Hello, I help out here a lot and it has been a long dry summer, and I won't sugarcoat it one bit. In the last 2 weeks, it has been every day multiple people who are receiving offers from the upper 60s paid off. It is finally kicking out the old normal amount of loans or pre-COVID. If or how long it lasts going off of the past 2 years (yes, it's been rough for the last two summers), then about this time it kicks in again. Your numbers, your growth, no negatives should have picked you off. I know you already know there are no guarantees if or when, but honestly, the longest I've seen myself in years is 2 weeks after completely paying off. Other than that, there was an issue with their accounts, and I wasn't aware of it. Have you called in and gotten past customer service to a loan specialist? I am not saying that there are any issues, as I have no access to any information. All I'm saying, as a Square customer myself, I would be calling and getting to a specialist. You and only you know what is best for your business, so I don't have to go over some loyalty speech. Just as a customer myself in a retail furniture store, I get those same sales reps from all the POS systems who guarantee me a 50k loan in the first 30 days. Others have on here as well. All I did was Google their policy and jumped on Facebook and Reddit, and after 5 comments, I was done. As @Minion stated, I have a LOC with my little credit union. I'm not sure where or how you feel about that, but that gives me the option to access funds when I need them and not when the algorithm picks me off. Good luck, and I wish you the best of luck and huge success. I truly mean that
I’m not going to lie to you it’s been a long Slow summer but the good news is the last 2 week has been amazing finally. Each day just posting on the loan threads a good dozen going out. The range is bouncing to from 60s and 70s to paid off. Of course today being the first day back it’s usually late wed to Thursday before things pick up again. I understand that each and everyone of us has todo what is best for our businesses. My only advice would be remember reps will promise you the moon to get your business, you WILL start from the bottom (experienced that) and the grass isn’t always greener. I usually tell people look at facebook and Reddit and look at their loan boards before you. Make any big decisions. I wish you all the best and huge success which ever way you go.
Ugh, sorry to hear this. Let me ask you a few questions. The metrics are a great tool for us to use but they are not a guarantee of any loans. I wish the wording were better. Right now they are looking for daily swipes and the number of swipes. The number of new customers vs regular customers. All of these indicate a strong healthy growing business. Also, your past history with Square and loans. How long have you been with them?
I don't get it. I can give you the same old spiel, but you keep hitting everything. This is just my observation, and I watch closely. Maybe a mod could clarify this, but I’ve noticed since we merged the United States with other English-speaking countries, that Canadian, English, and Australian businesses seem to either be completely paid off or close to it. It might be just the ones that post here; not all do. I was wondering if there's a lag in the transition or something. With an algorithm, there’s no way to figure that out when an offer comes in at 69% and the next is paid off. We are all unique and process differently. But with 30-50 swipes per day in a tourist town, I don't work for Square—people like me are here to help with common questions and direct them to the right person for specific issues. Unfortunately, with the 'no guaranteed' part, I can't do much except wish you the best, and I hope everything works out for you.
Switching to another algorithm-derived loan offer system isn't the best for the long term. You really just need to take some time and go to a few banks and or credit unions. A revolving line of credit is going to be way cheaper than any POS or payday type loan. I can borrow a quarter million at 4% so if I did that for say 28 days, that would only cost me $766.
A square loan may be good for that first bump, but the effective rate is not great, and it is taking all your profit to repay the loan.
IF you look at PayPal or Clover, etc, you'll see many of the same complaints of I want a loan and they are not offering me one because they are all algorithm loans. Square starts a loan more than every 60 seconds, that's almost 1,500 a day. That would take hundreds and hundreds of people to do that in a conventional loan application process.
