x

New Square Loan in 2024

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!

222,967 Views
Message 1 of 2,300
Report
3 Best Answers
Square Champion

Best Answer

I'm really sorry to hear about your frustration with the loan offers. I understand how important it is to feel valued, especially as a loyal customer. Let me try to address your concerns and provide some clarity.

Loan Offers and Qualification Parameters

Square’s loan offers are based on a variety of factors, and while past trends have shown offers at certain thresholds, the exact parameters can change over time and are not always disclosed in detail. Here are a few points to consider:

  • Dynamic Criteria: Square uses a complex set of algorithms that take into account not just the repayment percentage but also your recent sales history, account health, and overall business performance.
  • Market Conditions: External market conditions and internal policy changes can also impact when and how loan offers are extended.

Value Beyond Transaction Fees

I understand that a 3% card transaction fee can seem high compared to other providers, but Square offers several features and benefits that help justify this cost:

  • Integrated Ecosystem: Square provides a comprehensive suite of tools that work seamlessly together, from point-of-sale systems to online stores, invoicing, and inventory management.
  • Ease of Use: The user-friendly interface and intuitive design make managing your business simpler and more efficient, saving you time and reducing the need for extensive training.
  • Reliable Support: Square offers robust customer support and resources to help you resolve issues quickly and keep your business running smoothly.
  • Secure Transactions: Advanced security measures protect your business and customers from fraud and data breaches.
  • Analytics and Reporting: Detailed analytics and reporting tools help you understand your business performance and make informed decisions.

 

I understand the disappointment regarding the loan offer, please know that Square regularly reviews its criteria and your status. I recommend reaching out to Square’s customer support for a more personalized review of your account and to express your concerns directly.

View Best Answer >

200,094 Views
Message 469 of 2,300
Report
Square Champion

Best Answer

Good news, bad news, eh @cmeshine.  There are a number of reasons that COULD be part of why your new offer was lower.

 

  1. Square might be slowing down on how much loan exposure they want to have on their balance sheet.  They are, after all, a publicly traded company that has to answer to their shareholders and investors.
  2. If our sales are flat or at least not growing at a good rate to cover inflation and higher interest, then Square’s algorithm understands that inflation is eating into our available cash to pay bills, etc.  Flat sales (or very slowly growing sales) are always red flags to lenders, Square or not.
  3. Sometimes how long it takes us to pay off our current loans can be a factor.  Let’s say that previous loans were paid off with automatic payments in 8-10 months in the past.  But for this current loan it took us 12-15 months.  That tells Square that our card processing volume can’t keep you with higher loan amounts.  Yes, they give us 18 months to fully pay a loan, but they obviously prefer that we pay them off closer to the 12 month mark.
  4. If our cash/card ratio drastically changes, and cash spikes or is consistently higher than historical for our business, that is another red flag.  Since Square must only consider card volume when calculating repayment rates this can become a problem.

Of course, I’m not saying that any of these contributed to your lower offer.  I’m just throwing out a few reasons why this CAN happen.

Chip

If my answer resolves your issue, please take a minute to mark it as Best Answer. That helps people who find this thread in the future.

Piper’s Ice Cream Bar, Covington KY USA
Website
Facebook
Click here to see a list of third-party apps I use to add functionality to my Square account!

जो है सो है

View Best Answer >

136,657 Views
Message 1512 of 2,300
Report
Square Champion

Best Answer

Congratulations! I am sorry it's lower than expected but you are correct about daily swiping vs not. That's one of the metrics. I'm retail furniture and I process daily. If 90.00 or 900.00 a swipe is a swipe and they each add up at the end of the day. Hopefully, the next offer will go up! I don't know if the algorithm picks up how your business processes I hope it will or maybe that's something that should be addressed to square. You are not alone and a big market for venues and events. The same goes for contractors who send out invoices and how fast the customer pays. Congratulations on at least getting one and thanks for the update and details about it.

View Best Answer >

16,206 Views
Message 2252 of 2,300
Report
2,299 REPLIES 2,299

Hopefully you have good news tomorrow morning. I'm nervous for you to. lol I wish square would just give us all an offer so we can strive and make more money. I'll say a prayer for you. Im almost about to hit 98%,  sales were good today. Hopefully I have good news tomorrow to. 🤗

1,864 Views
Message 547 of 2,300
Report

Thank you! I need this loan more than I ever have and in all my loans with square it's always been instant approval. I hope you get one tomorrow!

1,861 Views
Message 548 of 2,300
Report

You should receive something tomorrow morning I’m sure !

1,866 Views
Message 549 of 2,300
Report

I hope so! I'm so stressed!

1,886 Views
Message 550 of 2,300
Report

Don’t be!! It’s coming! Get some rest tonight! 

1,899 Views
Message 551 of 2,300
Report

Me too and I’m sitting at 76% not patiently waiting hopefully I get an offer soon 😅

1,940 Views
Message 552 of 2,300
Report

I hope you get one tomorrow !

2,351 Views
Message 553 of 2,300
Report

Thank you 🙌🏼🙏🏽

1,921 Views
Message 554 of 2,300
Report

Hey all. I have a question after reading through the thread. How do we know when our account is updated and or the AI has reviewed loan eligibility? Is it the same time for everyone or is there a place to confirm these have been done for the day?

1,964 Views
Message 555 of 2,300
Report
Square Champion

Go into your loan part with the green checks on your progress and where it shows saying 78% paid off on the right it will be time stamp last updated yesterday at 2:41 pm or whatever or when it was done. And no I've updated at 1pm to 8pm and no we are all not the same time either. 

1,927 Views
Message 556 of 2,300
Report

Thank you for the explanation.

1,874 Views
Message 557 of 2,300
Report

Has anyone’s loan status ever changed to “eligible” rather than in progress before getting a loan offer? 

1,934 Views
Message 558 of 2,300
Report
Square Champion

Sorry about that a customer came in. When you look at your past loan has the circle pie graph gone back to zero not whatever was there before like 89% and look at loan history of previous loans and it should say when you previous loans where paid off. Look to see if this last loan is there.

1,893 Views
Message 559 of 2,300
Report

I’ve only had one loan and I’m currently paying it off. Just wondering if the “in progress” changes before another offer comes in?

1,854 Views
Message 560 of 2,300
Report

I don't think so. I think you will need to be closer to 80% paid off to get a new offer .

1,710 Views
Message 561 of 2,300
Report

Still no approval this morning! Busy day at work so going to try and stay positive and hope it approves today ! 

1,790 Views
Message 562 of 2,300
Report

Still nothing yet.. I'm getting so nervous ! 

1,685 Views
Message 563 of 2,300
Report

Happy to report after calling and emailing again today , I got an email at 530 saying my money is on the Way! Thanks everyone for the positive vibes! It did work out !

1,646 Views
Message 564 of 2,300
Report

Yay! Congrats! Still no offer for me today yet. 😞 hopefully soon 🙏 

1,685 Views
Message 565 of 2,300
Report

I hope you get one soon!

1,629 Views
Message 566 of 2,300
Report

Same no offer yet sitting at 77  

1,633 Views
Message 567 of 2,300
Report