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.

[Twpchair]

No, you can call tech support or let me tag in someone who can help you find out why. You have been open and processing cards correct? If not with the holidays and being closed or no cards vs cash throws off the metrics as it doesn't know hours or closed days. @Sammie_C can you help here? About 5 days no updates? Also, another 3-4 above multiple loans not the system said no account found or not eligible no file found and they all have current loans now. I'll tag you. Thank you so much! 

[marielmt]

Hi @FirstLook!

Great question - I’d be happy to explain.

The information shown on your eligibility page is usually refreshed in real time. You can see the last date and time your loan eligibility was evaluated under “Eligibility factors.” However, if you have not processed payments through your Square account recently, the data may not be updated until you process payments again. If you become eligible, you’ll be notified directly on your Square Dashboard and via email.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[CBSS]

I found this thread a few months ago after expecting a loan to come through around 60-70%. Currently I'm at 99% paid on my 15th Square loan. Everything has been green until this week when I got a processing volume needs work notice.  (I was closed 5 days last week for Thanksgiving.) This waiting game is brutal and at this point I am not even expecting one anymore, but I don't know that my retail biz will survive without the much needed capital for new inventory. Extremely frustrating! 

[Twpchair]

Unfortunately, hun the algorithm or metrics doesn't recognize days off or closed for holidays. Mine dips in the winter from open 7 days to closed on Sunday and Monday. Usually in a day or 2, it kicks right back up to all Green.

[CBSS]

Just wanted to say, I've truly appreciated your knowledge and insight while reading through all the comments. Thank you for always being responsive and encouraging. Fingers crossed that the floodgates open soon for all of those waiting! 

[Twpchair]

Thank you so much! It’s rough especially this time of the year or emergency situations happens. One a month ago running a restaurant a lady posted down to one oven the other 2 went 2 weeks apart and was desperate for one at 95% paid off. I just hoped every day to see her post I finally got it! 97% paid off was her lucky number. I asked her if she could do any sale on something that was working good and not to costly to boost sales and kick in the algorithm hopping. She could do beverages and coffees free Friday and Saturday only with any purchase and jumped her up in the % and kicked in that algorithm. This is why I stay here and help out and offer any advice that might help to trigger it or not but it is better than nothing and going off the numbers a big boost helps. I do appreciate your kind words though and I hope you have a great Holiday season and an even better winter!

[CBSS]

Just an update...I finally got a loan offer Sunday afternoon....it was about two days after my previous loan was paid in full. I applied and was funded in about ten minutes. Offer was about the same as the lower amount I accepted last time, but lower than normal full offer. Still very grateful and it couldn't have come at a more pressing time.  I def will take the full offer amount from now on! 

[Solstice]

Sitting at 83% paid on a $48,000 loan. Really could use the capital for winter season. We are a salon and open Monday-sat taking pmts. We are on month 8 of pay back… every time we have paid back completely before receiving a new loan which is a bit frustrating….

[Alexis321]

Same here. We've always paid back in full before receiving another loan. 

[Solstice]

Back in the day when I used square it was like clock work at 65-80% you would get a new one… now not even close and I am doing wayyyyy more money with them then before. I just don’t understand. There’s almost no point in taking them when you pay them off completely because for us the point is to renew and continue to grow until you cap out. If that makes sense 

[ReptileLyfe]

I’m just replying here because I can’t find my last comment, it’s very confusing keeping up with this layout! Lol Anyway, I was offered a 26.6k loan at about 75% paid off. I didn’t take it, 2 weeks later it dropped to 23.6k even though I was at 82% paid off and sales are up. I’m hoping to hold out again and see what the next offer will be but the last time I did that it dropped tremendously and I had to take it (couple years ago). I don’t think there are any algorithms, seems like it’s just all Willy nilly - I just wanted to give others a look at my offer to compare. We’re at 314k for the year, only 3% higher than last years sales around this time.

[Lynix123]

I have been following this community for a while. We have 95% paid off our current loan and got an offer today. We process about $1million a year, 360 days. 
The offer they did is only 20% of the current loan. Does anyone did not accept the offer and got higher amount? If so how long it took to get a new offer? Thank you 

[Solstice]

May I ask what your current loan amount was? 

[Twpchair]

Hun, honestly everyone is different I could tell you honestly it’s a roll of the dice if the offer is bigger or less. But it’s the when part. I have seen some 4 months later to the soonest is 10-14 business days just to get back in the algorithm. So again like the other guy it is all about you and having some cushion or if you don’t. Only you know that. I can tell you from experience on here how people post back and that’s about it. Good let. Keep us posted if you don’t mind it helps others for a time frame 

[B-dot]

If my post doesn't give anybody hope, I don't know what will....

I just got an offer for double my last offer. I am at 55% paid off!!!!

Previous offer was $23,700.  This offer is $50,100. 

The drawback....I still owe $12,153 on my last loan.

Should I accept it?

[Solstice]

Personally if it was me I would. If you need the funds especially take it. That’s really great. Congratulations! 

[Twpchair]

It’s up to you and if you need that cushion in the winter. You can always put in the savings account and use as needed. Loans are not guaranteed or when that’s what I tell myself as well. I hate the roll over part just imo but it depends on your situation always. I have a LOC with my credit union for emergency only I use it for so I can be a little more patient and wait till I’m 91% paid off and my increase was just 5k higher then previous but rolling over by then it was 94% so 6% in roll over in August and no guarantee when or if I took it. And it’s in my bank for our winter slow months in Michigan. Good luck I wish you the best and I am so happy to see offers and bigger ones! My lowest offer was 69% what a % you must have triggered something in the algorithm!

[B-dot]

I'm not sure what triggers it either. My sales actually decreased since the last offer.  I think I was more shocked that I got an offer so soon for so much. I'm definitely taking it as my profit margins on my product are at least 75%. The profit margin itself more than pays for the loan.

[Lynix123]

Thank you for being here and answering everybody’s question. 
We got an offer at 95% yesterday but it’s only 20%of my current loan. Do you know anybody did not accepted loan and got another loan offer. How long it takes to update to another offer. 
It’s our busiest season. I generate $5-10k everyday till Christmas. I hoping that will trigger bigger loan if I wait. Thank you again 

[Panda24]

I'm at 75% and no offer, but I got offered a Square Credit Card with a 25k credit line. Has any one else seen this? Are they doing this instead of offering new loans?

[Twpchair]

Hello, yes they have been in testing for some time now. They are real, legit, and will be offered more to people. You can't apply for one as of now its offered like a loan. Please keep in mind if you accept the card you will no longer receive loan offers. In the testing stage a few snuck through for both but that is fixed. Just an FYI ok.