Square Captial

[Datedocta]

This square capital loan process is getting pretty discouraging and frustrating. I’ve done all that was asked of me, my business is doing phenomenal, I’m being patient, and I’m getting annoyed by the constant corporate responses from square staff. 

Sellers, (if you’re comfortable sharing) do you mind letting me know from an average standpoint on when you started getting loan offers? I’m really considering leaving square….

Please, no square staff responses to this post. I’m done with the generic answers 

[JessPoynter]

I didn’t start getting loan offers pop up on my dashboard until last year when everyone was needing the assistance. I haven’t received any solicitation calls either asking if I would like to take advantage. 

Are you waiting for responses on what you’re approved for? Or has it not finalized yet? I can say banks are really struggling right now in terms of timing and turnaround. I just did some financial changes for my personal finances and it’s taking a long time due to current demand as well as attending to Covid-related back logs. I think the new addition of Square Checking might actually be beneficial for Sellers in terms of faster response and turnaround. 

Wish I could be of more assistance. 

[Datedocta]

Hey Jess,

I’ve yet to receive an offer. I believe that I’ve met every requirement at least what’s being advertised. Of course I keep hearing the algorithm has other requirements that the staff members aren’t aware of I guess…..

This blind faith process of hoping you’ll receive a loan is discouraging for sure. Please explain how the “square checking” service they have is be official. It looks like it’s just a simple checking account that comes with having a square account. Looks like it was automatically added to my dashboard anyway. 

[JessPoynter]

There's nothing that shows up on your dashboard pointing to loans? I have a banner on there saying I'm eligible for a certain amount. There's also the Loans section of your dashboard.  Have you checked that out?

Yes the Square Checking is a basic checking account. My point in bringing that up was simply to say that Square is making strides with what they offer to sellers. I would imagine that having the FDIC accreditation would also help with what they're able to do with Loans. 

How long have you been using square? Maybe that's something that might factor in? I'm not sure.

[Datedocta]

Hey Jess,

I have the loan tab in my dashboard column, but of course it just shows “ineligible” as usual.  I’ve been with square for about 2 years now, and this year is when I started going strong on actually using square for my business transactions/payments consistently. I’ve met all the recognizable goals that square advertises. Eh, who knows 🤷🏾‍♂️