here are incredible, but in this public forum, they can’t provide private information. Although I understand the wait can be tough, I’ll continue to check daily for when that offer arrives.Give the other sites a look I think you will get a better look at it all. If you need anything just tag one of us and we can tag a Mod for you.
The metrics are a good tool for us to use to keep track of sales and stats. They are not a sign or guarantee of an offer at all. There are no guarantees of if or when your next offer is. A single percentage point or if you have a “good” slip to needs works that are not a deal breaker or maker. You are just starting the loan journey unfortunately it's gathering information on you, your processing, how much, and how you process all of that comes into play, especially earlier on with loans. We all had to start somewhere at some point. Hang in there, keep doing what you doing and working and running that business, and watch your dashboard. Scroll through those othe loan threads you will see the others like yourself there.
I know it doesn’t always make sense unfortunately I don’t program the algorithm or there would be a bunch of loans blowing up right now. I can say I don’t believe that I have seen this many completely paid off since I have been here at least. It’s been trending higher on the whole but this has been a different April/May that's for sure. I know newer accounts are not as predictable or easier to gauge for a loan or offer. Now, I am seeing so many on loans 2-4 and blowing through these offers in a month. That’s not how they are supposed to work, which is the problem. They are set up for a 12-month or 18-month term, with little information to go off of as far as processing history, volume of transactions, new customers, or returning customers. The metrics are a great tool for us to use but they are not a guarantee of a loan as you stated. You received one and so have many others with needs work in certain areas or multiple items, yet others all green, and business has doubled or tripled? As you see they are still checking daily with new offers going out and they are all day every day worldwide. I know it’s easier said than done but try to hold tight and wait for that algorithm to pick you off. It does update every day you process. It's just that good old statement if or when that offer comes in. Good luck to you and I have been watching you and a few other newer ones and you are all about in the same boat.
