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]

Unfortunately, there are a few on here now completely paid off as well and like you good standing all green metrics etc. How the algorithm works believe me I wish I knew. They keep posting every day or 2 checking in. I know last week was pretty slow for people posting at least who got an offer but I have seen from Friday and Saturday and Sunday 4/5 people post that they finally got an offer. Their percentage paid back was pretty high or paid off completely. Hopefully, soon it will pick you off. Good luck to you and everyone waiting for an offer!

[MayaP]

Thank you for reaching out and sharing your concerns. We understand your frustration, especially given your long-standing relationship with Square and your excellent track record with previous loans.

There are several factors that can affect loan offers, and while it sounds like you have met all the typical criteria, there may be new processes or other considerations at play. I would reach out to our Square Financial Services Team if you have any further questions. They are available at 1-855-700-6000 Monday - Friday, 8 AM to 8 PM CST. 

[olivesageeee]

Hi Maya!

Wondering if you could give any insight on an account that's all in the green that hasn't gotten an offer? I've gotten them all in the past prior to 80%, even one at 62%. I am currently sitting at 85% in the green with no offer. On my 7th loan with Square and all of my prior loans were paid off with no issues. 

Any help is greatly appreciated, I did try to call but the automated message hung up after explaining the process. I know there's a lot of back end that goes into offers but wondering since I'm all in the green if there's anything I can do to boost my chances. I appreciate you helping in general and others on this thread, the loans are a huge help for all of us! 

Thank you! 

[Twpchair]

@Maya is so amazing and you couldn't ask for anyone better!

[olivesageeee]

She seems wonderful in helping others so I figured I would try to ask! I saw you previously hadn't been offered a loan, did you end up getting yours?

[Twpchair]

Thank you! My last loan was June of last year, and the others I turned down. I am in middle Michigan, and we had an amazing winter (warm), and our snow birds didn't head south, so it was our best winter, and in March, I turned it down. Normally, all winter I take but March I didn't  summer I usually pass and winter I'm in freak out mode and take it. I'm no different than you and watch what is going on. Thank you for the compliment, and no matter what, I will always keep it 💯 transparent! I'm just a regular user, but I've been around for a while , all of it. 

[Tyconcrete]

If you do find out please let me know I called asked them to escalate it with someone do I hope to hear back from 

[Kpramos65]

I am so stressed I have always had another offer by now but 80% paid and nothing!! No disputes my account is all green and always always paid ahead. Are they just not offering loans right now

[Healthyketo]

😫we have all been waiting! I have been paid off for almost 2 months all green and nothing. All I can do is wait. I know they are still offering cause a few have gotten some this week & last. Not sure what’s going on. 

[Tyconcrete]

I be at 85 tonight  nothing  .but they are giving them out .believe me not like before but still are .look on this thread .I praying we all that need one get it doon

[MommaRavs]

Reaching out to Square Financial Services Team is a waste of time! You will get forwarded to them but will get an automatic voicemail. Again, just like your generic answers! Do something, it will be more professional . Answer calls ! Take care of your customers needs! That way we will all succeed!

[Tyconcrete]

I have and left a message as well never got a call or a response  .it sucks and they can't give you any more information that we already know on here .very sad 

[PFS36]

The community definitely helps us all , a lot more than contacting Square. 

[amikel2014]

I received my 7th loan offer on July 4th, still pending on July 11th.  Called square and they stated I turned everything in on the 8th and I should get a response no later than the next day.  It's been 11 days?  Normal?

[Twpchair]

No, not normal at all. I don't know if the 4th with a Holiday had an affect or without going to the backend to see if there was a glitch that day 🤔 I can't remember honestly I'm sorry. I usually get notifications but they have been working on glitches and new updates. I would definitely call them I believe that the Mod pinned the number up top. They are going to give you a script read at first but stay firmly and ask to be transferred to someone who can help you. Your not asking for a loan you already did but nothing else happened since the 4th. The longest I waited was a Saturday night offer and in my bank Mon. 2-3 max when you accept and sign.

[amikel2014]

Yeah, I've not ever had it take so long.   It was odd that they said I turned in all required docs on July 9th and I hadn't even received stating they needed any additional info.  So odd.   The last email I got from them is the "thanks for your application"...

I can never get a human on the phone.. So frustrating 

[Twpchair]

Ughhhhh, I either missed it or misread it. I apologize. I didn't realize they were asking for information. I'm sorry. I thought it was just the normal offer and sign and boom deposit. Unfortunately I did look up in the loan section it took a minute but I believe from what I read and what you have said it's does say about 7-10 business days and add in the 4th of July the date you received it. I would certainly think by this Friday you should definitely know something about it? especially if they haven't asked you for anything else. A human definitely has it. I know it's hard as heck getting to just the right person who will help. I have heard others say they sent multiple emails, and finally, someone called them. I have heard others say when that random survey pops up and it allows you to leave a comment boom an hour later, someone called. Unfortunately, I don't have no secret numbers or work for Square. Please let me know what or when something happens. It will help in the future when this question comes across again. Hopefully,  someone will jump on that's been there and can give a better time frame or how their experience went. Good luck 

[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!