Thinking of leaving square - lack of loan information

[toffeeman]

I'm sorry, but what is going on with square loans? We are exponentially increasing our revenue, have a solid 100% reputation with square, pay off our loans within 1-2 months of previous loans, and have 0 chargebacks. Everything is 'good.'
We haven't received an offer in over a month. We are considering changing. Square is unreliable when it comes to capital loans. We need a company that we can rely on. Any suggestions?
Thanks.

[Sammie_C]

Hi @toffeeman, I want to first welcome you to the Square Community. 

I definitely understand your frustration, but unfortunately the information we have is limited when it comes to eligibility with our Loans.

I am going to go ahead and tag in a few of our Square Loans specialists on this and see if they may have any insight that they can share. @marielmt and @Abby_M, do you two have any wisdom or helpful tips for this Seller?

Also, feel free for any other Square Sellers to chime in with their experience or suggestions, as well.

[toffeeman]

I can see that I will not get an answer. We will be moving over to shopify sometime this month - as they loan system is more reliable. We don't want to be using square if we cannot rely on them for capital.

[Twpchair]

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

[Minion]

Hi @toffeeman 

The Square loans and the uncertainty of when an offer may or may not come in is definitely frustrating, but if you are with Square for only the loans, then I can definitely see where you are coming from. 

Have you looked into using your business bank,for a loan or a line of credit?  You say you are paying your loans off within 1-2 months, so that means your business is definitely thriving (good for you!).  I think I may be worth checking into your local bank to see what they offer. Obviously the set back with that, is they are going to do a hard pull on your personal credit, want many different documents from personal and business. but the rates and terms may be more favorable to you and your business.. Then you can use Square just as you were, and not have to worry about an offer of if/when it may come. 

Just giving a suggestion from one seller to another 

[Prnutrition]

The lack of information is definitely frustrating. I am at 92% paid back, all green and processing daily. I’ve called and emailed several times and can never get an actual answer! They just say “your account looks good!” I’m very aggravated with this process. 

[Twpchair]

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.