New Square Loan in 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!

[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.

[amikel2014]

I got it approved and deposited 🙂  

[amikel2014]

I appreciate all your help!!!!  🙂

[DonutLady]

What kind of documents did you have to turn in? I just uploaded my bank statement and articles of business

[MayaP]

Hello @amikel2014,

Thank you for reaching out and sharing your experience. It's understandable to be concerned about the delay. I am looking into this! 

[Twpchair]

Thank you so much 💓 I looked through all my past loans and fortune, and I've  never been asked for additional information since 2012 and the pilot program I believe 2014? That's the closest I could find. Thank you 😊 so much again. Unfortunately, we most business owners don't know YOU  can't give out personal information on a public forum. I truly appreciate all your support and encouragement. 

[MayaP]

Glad I could help! ☺️

Our team did state they will be following up with you @amikel2014! 

[Twpchair]

You and everyone else thank you so much 💓 💗 

[ls725]

Could you have them look into mine as well please.

[Healthyketo]

Can you please look into mine almost a month paid off I’m working my fingers to the bone to try and trigger an offer 🙏

[Jjpainting]

I just came on here to see if you have had any luck yet. This is ridiculous being a month paid off.   There’s got to be some kind of und underling issue with your account that no one at square is possibly even seeing. I mean, how many loans have you had?  And if I remember correctly, you don’t have anything negative on your account like chargebacks 

[coolcoffeecrumb]

Can you look into my account? I've been paid off since June 8, 2024. All metrics are green.  I'm very desperate for a loan. 

[amikel2014]

Thank you!!!  It got approved and deposited 🙂

[Twpchair]

Yessssssssss! Thank you so much 💓 for the update! I am so happy for you!

[Twpchair]

You are amazing! Did you see? She got approved and deposited! Thank you so much 💓 for all you do!

[MrBond705]

Hey hope all is well. I paid 85% of my loan please look up mine as well.

[Lou8]

Hi @MrBond705 and @Swain thanks for posting here.

Since we don't have access to account information on the Community, I invite you to contact our Square Financial Services Team directly if you have any questions about your Loan. They are available at 1-855-700-6000 Monday - Friday, 8 AM to 8 PM CST. 

[Swain]

Can you look into mine please 

[BodyLabPhilly]

Hit 87% today, all green.  Hoping it triggers an offer. Continued good luck to everyone waiting. 

[Twpchair]

Good luck! Please keep us posted it helps so many waiting!

[thehealingplant]

Well… we’re losing hope. We just got assigned an account manager but sadly it may not all matter here shortly.

We don’t want to consider other options but it does seem like there has been more success with a few others. Fingers crossed and we’ll try and ride it out for a few days more.

[Healthyketo]

We are in the same boat. Sadly not sure how much more longer we can wait. July is my slowest time because everyone is out of town before school starts. But we’ve been trying to build sells with pop up markets I feel like I am working myself to the bone to generate transactions and still we get no offer. Been paid off for almost 2 weeks already and I’m feeling very defeated. We have always been loyal to square even after feeling betrayed with the last offer we got back in Aug. 2023 which was half of what we had been offered prior.  I’ll keep your business in our prayers along with ours and all the others waiting . 🙏