Are square loans a business loan or a loan guaranteed by business?

[Easygoingbarber]

Hello! I have an offer but need a new AC for my house. I can’t find anywhere where it says concretely, but does anyone know if I can use this loan for personal use, legally? I know you cannot use business loans for personal items, but I’m not sure if this is strictly a business loan or a loan backed by my business. Thanks!

[JJ_]

This sounds like a good question for our Square Loans team, @Easygoingbarber

They can take a look at your situation with you to help shine a light here. Please reach out by phone or email when you have a moment by logging into your Square account and heading here.

P.S. Welcome to the Seller Community ✨

[Easygoingbarber]

I actually tried and the rep wasn’t sure 😬

[Sammie_C]

Hi @Easygoingbarber!

Thank you for your post!

You can use a Square loan to increase inventory, buy equipment or hire more employees—whatever you need to help your business grow and succeed. Please note, Square Loans can only be used wholly for business purposes and not for consumer credit purposes or for any personal, family or household purposes.

To learn more about Square Loans, visit our Support Center.

Let us know if you have any other questions!