- Subscribe to RSS Feed
- Mark Thread as New
- Mark Thread as Read
- Float this Thread for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
Iโm at a bit of a loss for what else I need to do to be offered a new Square Loan at this point. Iโve been with Square for over 10 years, had 7 loans now that Iโve 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! Iโm sure Iโll get the same old excuses that you guys send to everyone about looking at every aspect of the business. But there isnโt a single aspect that isnโt way up. Iโm 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 Iโm 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!
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
Squareโs 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 Squareโs customer support for a more personalized review of your account and to express your concerns directly.
Good news, bad news, eh @cmeshine. There are a number of reasons that COULD be part of why your new offer was lower.
- 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.
- If our sales are flat or at least not growing at a good rate to cover inflation and higher interest, then Squareโs 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.
- Sometimes how long it takes us to pay off our current loans can be a factor. Letโs 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 canโt 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.
- 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, Iโm not saying that any of these contributed to your lower offer. Iโm just throwing out a few reasons why this CAN happen.
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.
Piperโs Ice Cream Bar, Covington KY USA
Website
Click here to see a list of third-party apps I use to add functionality to my Square account!
เคเฅ เคนเฅ เคธเฅ เคนเฅ
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.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
Unless Iโm misreading the usernames, youโve had 3 loans this year alone then correct? If so it definitely seems like youโre getting reviewed much quicker than the rest of us to be fair.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
No they said 10 loans received since with square for the past 15 years. But also said takes about 8 months at most to pay any said loan back. That sounds about right. I usually receive an offer every 3-6 months, more so 6 months now as my loans are more towards an accurate number as opposed to my first few. But unless you have some unusual circumstance, no one is manually reviewing any account under a normal circumstance and very few people are getting offers under 85%. From the people that post on here, it seems like itโs been averaging between around 85% and 92%. Some havenโt received loans after being paid back for months,
which is just odd. Iโll be hitting 88% today, so hopefully Iโm close. I think everyone is getting frustrated cause they have come to expect them by no more than 75% and that they state on their site, most people get an offer around that number but not guaranteed.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
Definitely wishing you the best of luck getting yours soon! (Us as well!)
and I just noticed they started the actual thread and as of January 1st they were on their 7th and now their 10th. Again, maybe Iโm misunderstanding what theyโre presenting but it reads like theyโve gotten 3 this year.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
Oh I see what youโre saying. Well on January 2nd they jumped from 7 to 9 lol. So first post was maybe a guess. But it sounds like they received one at the beginning of the year, probably their 10th now 6 months later are 75% paid off ๐คทโโ๏ธ. So to me Iโd say be patient as Iโve only seen a few people get an offer that posts on here getting an offer under 80%.
what percentage were you at again?
We jumped from 69-74 in the last week and should hit 75 by midday today so maybe, just maybe. This is number 10 for us but it was a huge jump (almost double) our last offer and the first thatโs taken us over 6 months (just over 7 currently.) weโre processing significantly higher and paying it down faster regardless but weโve also been dealing with some weird reporting issues.
our customer mix shows green but itโs also reporting incorrect on our dash and now weโre having to escalate with customer service ๐คฎ Hoping thatโs not holding us up
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
I was at 79% on going into July. From July first to today I will have jumped 9% to 88%. So hopefully we both will have some luck today. I only do about 3-5 card processing sales per week being a painter. So my loan offers always come after one large sale over my average sale. So hopefully todayโs will make it hit. ๐ค.
Hi @SPPhotography1!
Thank you for your post and we understand your frustration.
We are continually re-evaluating your account on a daily basis to determine if youโre eligible to receive another loan.
We canโt guarantee a loan offer even if the key factors displayed on the eligibility page show all โGood.โ I understand this isnโt the best experience, so Iโve shared this feedback with the product team.
If youโre eligible for a new loan, youโll be notified directly on your Square Dashboard and via email.
There are many factors that affect loan eligibility, but the factors listed on the eligibility page are key factors we consider to help you understand our process. Thereโs no additional information we can share at this time, and we canโt go into further specifics about program requirements because the criteria we use is proprietary.
Let us know if you have any other questions!
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.
Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
Paid off since June 28th no offer yet. Never have been in this situation. Have had 6 loans with square and alway gotten an offer at 60%- 98%. I really need to get one soon. I really love square and have been very loyal. Wish they would let us know what exactly is going on. Iโm losing hope. Best of luck to the rest of you still waiting.
I thought you were one of the 2 Iโve seen recently that were 100% paid off without an offer. That scares me. Iโm hoping for my 5th offer soon. Iโll be jumping from 86% to around 88.5% today so we shall see. I wish you luck. Keep me posted on if you receive an offer anytime soon as will I. The one thing is, probably only like a half a percent of all people that have received loans post on here so itโs probably such a small sample size. A lot of these posts Iโve noticed are from us same select number of companies keeping each other posted lol
Your last part is to be honest one of the biggest things. Were a mega small sample size on here and to be honest weโre all different fields/numbers/etc.
all we can do is pray to beat the algorithm lol
๐ฏ correct! We are a very small portion that post here. I wish more people would! It helps others a lot. Good luck!
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
And probably like myself, I only come on here and start paying attention until Iโm about 2/3rds paid off. Iโll post when I receive a loan, then probably wonโt come back for a few months lol
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
You are ๐ฏ correct. square is worldwide, and maybe around the same 100 do I see regular or semi regular. Not everyone posts on here. Most don't use or take advantage of half the tools available. I was up north for 3 days and no phone service (nice). I was hoping most of you would have had an offer. The offers are coming in much higher to pay off for most, I see. A few in the last month in the 80s. Unfortunately, yesterday I jumped on 4 different forums, reviews and reddit and they are stating the same thing. Thank goodness this is our busy season and I have been trying to tuck more away than normal because I don't think we've seen the worst yet. September they will announce if they raise the interest rate again and that affects lenders and their rate increases. We need things to calm down and stay stable and get back to normal! I hate to see businesses kicking butt and still waiting. Hopefully, it breaks loose soon!
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
I just off the phone with support trying to get answers about how this glitch will affect us possibly down the road and of course I get fed the generic answers with no support at all. I'm so sad that Square can't do a thing except give you force fed lines. It's really upsetting and discouraging to be honest.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
I also made the phone call last week to ask for an account manager so I can personally speak to someone about my account. Finally had a call back on Monday saying they would send to have my account manually reviewed but was told the same generic message everyone gets about them not knowing when anyone gets a loan and the algorithm reviews accounts daily so just keep processing payments and basically just wait til itโs my turn. ๐คทโ
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
When you call and I would! Do not mention loans at all. Tell them you need tech support! Once you get with them and it's all done ask them by the way could you please help me reach a person in the loans department so I can let them know I'm having tech issues and need to know if this will affect me while they are handling it.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
That's sadly how it was originally handled. Their support "escalation team" rules they were doing things "correctly" when it's obvious that they aren't and it's messing up our customer mix. It remains green but it's concerning for sure. It's genuinely just a shame that we can't get any clear answers.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
Ughhhhh, I was gone for 3 days up north and no phone service and was hoping to see half of you get an offer. IMO it has little to do with you or your business. Watching other forums this is what they are experiencing as well. I've noticed up top pinned by a mod here that they added a new line to loans this year. You can scroll up but in general it says they look at the overall health or stability of the economy. It's not just one business per say but square being world wide most lenders are holding tight. Not that you want to hear this but they have board meetings and investors that watch their overall health just like our business. Are they still doing loans yes we see a couple a week. Is it different from say 3/4 years ago yes we can see it. The Feds are debating on raising the interest rate again and that affects lenders and their interest rates. Hopefully, this will bust loose soon. I know so many business owners waiting. Good luck to you and everyone!
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report
I am currently @ 56% paid back in 4 months. I've always received loan offers between 59-77%. All my metrics are up and I process over 800k per year. I'm hoping for a new offer within the next month to expand my business. Good to luck to everyone. KEEP SWIPING.
Hey guys. When you get those emails from โmanagementโ my best advice is to keep emailing them. Once they get fed up with the same question they donโt answer they might close the interaction. If this happens there is a chance square will send a survey asking for feedback. I left negative feedback then a description of wanting to speak to someone not email for a week solid. They sent me an opportunity to have a call with an account manager at that point after leaving the feedback to the survey thing.
also you can maybe look up โsquare appointmentsโ and might be able to book time that way.
We just hit the "magical" 75% mark. Haven't updated for the day. Fingers crossed.