New Square Loan 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!

[stanleycourtney]

I have a question.. Does it matter how we process? I do a lot of Live videos and sell on live.. I invoice instead of using the POS system.. I use the POS at my store… Would any of that matter? I am 88% paid off and nothing in site.. It’s so frustrating. 

[CTC18]

It shouldn’t matter how you process i.e. invoices vs swiping. I’m at 78% paid off in 6 months, 4x faster than my minimum requirement due. All green, sales way up MTD and YOY. Still nothing.

[Tritter82]

I also do a lot of invoicing. Doesn't seem to make a difference.  I was just offered a loan about 2 weeks ago at about 76% paid

[Twpchair]

Congratulations! And no, processing is processing whether invoice or credit cards.

[Twpchair]

Processing is processing whether you swipe a card or via internet sales. I do both as well but more cards. My last offer now was 4 weeks ago roughly? No my bank isn't connected and never has been. I had 3 extremely busy days and Saturday night my offer came in and Monday I was funded. I was 81/84% paid off from my last loan in June which I was 91% paid off. Right now it's bouncing around from 70's to completely paid off before a new offer comes in. Last summer the % was was high to fully paid off. Most offers are tending to be slightly higher or less than the previous offer. Lenders from all over the industry are pulling back right now. Even if you're busy is booming in general the economy has slowed down and lenders watch that. Good luck and I hope that helps!

[BodyInBalance]

Received an offer last night (Sunday) around 5/6ish at 78% paid

[CTC18 · Accepted solution]

Was your offer higher? Do you have your bank account connected in the loans tab to “generate a better offer”?

[Twpchair]

I'm not sure if my response posted or not. I received my loan 2 weeks. It was bigger than June's loan around 81/84% paid 3 big day's of sales. Saturday night offer came in and funded Monday. All my indicators were green and no my bank is not connected. My offer in June Bank wasn't connected either I was 91% paid off for that one. Hope that helps. Good luck and keep processing daily!

[CTC18]

Thank you for updating us! I’m at 78% paid. Was your offer higher this time?

[Tony53]

I am now at 86% of a 11 thousand dollar loan, all green and no issues with processing. do you think i will be getting a new loan sometime this month?

[joeyjones16]

My loan is paid off, and I'm all green, and I don’t have an offer. No one knows when an offer will come. 

[stanleycourtney]

Did you ever get an offer? I am processing daily. My loan is 86% paid off.. All green down the board and nothing. 

[Twpchair]

Did you get a new offer?

[stanleycourtney]

Did you get an offer? 

[MKF3147]

Did you ever receive an offer? I have paid off my square loan and am looking for another one? Just curious. 

Thank you.!

[allisonb_23]

Guys I got a loan offer at 88% today!!! 10k lower than my last but I’ll take it! Keep processing! Good luck and much love! ❤️

[stanleycourtney]

Congrats I’m waiting for mine to update. I really hope it comes soon 

[Twpchair]

Congratulations!

[Greatlakes891]

Has anyone seen an offer in the 70s?

[stanleycourtney]

Many people above have had offers in the 70s in the past. However the new algorithm seems to be a higher percentage paid off before getting an offer 

[Twpchair]

3/4 years ago I just about guaranteed my loan was coming in between 70-75 % paid off like clock work! Now, you are a 💯 correct my last one was between 81-84% paid off. Hard to tell it came in late Saturday night and I didn't update yet. I had 3 busy days. I was funded on Monday. The prior one was 91% paid off. Most lenders are tightening up right now.