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.

[Paulynne]

Me too…me too. Guess I’ll keep selling and waiting. 

[Twpchair]

Unfortunately, I don't work for Square because I would be up here you get a loan, you get a loan, and everybody 80% and all green you get a loan! I can usually follow the trends and you've seen all summer until recently it's been a higher % to paid off. There's always a few here and there that pop in around the 70s. About October it has been bouncing around from the low 70s to the high 90s?? Not very consistent at all. Good luck and you are correct all we can do is keep swiping away. 

[Twpchair]

Any news yet? It's been crazy at work and part of our busiest season. May to January is our time. What line of business are you in?

[Twpchair]

The majority here post do not have it connected. On the whole im not sure? Good data there would help businesses make a better informed decision..

[maryanngregg]

When the acct updates daily, and it says *not eligible* has anyone ever got an offer hours later? Same day they say not eligible? 

[Paulynne]

Most are hours later. 

[Twpchair]

Every offer of mine usually comes around 7-10 pm. I update around 1-3 pm. I have not seen and offered an update yet. A few thought that but the offer was the night before and they just saw it when they checked their updated metrics 

[nyallblacks]

At 90% all green...hoping they don't drag the renewal offer out too much longer

[Twpchair]

Good luck to you! Hopefully, one comes through soon! There are a few on here now in the 90s waiting as well! Let tomorrow be the day!

[Twpchair]

Let's see this boom! It's always hard when it soars but oil is booming today and the stronger the market the better for us all in many ways from businesses to lenders! @VanKalkerFarms thank you again for keeping us posted!

[VanKalkerFarms]

Here we are on Nov 8, the day after Square's third quarter financial reports and yet again Square Loans has GROWN more.  In the third
quarter of 2024, Square Loans facilitated approximately 136,000 loans totaling $1.38 billion in originations, up 18% year over year.

These are just some amazing numbers.  $15,333,333.33 loaned out on average per day.  1,511 loans averaged per day.  
That's an average of one $10,150 Loan every 57 seconds all day every day for 90 days straight.

I understand those posting here want more loans or not seeing them as fast as before, I post the publicly available numbers so you can see that EVERY day more than 1,500 loans happen and maybe 2 of those people report that here a week, the other 10, 480 people that do get them a week just go on with their day and probably don't even know this forum exists.

So for 2024 Square in just the first Three Quarters of the year has loaned a total of 4.15 Billion to over 50,700 businesses.

@Twpchair 

[nyallblacks]

Just offered a loan today. It's less than 50% of the previous offer. I think this is my 9th or 10th loan, and it hasn't been this low since covid.

[Twpchair]

Ugh, I am sorry 💔 unfortunately, that's been part of the trend lately or since last summer! 1. Either half 2. The same amount of previous loan and the least amount of people posting slightly higher. I know it stinks but it is hard not to take it personally it isn't just you or your business its just everything going on in the whole world right now and lenders are watching and holding tight. Hopefully, things will settle down soon, and we can get back to pre-covid days!!! I truly wish you the best! Thank you for posting also! It does help others reading this to know what's going on.

[Bamagirl251]

What percentage was you at if you don’t mind me asking 

[nyallblacks]

90%

[CTC18]

Still waiting for an approval since the offer came in on Saturday. They requested more info on Monday evening, I sent it. They pushed it back today asking for something else. I just sent it. 🙏🏻 Send me all the prayers and good vibes that they have what they’re looking for. This dragging out for days is so stressful.

[Lakcontrola1]

How many % were you ? 

[Alexis321]

Sending good vibes!! 

[Twpchair]

Ugh, I just was asking how it's going. I see as well as this site has been! Bugs and glitches! Have you tried to call and get past the call center? I know that there have been issues with updates, backend bugs, and maintenance. I  would hate to have you send it in and they didn't receive it. If they don't obtain it in X amount of time they assume you are done or don't want it and the loan offer goes away and back into the algorithm you go! Good luck and stay on it. 

[Alexis321]

I've never received a loan before one was paid off. I wish they would!

[Lakcontrola1]

You only received 1 loan from them ? How long ago