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!

[CBSS]

Just an update...I finally got a loan offer Sunday afternoon....it was about two days after my previous loan was paid in full. I applied and was funded in about ten minutes. Offer was about the same as the lower amount I accepted last time, but lower than normal full offer. Still very grateful and it couldn't have come at a more pressing time.  I def will take the full offer amount from now on! 

[B-dot]

If my post doesn't give anybody hope, I don't know what will....

I just got an offer for double my last offer. I am at 55% paid off!!!!

Previous offer was $23,700.  This offer is $50,100. 

The drawback....I still owe $12,153 on my last loan.

Should I accept it?

[Solstice]

Personally if it was me I would. If you need the funds especially take it. That’s really great. Congratulations! 

[Twpchair]

It’s up to you and if you need that cushion in the winter. You can always put in the savings account and use as needed. Loans are not guaranteed or when that’s what I tell myself as well. I hate the roll over part just imo but it depends on your situation always. I have a LOC with my credit union for emergency only I use it for so I can be a little more patient and wait till I’m 91% paid off and my increase was just 5k higher then previous but rolling over by then it was 94% so 6% in roll over in August and no guarantee when or if I took it. And it’s in my bank for our winter slow months in Michigan. Good luck I wish you the best and I am so happy to see offers and bigger ones! My lowest offer was 69% what a % you must have triggered something in the algorithm!

[B-dot]

I'm not sure what triggers it either. My sales actually decreased since the last offer.  I think I was more shocked that I got an offer so soon for so much. I'm definitely taking it as my profit margins on my product are at least 75%. The profit margin itself more than pays for the loan.

[Lynix123]

Thank you for being here and answering everybody’s question. 
We got an offer at 95% yesterday but it’s only 20%of my current loan. Do you know anybody did not accepted loan and got another loan offer. How long it takes to update to another offer. 
It’s our busiest season. I generate $5-10k everyday till Christmas. I hoping that will trigger bigger loan if I wait. Thank you again 

[Panda24]

Is the "pending" approval process longer this year?

[Parisbarnes]

What’s the pending approval? I’m confused 

[Panda24]

Sorry, after you accept a loan. I'm usually approved pretty fast and it's been a day. I know that's up to 3 days. I was just curious if it's longer in general or just me.

[marielmt]

Hi @Panda24!

Great question - I’d be happy to explain.

Square Loans applications are reviewed on a case-by-case basis. Due to regulatory requirements, the review process may have changed from any previous Square loan application reviews. It is a part of our due diligence process to confirm some of the details of your application.

Review should take 1-3 business days, but please reach out if you have not heard back after that timeframe!

Don’t hesitate to contact us directly if you have further questions or concerns. 

[Parisbarnes]

Did you get approved? Did they ask for certain documents this time ? 

[MimiSuzy]

Anyone gotten a new loan offer recently? Do you know what percentage you were at?

[TheRealChipA]

Hi @MimiSuzy.  I got one about a month ago.  And I know a few others who have received them as well.  I was right around 85-90% as I recall. I’ve since gotten a new offer that was slightly higher.  I’m not sure that I’m a good representative of the seller community as a whole, however.  Currently this year my sales are up year-over-year by over 30%.  And for the past month I’ve been setting sales records every week.  So my account is showing unprecedented card sales volume.  

The persistent trend for the last year has been new offers hitting around the 90-95% range with more than a few not getting new offers until after they paid off the existing loans.  It seems that might been loosening up a little now which would be awesome all around. 

Best of luck!

[DieselMaster]

I got a loan offer on Saturday at 77% I accepted it but Im still waiting for it to be approved

[Twpchair]

My last offer was late Saturday nothing moved and no notifications but I watch my credit union daily and it was there. The ACH and that on the weekend doesn't move! Some are Tues morning depending on your bank. 

[Twpchair]

They are really posting this past week! Looks like offers are flowing or people are reporting here. Not everyone does so it makes it hard. It's been trending higher % rate paid off or completely paid off. My last one was 91% there are a few in the 80s this week and 1 that missed it I believe upper 60s or low 70s and that's a first in a long time honestly.  Keep watching here and your loan everyday! If you don't jump on it fast it disappears and you go into the algorithm again! Keep plugging along things are moving again! Good luck!

[Twpchair]

The % paid back is trending higher to paid off for most (not all) they are still lending a few jump on this week and last week a lot more. Good luck. My last one was 81/84%, and prior to that, 91% paid off 

[TrendzbyM]

I was really hoping for an offer over the weekend, but I guess the trend is still going in the 80s. I'm sitting at 78%paid and all green 

[Minion]

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@TrendzbyM wrote:

I was really hoping for an offer over the weekend, but I guess the trend is still going in the 80s. I'm sitting at 78%paid and all green 

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You're almost there though!  Just remember , the less paid off, is the more that they will pull from another offer to satisfy the outstanding one.   Keep knocking it out and hopefully you get an offer for you soon!

[TrendzbyM]

Thank you! I've always had an offer with this amount remaining so I just assumed it would be the same this time as well. Also hoping to get an offer little higher since my offers  are always the same amount 

[Minion]

Your definitely headed in the right direction for sure though, seeming to at least be at that "average" starting point for potential offers to start coming in.  Keep at it, hopeful for the best.