Hey @bestcare. I wish we could enlighten you on this, but no one really knows what all goes on in the “black box” algorithm that Square uses to come up with loan offers. Of course, I’m sure that a small circle of designers and programmers and high-level managers know, but they don’t talk about it. That being said….
I’m sure you are aware that between inflation and high interest rates that the lending market, in general, has been very conservative for the past year or two. Thankfully, that is finally showing signs of improvement — inflation has come down a lot and the Fed is starting to lower base interest rates. Yay. Anyway, for the past year or so Square has not been putting out new offers as quickly or as aggressively as they used to. It’s not just you — everyone is in that boat. New offers seem not to be coming until 90% or more, with a significant number of sellers not seeing new offers until loans are paid off and even then they wait a few weeks.
You could try calling the Loan Department directly, and asking if your concern is a valid one. But don’t be surprised if no one can (or will) answer that question. Like I said, the mysteries of the black box are very tightly controlled. If I were a betting man, I’d bet that you are just going to need to pay off much more of your current loan than you usually do. Hopefully, this economic trend will continue, rates and inflation will continue to stabilize, and the lending market will loosen up. But, for now, that’s about all anyone can really tell you, I’m afraid.
Good luck.
Hey @bestcare. I wish we could enlighten you on this, but no one really knows what all goes on in the “black box” algorithm that Square uses to come up with loan offers. Of course, I’m sure that a small circle of designers and programmers and high-level managers know, but they don’t talk about it. That being said….
I’m sure you are aware that between inflation and high interest rates that the lending market, in general, has been very conservative for the past year or two. Thankfully, that is finally showing signs of improvement — inflation has come down a lot and the Fed is starting to lower base interest rates. Yay. Anyway, for the past year or so Square has not been putting out new offers as quickly or as aggressively as they used to. It’s not just you — everyone is in that boat. New offers seem not to be coming until 90% or more, with a significant number of sellers not seeing new offers until loans are paid off and even then they wait a few weeks.
You could try calling the Loan Department directly, and asking if your concern is a valid one. But don’t be surprised if no one can (or will) answer that question. Like I said, the mysteries of the black box are very tightly controlled. If I were a betting man, I’d bet that you are just going to need to pay off much more of your current loan than you usually do. Hopefully, this economic trend will continue, rates and inflation will continue to stabilize, and the lending market will loosen up. But, for now, that’s about all anyone can really tell you, I’m afraid.
Good luck.
