New Square Loan in 2024

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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!

[Stacelyn24 · Accepted solution]

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.

[TheRealChipA · Accepted solution]

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.

[Twpchair · Accepted solution]

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.

[beautyspabrow]

I'm sitting at 83% no new offer, this is my 8th loan.. I'm so bummed all markers in the green income daily 

[Healthyketo]

Still at 99% I only owe $113 on this loan and still nothing in sight. I’m giving up. Been a very loyal customer with square for years. A new offer would benefit my business so much right now. But feeling stuck without the boost. Hopefully today 🙏🙏🙏

[Candice5040]

I’m at 76% paid off and all of my other criteria’s are in the Green. I’m really hoping for a new offer soon. It helps my business a lot around this time of year! 

[Fitnessgirl]

I am happy to report i did receive an offer at 82% yesterday. Just waiting to see if it's approved. This would be my 3rd loan and it was less than my last loan by $1500. No complaints though the extra capital is helpful to expand my business. I don't know if it's a coincidence or not but it came two days after i disconnected my bank account that they promote for better offers. 

[Healthyketo]

Congrats! I hope your approval comes soon! I’m still waiting my account was last updated today around 1pm but no offer yet. 😔 I’ll probably be paid off by tomorrow or Thursday so I’m hoping I get one soon.  I’m looking into getting into a coffee shop to sell my products but need the extra capital to make it happen. Would be a great opportunity for my business. Prayers that you get approved today! 

[Fitnessgirl]

Thank you so much! I hope the same for you too. 💚

[thehealingplant]

We're patiently waiting on ours as well 🙂 HIt 69% today on our biggest loan (and 10th) so far. Definitely could use the help to keep marketing rolling 🙂 Congrats to those who have gotten them!

[BodyLabPhilly]

At 81%, all metrics are green. Like everyone else, really hoping an offer comes through.  Would really benefit my small business.  

[beautyspabrow]

Has anyone got an offer recently? I'm starting to think they've stopped offers because it's insane how many people don't have one yet I'm so in need of an offer $1000 in sales today again 84% and nothing 

[beautyspabrow]

I'm at 84% 8th loan all paid early before the minimum dates - no offer in sight I'm starting to think they've stopped offers because it's insane how many people don't have one yet I'm so in need of an offer $1000 in sales today again 84% and nothing. PLEASE SQUARE 

[Twpchair]

Unfortunately, I haven't seen any last week or this week yet unless I missed it. A couple of weeks ago it was pretty active about every day someone was posting on an offer. Mostly higher percentage paid back a couple completely paid off for a couple of weeks and received one. Good luck to you!  

[Healthyketo]

I’m on a different thread and they are very well giving offers out. A few got 1 this week.  I’m sitting at 99% all green in good standing and nothing! Still waiting patiently. I’m hoping one will come soon! 🙏

[Twpchair]

Yes, they definitely are. Unfortunately, out of millions of users, not everyone posts on here. I wish more people would it helps others kinda see a trend for a percentage paid. We are all different and unfortunately, nobody has cracked that algorithm yet! 

[Gfowler]

84% paid, all green. Third loan. Still no offer 😞

[Twpchair]

It's been trending higher percentage paid back or completely paid off. There are a few here and there a couple of weeks ago in the low and mid 70s that received one. Hopefully it comes soon!

[Swain]

Has anyone received an offer?

[coolcoffeecrumb]

I am almost 3 weeks paid off, all green metrics, no offer.

[Healthyketo]

I'm afraid this will be me. I only have $77 left to paid off and no offer. Never had to wait this long (99%). Thinking of switching to another POS but i've been with square for a few years already and they have always been so good. Not sure what has changed. I'm still hopeful though! Hope you get one soon!

[beautyspabrow]

Have you gotten offer yet?

[Healthyketo]

No 😔 only $56 dollar left til im paid off to. I just don’t get it. I’ll be paid off by later this evening. I usually get a lot of orders towards the end of day. I even messaged Square yesterday, but gotten the same generic message that we are not guaranteed a loan even if all our metrics are green and even if the loan is paid off in full, There is not a guarantee on another offer that they advise that I seek financing elsewhere for the meantime. And that our account is reviewed daily for any potential offers. Still hopeful everyday I pray for an offer so hopefully today will be the day!  🙏🤞

[VanKalkerFarms]

Thousands of offers are made a day.

I have a $147k offer today, but I never use Square Loans.

there are more loans everyday than last year which also was a record from the year before and the year before.  Right now 1 new loan is started, not offered but accepted and started, EVERY minute.  That is incredible.  Square Loans facilitated 129,000 loans totaling $1.32 billion in originations, up 17% year over year in the last 90 days.

So while it may seem like you aren't getting a loan for whatever reason, there are literally, not figuratively, over 10,000 loans happening a week.