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.

[Twpchair]

Not sure if it's an update but you're not the first. The next day all back and green.  Hopefully,  that's it. If not with being close to the holiday I would try to call if not I'm not sure of hours until Tuesday. 

[brown17]

 If you can share with community I do not know how to post my own post, just able to reply.   My Dashboard dissapeared about 45 min ago.    I Then received a new loan offer. 59% paid off on previous loan.   My sales have doubled over the past month and I take a mix of cash, checks and credit.    Please no one come for me! I have never received a new loan offer this early.    lowest percent paid was 62% and that was 2 years ago.    The loan was more than my last.    I have encountered a 6 month no loan offer period before in the past (many years ago).   I truely stand by my statement that I always post.   DO NOT go by others expierences.   Every business is unique in their own way.   I also had "needs work" on my processing dollar amount.   I am shocked and relieved at the same time.  This could not have come at a better time.   First time in 13 years of business I am struggling and it is due to the state of our economy.    I pray everyone get's an offer.     

[photoguy2019]

Congrats!! This is exciting! I am at 60% and i usually get them every 6 months.. and my last 4 have been 70%,62%,60%, and 65%. I have a busy weekend coming up so i am expecting for those sales to push out that offer if it doesn’t come in today or Tomorrow 🙂

[Twpchair]

Let's get this going! Ain't no stopping now! It's been slow for too long! We need this page to light up!

[Tyconcrete]

I hope so had a good wensday Thursday and Friday iam hopefully that we  will be busy tonight and tomorrow 🙏 😊. But I parking every one gets one this weekend. Enjoy your weekend every one. 

[Twpchair]

Same to you and everyone! Have a great weekend and kick some butt in sales!

[Paulynne]

That’s a miracle! Nobody will come for you. It’s more inspiring than anything else. 

[Twpchair]

Ughhhhh,  it is and I want to see this all day everyday! We have so many with equipment down, inventory running low and they need it so bad! Wishing you and everyone waiting for an offer soon!

[PFS36]

Almost 6pm cst and dashboard still hasn't updated.  That's odd.

[Healthyketo]

Mine updated earlier than normal today and I was trying to check it a while ago and the loans section was gone.🤔 

[PFS36]

Oh wow! They are definitely making changes. 

[brown17]

Thats what happen to me yesterday and i got an offer...

[PFS36]

What happened? Loan disappeared or didn't update til later?

[brown17]

I updated as usual.then loan dissapeared .  I have noticed my loan screen not updating since and no payments being taken out of my sales.    Wondering if there are some issues going on 

[Twpchair]

No, mine does the same on weekends. My circle either disappeared or full, and Saturday night and Sunday, no money came in. But in my loan section, my previous loan was paid off. So I knew everything was OK and approved, but late Saturday and Sunday, I've never had a deposit till Monday it was in my credit union, and then I got all my papers. But look at your previous loans, and if this one is paid off and you're not getting 12% or whatever your percentage is, that's normal for me too until Monday night. A few tricks I learned from others to know your approval without "formally" approved on the weekends. My Thursday loans are boom and done. Not the weekend 😕 though. 

[Twpchair]

Ughhhhh,  I don't want to get any hopes up, but can I say  @brown17 ditto. There's been missing info for about a week now, but I haven't seen or heard of any updates or are they  working on it 🤔 my last approval Saturday my loan part was gone on Sunday it came back full circle and zero paid. So even though I wasn't officially approved and no money, I knew it was, and not much happens late Saturday or Sunday. Monday morning, the money was in my credit union, and then the paperwork came flying in. I did accept that Saturday to make that clear, just the paperwork and normal 15 approval didn't come till Monday, but I knew when my previous loan by then 94% paid off was gone. The loan offer at 69% I did not take. It's our busy time until Christmas, and I hate to lose 31% of the new offer to pay back the last one. If I need it, I myself like to be in the 90s so I get more of my new loan. I have a revolving line of credit at my credit union I use for emergencies only. I hope this is your case. Keep watching your loan circle and see if it comes back and normal or if it goes to fully filled in? You can also check your previous loans and see when the last one was? Good luck I'm pulling for you!

[brown17]

Oddly my loan was approved a deposited within 5 min but the circle is stuck on your money is on the way....

[Twpchair]

I'm a Saturday loan person and first look at your bank, but from what I was told, ach deposit didn't go through on the weekends.  My last one was a Saturday everything done, and Monday morning, it was in my credit union, and on Monday afternoon, all my paperwork from Square came through. With Monday being a holiday, I would assume it would be Tuesday.  Again,  that's just my experience with Saturday loan offers. I've looked back, and I tend to get offers Thursday and Saturday for the last 10 yrs? Maybe someone else who gets Saturday or Sunday offers has something else to add. 

[PFS36]

2pm cst and still haven't updated on Loan Dashboard.  

Anyone else had this issue?

[Tyconcrete]

Mine always update at different times  never same anywhere between 1 to 6 pm so not too sure. I hope you get something. Have a wonderful weekend 

[Twpchair]

I'm sorry, I'm up north and have horrible service! Yes, multiple people are posting daily. Either the metrics are missing or the loan section isn't there or didn't add in their last couple of deposits. I mentioned something in the back, so hopefully, they can look into it? So far, knock on wood mine has been ok. I usually update 1-3 pm a few times it was 4 pm but was accurate.