Hi @AlleesCards. I’m going to combine both of your questions, including the other one here, into one answer.
First, extra payments on any one loan account could delay a new offer for all loans that you have. This is because Square reevaluates all offers and potential offers whenever a loan prepayment is made. They don’t specifically mention your case in their help documentation, but what they do say leads me to believe this. This delay can be up to 7 business days.
Second, while each location’s loan offer is based upon that location’s eligibility factors, Square makes it clear that they evaluate the entire business when determining how much to offer for new loans. So all that can be said is that it is possible, and likely, that they will look at the big picture. As long as both locations are financially healthy and growing at a steady pace, I wouldn’t worry about it too much.
One more thing. Be very realistic in your expectations regarding a new loan offer right now. I’m reading posts from people on a near daily basis who are paying off loans and still waiting for new offers. Also, the new offers seem to be lower than past offers. Square, like all other lenders, is being very cautious about new loans. Until the idiots in Washington DC (all of the idiots, not just one or two) quit acting like children and playing games, no lender wants to do anything they might regret and possibly give out loans they won’t be able to collect if the economy blows up.
Hang tight, and hopefully this current drama will be over soon. For now, if you have the extra cash to pay off a loan, my advice would be not to pay it off to keep it safe and just keep paying the regular, daily way. Then, if our idiot politicians blow up the economy, at least you’ll have that cash to help you get by for a little while. But I can tell you that paying off a loan early in the hopes that you’ll get a new offer quicker and bigger is not a good idea. Ever. Period.
Best,
