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.

[Mkennedy25]

I’m sitting at 77%. Square is weird, I’m seeing that some people are getting new offers at 68% to people getting one after it’s paid off.

I’d really could use another offer right now. I wish there was a way I could know if I was getting another offer soon. I’ve been with square since 2020 and have always paid off my loans on time, even early. Should I look for another point of sell system? The eligibility factors are all green and I’ve reach my daily minimum. I need to know if I should look for something else. This is so frustrating.

[marielmt]

Hi @Mkennedy25!

Thanks for posting on the Seller Community.

We do not have a specific timeframe for when another loan offer may be available. However, we will continue to automatically review your account for eligibility. We understand that not being immediately eligible can be frustrating, but we are unable to override the automatic review process with a manual review.

Feel free to reach out to us directly if you have any additional questions!

[Twpchair]

It's not just Square. Most lenders are holding a tad tight but that being said I have seen more and more posting lately. During the holidays after 12 years, I've noticed it tends to slow down a bit and picks up. All POS reps will promise you the moon but remember that you are starting out as a day-one business like square and 9/10 you will get a 1k offer until you build a relationship. Things are changing and money is flowing. 

[Dawggos]

TWPCHAIR. False. 

It is just square. Sorry. I know you're potentially a square worker or person/monitor, but you're wrong. 

In the past 2 years, I switched 80% of my cc business from Square to stripe. I got fed up with square. I still have it at one location but going to make the change soon 100%. Stripe gives me loans like clockwork. 75% paid off, I get a loan and actually MORE the faster it's paid. It's the same as square where they take a percentage out. I've had 6 loans with stripe. 

Quickbooks actually offered me a loan two days ago but I declined. I paid off square loan, and maybe they'll give me an offer and I'll probably decline it. But my business grew faster with stripe.in the past 3 years. 

[Mkennedy25]

I’ll have to look into stripe then 

[Twpchair]

Congratulations! And everyone and every situation is different. I see people post that I am on my 4th or 5th loan and paid back in 6 months type thing. IMO that's telling me that their offer isn't equal to what they are processing. That's like a payday loan. Each business, each POS operates differently, and believe me when I say im glad you found one that is keeping up with your needs and is there for you! When I make a candid statement like that it's on the whole and going off numbers, trends that are reported, and other businesses' community forums. Again, we are all unique, and what works for me might not be the best for you. You and only you know what is best for your business. When I look at the comments here on the whole (not all) are just starting up or 1-2 years with Square and I don't want to say start-up businesses but pretty new. Finding the right fit for each business should be any business owner's number 1 priority and finding that perfect working relationship. I tend to tell a lot of people who are hurting with equipment failure or major repairs if they have a good bank or credit union especially try them and get an LOC. Prior to Covid, I looked into Stripe, and at that time they were really geared more so to businesses that their main billing was invoices. I am a physical retail furniture store and do little invoices. Now, they've partnered with a ton of companies to swipe, terminals ect. I am not bashing them at all but was giving out general stats that everyone can look up daily just like Square on the size of loans, frequency, and how long you have been with them. They all talk about “building up a working relationship” that's very broad and varies from business to business. I am really am glad you found what sounds like a perfect fit for you and your business. I wish you all the best and an even better New Year! 

[Mkennedy25]

Umm… it’s square.  I’ve been with square since 2020. I’ve never been offered 1K for just starting out with them. It’s always been more and like clockwork I’ve been offered another loan around 70%. My relationship and reputation with square has always been good.

[Twpchair]

I wasn't referring to you and a 1k offer. You have established a great working relationship with Square for close to 5 years. I apologize if it went to the wrong person. I was replying to one that was on their of their 2nd loan. They asked if their 1k first offer would go up. I replied it had been 12 years ago for me but I did. As your business grows so should your loans. Most start-up companies or small businesses start lower and build up over each loan. Again, like  I told the other one who commented. That's not everyone by know means. Each and everyone is different. How you process vs me could be 100% different. My business is 99% swipe or tap and cash/checks. Others are 99% invoices. Giving out stats is public information and jumping on their community pages I also highly recommend. They are tools to utilize and help business owners find their perfect fit. We are all different, we operate and process differently. No one answer is ever going to fit all of us worldwide. I missed how long you've been with Square if you said. Is it like 4-5 years ago and I could guarantee a loan like clockwork at 70-75% no not at all. For a good year again, going off the trends of the majority of people (not all) it was the upper 90s to paid off. About Mid-October it starts to pop up to the 70s and 80s great. Holidays do slow down offers regardless of what people say you can see the page, you can look up the numbers it's all open to the public. You will see the occasional one here or there but that number is low. At the end of the day you and only you know what is or who is best for you and your business. The young lady (I believe) I was referring to was on her 2nd loan and asked is 1k for a first loan and processing 4k normal? Yes, that's pretty normal and right on. I told her as her business grows so should your loans. If you are doing 4-6 loans a year then your loans aren't meeting what your processing. I am old-school. I hate change, don't fix it until it is broken type, and if you do me right I stay with you. That's just myself and my own personal reason. Each and every business owner should always put what's best for them #1. I have a great little Credit Union 5 branches big! I have a LOC with them that I have for emergencies. Took about 2 hrs from start to finish didn't need a thing all my deposits, cash, and checks go there so they knew what I did or made. Again, that's my preferred banking vs say Bank of America or some large Corp. Bank. I really do wish you the best as well and I hope you get an offer soon or find the perfect fit for your business needs. Here is to an amazing busy 2025 for small business owners!

[Veeivee]

I'm curious. Has anybody checked their loan eligibility and it hasn't been updated in a day? Does that mean that a loan is on the way? 

[Solstice]

I’m sitting at 90% almost 91% paid back and I updated at 11:30 yesterday it’s 2:06 now and no update… and the past days have been earlier as well so I’m hoping there is one on the way! 

[Solstice]

Finally updated… and nothing… this is really becoming frustrating 

[mydpins]

I have been busy all week thankfully with the holidays and today which is one of the busiest days of the year it updated early before we opened. It is very frustrating. I am sorry that you have not had an offer yet. 

[Parisbarnes]

So you got a loan offer today ? 

[Twpchair]

I've been on a 2 weeks of cash and checks! So processing every still but not like the cash and checks! Almost 20 to 1!!!! We go through it often lately in retail furniture store. 

[Parisbarnes]

What’s updated? Can you explain? I’m confused 

[Solstice]

There is a section where it shows eligibility factors… below that it will show an update time. 

[Parisbarnes]

I don’t see it 

[Twpchair]

Do you see your loan circle and it should say that you are not eligible or eligible for a loan. Click that and it gives you all your metrics. In the upper right is a timestamp last update at 2:40 pm type thing. Mine is usually like noon- 2:30 pm Eastern time. 

[Parisbarnes]

It says Last updated Dec 24 at 1:50 pm

why are we checking for this? 
im at 78% never waited this long 23,550 paid off & 6,500 owe. Processed cc 23k so far this month 22k cc last month. I own a party store so it’s been super busy. Any suggestions or hopes? 
do they issue them on Xmas? lol

[Twpchair]

The timestamp is the last time your account was reviewed by the algorithm. It should be updated every day. If you didn't have that timestamp that means the algorithm didn't pick up your account to be eligible or see if you are eligible for a loan. Mine is pretty regular between noon- 2:30 pm. Slower or later during the holidays and sometimes on Saturday but pretty consistent. Once you have been reviewed my offers tend to come around 7-10 pm Eastern time that night. I have had some by 4 pm during the week but I tend to be more of a Saturday night offer person. That's our busiest day, or if I run a sale I will run it on Thursday -Sat and it boosts sales and jumps up that percentage. It's been a rough year for most with the percentage now compared to 4/5 years ago. I could guarantee an offer between 70-75% not anymore and it hasn't been for well over a year. The trend was from the upper 90s to completely paid off. From late October to now we are seeing more and more in the upper 70s and 80s receive offers but that's still just a good handful. Will we ever see the 70s as the norm again I am not sure. IMO no I don't see that happening on the whole as it is a lot to roll over for most people and you instantly lose 25% of your new offer. That's just IMO and watching how things are going on average. Good luck hopefully it will kick in soon with a great offer. 

[Parisbarnes]

What’s the update for ? What is it telling us