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!

[PFS36]

It's been quiet here lately.  Either everyone has gotten a loan, or they're making so much money that they aren't concerned with it. I hope it's both!!

[Toripori]

Neither! Still waiting and as the UK is finally having something that resembles a summer it’s got very quiet! No offer, can’t check metrics, feeling completely in the dark and like I’m being stringed along with the vague promise of keep processing to qualify. I’m already up on last year, and hugely from when I received my first loan, always met my 60 day minimum payment within 10 days. Not sure who else in the uk offers loans like square do or else I’d leave!

[Twpchair]

It has been quite this week. I know we've been extremely busy this week and weekend with the holiday and Amish Festival going on. It's been crazy. Hopefully,  people are just busy! Also, not everyone posted that they received one. Just pop on to see where or what is going on with others. It would be nice to just let others know.

[Bonzy2010]

personally just nothing to update really, percentage paid going up by the day and same ole nothing happens with the offer side that's all

[Twpchair]

I see scrolling down, and it's been a slow week for at least the ones that report here. I'm hoping this holiday weekend kicks in sales and offers! Good luck to you and everyone waiting!

[Twpchair]

Me too! 

[indiaink]

is there a method to the madness on when you will be offered another loan?

[Donnie-M]

@indiaink I finally found the algorithm posted somewhere deep deep in a reddit article.

Square Loan Offer Algorithm:

1. Initialize Offer = Yes.

   • Set "Offer Status = Pending Soon."

2. Check Seller’s Sales Volume.

   • If Sales Volume < Threshold, proceed to Step 3.
   • If Sales Volume ≥ Threshold, proceed to Step 4.

3. If Sales Volume < Threshold:

   • Set "Offer = Maybe."
   • Display message: "Keep up the great work! We’ll review again soon."
   • Redirect to Step 5.

4. If Sales Volume ≥ Threshold:

   • Set "Offer = Likely Soon."
   • Go to Step 6.

5. Evaluate Account for Inactivity:

   • If Inactivity > 7 days, set "Offer = No."
   • Display: "Consider boosting your sales efforts."
   • Return to Step 2.

6. Analyze Account Consistency:

   • If Inconsistencies Found, set "Offer = Re-evaluate."
   • Loop back to Step 3.
   • If Consistent, proceed to Step 7.

7. Request Additional Documentation:

   • Wait for Seller Response.
   • If No Response within 48 hours, go to Step 8.
   • If Response Received, return to Step 4.

8. Reassess Loan Parameters:

   • Randomly adjust Threshold criteria.
   • Recompute Sales Volume by the factor of the Airspeed Velocity of an Unladen Swallow  
   • Loop back to Step 2.

9. Final Decision:

   • If "Offer = Yes," display "You’re eligible for a loan! Details coming soon."
   • If "Offer = No," display "Keep up the good work. We’ll review your account again soon."
   • If "Offer = Maybe," repeat from Step 1 for confirmation.

10. Completion:

    • If Offer Status = Pending, return to Step 1.
    • Otherwise, close the process and notify the seller: "We’re still evaluating, please stay tuned, more detail soon!"

Key Terms:

Definition "Soon": Block, Inc. All rights reserved. "Soon" does not imply any particular date, time, decade, century, or millennia in the past, present, and certainly not the future. "Soon" shall make no contract or warranty between Square & Block, Inc. and the end user. "Soon" will arrive some day, Square does guarantee that "soon" will be here before the end of time. Maybe. Do not make plans based on "soon" as Square will not be liable for any misuse, use, or even casual glancing at "soon."

Now<---------Pesso Very Soon---------Soonerino---------Very Soon---------Soon---------Very Soon-ish---------Soon-ish---------Soonish...er--------->End of Time

I hope this helps and is the most accurate answer I can give.

TL:DR:  They continually evaluate accounts on an ongoing basis.

[indiaink]

😂😂😂

[TheRealChipA]

OMG @Donnie-M. After reading that, I’m worried you violated your NDA. 😉😝

[Twpchair]

Here, I am looking around my past offers vs. sales, and I am like, hmm, either onto something or he nailed my last 3/4 offers. Especially the last one at 69%??? A few weeks back. I don't look daily except my metrics and then my bank. I'm not sure why I've only had 1 deposit in a decade that didn't go in at night, and that was on my banks part. They were down for maintenance. 

[Healthyketo]

Nope you’re pretty much in a waiting pool hoping to be chosen. Lol been paid off since June 28th and still waiting on an offer 😒 all metrics on good standing and nothing. A lot of others are also in the same boat as me. 

[Twpchair]

Ughhhhh, you are one I look for everyday hoping to see that offer come in for you! Come on Square loans 😫 and drop an offer tonight! 

[Healthyketo]

🙏🙏🙏praying everyday! 

[Twpchair]

Hello, here I am checking on you! If you don't get an offer soon, I'm going to start calling Square, too! 😆 😂 😅 ughhhhh,  it's not funny 😐 I know it's getting crazy! I'm pulling for you, and half this thread is!!! It just blows my mind, really. I'll be looking later and hopefully shake loose tonight! Good luck, and I hope your offer comes through and it's a good amount for all your waiting!!!

[Healthyketo]

Good morning! Unfortunately I’m still waiting! 😒 I want nothing more to come to this thread and say “I FINALLY GOT AN OFFER!!” But nope nothing yet. 😭 been paid off since June 28th called square several times. They even seem to be rooting for me with “I hope you get an offer soon we’re really sorry about this and we understand your frustration”  lol 🙏 maybe one day I’ll get one lol

[Twpchair]

Unfortunately, not that anyone has been able to figure out. There are many who have tried. In just my experience only and it could be just a coincidence. I've noticed myself after a really busy 3 days or 3 day sales I do and a lot of processing and higher dollar amounts (retail furniture) depending on my percentage paid back 75% or higher now. It seems to kick in an offer late Saturday? It is a coincidence, I don't know? But my last 3 all came after big ticket sales and 3/4 times the processing. My percentages were 91%, 84, and the last 69%!!!! That one kinda threw me off. Because it's been trending, a higher percentage paid back or completely paid off ( not all) but for at least 70-75 %. We are all different. How we process is different and frequency. So if my processing increases and the dollar amount increases and everything is doubled, is that triggering something? I don't know, honestly. If I did, I would certainly be screaming from the rooftops!  That's why we are here to help each other and keep each other posted when an offer comes in and all the information you care to share. Good luck to you and everyone waiting

[Teecity71]

This practice of saying a loan is not guaranteed even after a person has completed all of the criteria set forth on the website is unfortunate. Business owners need predictability. We need to know if we complete the right steps that capital will be available.  To think there is an unknown moderator who decides when a business get a loan is scary. Where is the transparency? How do we know these loans are being giving out fairly. I think this is a bad business practice. We need to know every step it takes to guarantee a loan. We can't run our business thinking capital will be made available and after we complete the steps there is an unknown set of criteria. It's not fair, it's not transparent and it's frustrating to say the least.

[bsa77]

Absolutely!! Perfectly said. Also, something I have not thought about previously is how do we know loans are given fairly without Equal Lending Opportunity? 

[Twpchair]

They are all done by an algorithm not a human the only time a human touches it is they need more information about the the new loan offer. It's all lenders if you can post in the 2024 loan board you will see all the statements and what is going on. I wish you the best of luck!

[Twpchair]

Good morning! I know it's frustrating, and if you see a thread loan 2024, there is more information about what is going on. They use an algorithm that determines loans, not people or individuals.  It has nothing to do with who you are or what line of business in your in it lenders on the whole right now that are holding steady with giving out a lot of loans.  Waiting for the Feds to see if they are raising rates,  the market to settle down, the economy the list goes on unfortunately. It's been since at least June. Please don't take it personally and it goes into further details in the 2024 loan board or thread. Good luck to you and everyone waiting.