What are the requirements for a new loan??

[LCBBQ0351]

Hello y’all I am at 89% paid off and growing quickly. I am in dire need of a loan as I am trying to fix some equipment and expand my business. Does anyone have any insight on how to get one sent my way. I have reached out to customer service and I was told everything looks good and I have no issues, So just wait til one comes your way. This was about a month ago and still nothing. It’s getting extremely discouraging. 

[Minion · Accepted solution]

HI @LCBBQ0351 

Unfortunately there is no other way to speed up the algorithm or Square when it comes to when you may receive a new offer.  I'm sure you have seen the answer posted the same answer and responses numerous times but there ultimately is no secret trick to speeding up the process other than to keep bringing in sales, and paying down the loan. 

On the plus note, you are just about 90% paid off, so when an offer does come in, minimal amount of that will be used to pay off the existing loan so that means more actually goes to you and your equipment fixing needs.

[MayaP]

Hello @LCBBQ0351, thanks for reaching out and sharing your situation with us. We understand how frustrating it can be to wait, especially when you’re working hard to grow your business and need a loan to move forward. As @Minion  mentioned, loan offers are determined by an algorithm that takes various factors into account, which can impact when a new offer becomes available to you.

I know it’s discouraging to hear “just wait,” especially since it’s been a month, but continuing to process payments regularly helps increase the chances of getting an offer soon. We appreciate your patience and everything you’re doing to keep your business moving. If you have any other questions or need support, don’t hesitate to reach out. We’re here for you!