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!

[Twpchair]

A few here and there my last one was hard to tell 3 extremely busy days and 81/84% paid off and late Saturday my offer came in and funded Monday. Friday I looked and was 81% and sat it hadn't updated yet and my offer came in Sunday morning it was 84% so I was in that range. Last loan was 91% paid off. That was my highest % since 2014 I use to range from 68-78% but times have changed and lenders from all around are tightening down a bit the economy has a lot to do with lending right now.  As things pick up so will everything else 

[NRVGuru]

We've now reached 90% Paid on our current loan, and have been with Square for a long while. A renewal would be a huge help, even if it's not as high as our prior one.

[Greatlakes891]

What’s the average percentage your offers have come before? Mine have been between 55-75% everytime. After reading this I’m not hopeful.

[Tritter82]

I have had about 14 or 15 loans and "average" would be between 75-85%. Although, I have also had one completely paid off, and some in the 90% range. 

I just recently, about 2 weeks ago, had an offer at 76%. I hope thus helps 

[Twpchair]

My last one was 81/84% paid off. In June it was 91% paid off

[Twpchair]

Lately no, the offers for most not all is 90% range unfortunately, lately the days of 70-75 % are few and far between. It is between upper 80s and 90s. 

[Twpchair]

Did you receive a new offer?

[Kim7278]

I’m 87% paid off…no new loan offers.  Everything got me is in the green for metrics and bank account is linked.  I’ve been with square for about 12 years. I’ve recieved 4 loans through them and always get an offer around 70-80%.  Minimum due is always paid way before the due date.  I’ve reached out via email to square loans asking if there was something that is holding me back from recieving another loan.  I got the same generic answer what they look for in metrics (which is all good for my business) and I will be invited when they determine I’m eligible.  That answer wasn’t very helpful.  It is extremely discouraging that you can’t request a review after a certain percentage is paid off and how there seems to be no certainty when or if you get another offer even if you meet their requirements.  It would be helpful to get a personalized answer as to why you haven’t become eligible.  

[Breebree89]

I’m in the same boat. I’ve gotten offers after paying 50% off. I’m 68% paid. I wrote to the chat team Friday, they said they could escalatemy account and look into it. It would take 24-48 hours or I could call the 855 number they gave me. I called never got anyone on the phone. So I wrote back in the chat and told them to escalate my account. I don’t know if it will help. I guess I will see tomorrow if I get an update. 🤷🏼‍♀️

[Twpchair]

The trend right now is much higher paid back % wise. I don't think I've seen one person in their 50 or 60% paid back yet. Barely a few in the upper 70-75 and 80s. They are still doing them daily but most are paying back more and the percentage is usually around 90% to paid off even before a new offer. 

[Twpchair]

At 50% paid off no I haven't seen anyone in a few years. Right now it's trending higher paid off for most not all though. Good luck!

[FloresLiquor]

I used to get Square loan since 2020. In 2023 , my account was not current in 2023. So they give me pre-approval offer in Nov 2023 and then denied as my other business account was not current on my other Square account. Then Dec 2023 onwards I was current on all my accounts.

      It has been over 4 months , and Square does not offer any loan even though all factors looks green except Account Activity.

  Upon contacting Square in March 2023, they say that it will trigger auto offer. I did mention that my account is current since Dec 2023 . So whats is reason that Account Activity shows 'Needs Work'. They do not have answer for it.

  I also asked if they have flagged my account not to receive any offer in the future, then they said that there is no issue with my account.

  I feel very disappointed that even though I was giving business to Square since 2020 then they dont appreciate customers loyalty and business.

  They flagged account not to receive any offer once you are not current in the past and no matter how good your current history shows, they will simply flag.

  They give false information and false hope to customer stating that they  will get offer automatically.

   The only reason that I was with Square over 4 years because they used to offer better loan terms even though CC processing fee is over 3% which quite expensive compare to others.

     But it seems they do not appreciate customers business.  I am thinking of switching to other POS and CC processing companies who appreciates customers loyalty. Anyone experience this?

[Minion]

Hi @FloresLiquor 

If I'm understanding your post correctly, you have two square accounts, and one account was not current as in it had a loan payment or a chargeback that needed to be taken care of to bring that account current and not negative?

[Twpchair]

That's how I'm reading it as well? But if you're account activity needs attention and its not green then you need to bring something up! Processing volume, mixture of customers etc. Something in there will let them know what needs to be improved. They clearly state they look at past loan and history, charge backs etc. I'm not sure if I'm reading the question correctly either to help out with the proper response. 

[FloresLiquor]

Account 2:

- Was not current in Nov 2023.

- 100 % paid off in Dec 2023

- Got loan in Dec 2023.

- As of April 2024, it is current with all Green status

Account 1:

- 100% paid off in July 2023.

- Got pre-approval offer in Nov 2023

- Denied approval in Nov 2023 because 2nd account was not current

- From Dec 2023 until April 2024, all factors looks Green except 'Account Activity' shows 'Need Work'

In summary , for past 4 months , there is no issue with my accounts but they simply do not want to make offer by flagging account .

[Minion]

---

@FloresLiquor wrote:

Account 2:

- Was not current in Nov 2023.

- 100 % paid off in Dec 2023

- Got loan in Dec 2023.

- As of April 2024, it is current with all Green status

Account 1:

- 100% paid off in July 2023.

- Got pre-approval offer in Nov 2023

- Denied approval in Nov 2023 because 2nd account was not current

- From Dec 2023 until April 2024, all factors looks Green except 'Account Activity' shows 'Need Work'

In summary , for past 4 months , there is no issue with my accounts but they simply do not want to make offer by flagging account .

---

Thanks for the updated  info @FloresLiquor .  

There could be some type of internal flagging within the algorithm on your account due to the one account that was not current for that period of time.  Like @Twpchair mentioned, they do look at past loan history as one of their metrics used.  Whether it is actually "flagged" is a different story.  While the two accounts are different, you yourself is what times them together and who would be responsible for those accounts. 

When it comes to Square Loans and offers , it really is hard to figure out just exactly how it all works.  Their metrics shown in the eligibility are more of a suggested guide, but just because they are all green doesn't necessarily mean that an offer will be populated, it just means that you are in good standing.  It's still a good thing though to have them all green.

I don't work for Square, I have no hard evidence on how offers work, I am simply basing my answers off from either experience or reading through many of the other loan threads over the years from other sellers. 

 At the end of the end though, it is your business and no one knows what your business needs more than you do. If a loan offer is what you need their are other alternatives to that while still using Square.  Who is your business banking account with if you don't mind me asking?   

[Twpchair]

Makes perfect sense now! Thanks again! The break down of the accounts and time frame makes perfect sense now! Going forward it's easier to help others with multiple accounts. 

[FloresLiquor]

Got an offer and approved loan in 1st account on 4/11/24.

Thanks Square for being considerate!   Square funding  is a game changer that fuels business growth. So I apprciate loan offer and approval !

  Thanks Minion for your time to reply !

[Twpchair]

I don't know if they have "flagged" your account or not? You currently have a loan from one account that's roughly 4mths old and you are still paying on. You might not be eligible for another loan for the other account just yet until you pay down the first loan. Over the last year lending or lenders have tend to pull back a little with the economy not being so stable. So if you were use to getting multiple loans for both accounts that might not be the case right now. You might have to pay one off before the next offer comes in for the 2nd account.  Keep working on what factors need work and process daily! It's not just you I promise lots of people/businesses and even lenders are feeling the crunch. Good luck and I hope you have a great 2024! I'm glad @Minion could break it all down clearly. 

[FloresLiquor]

Got an offer and approved loan in 1st account on 4/11/24.

Thanks Square for being considerate!   Square funding  is a game changer that fuels business growth. So I apprciate loan offer and approval !

  Thanks Twpchair for your time to reply !

[Twpchair]

You're welcome! Congrats to you!!!!