Capital loan

[tsidieselworx]

How can I determine my eligibility for a 4th loan we try to budget our quarters and would like to have a idea. Due to our busy season is kicking off real soon and would be nice to have more info we are pushing 60% on our 3rd capital campaign and we process roughly $1,000,000 a year with square, would like to know if we can rely on square capital for a offer soon or do we need to reach out to other resources.

Thanks,

TSI Diesel Worx LLC

[BluntzerFS]

I can't say for sure but I do remember when Square Capital had just come about, the company was trying to "make sure everyone had a chance" to apply for and utilize the new feature. Businesses, like mine for example, would pay off their Capital Loan and have to wait to be offered another after a few weeks, or sometimes even months. That was several years ago. We personally are on our 10th loan plan and are scheduled to pay it off within the next 3 weeks. Surprisingly, we already received our next offer, and at just 58%. I'm holding off though. I feel the offer will increase once my current plan has been paid in full and Square reevaluates my business for a loan offer. With our recent growth, I feel the offer should increase at least 35 to 40%. Our last offer was accepted in November. Typically you have 18 months to repay, but with an estimated 1 year repayment span. We will have paid our current plan off in 4 months. 

In my experience, if you receive an offer at anywhere between 80 and 100%, I would wait. You might just get reevaluated, offered more capital, and for the same percentage taken out towards repayment as your first offer at 80%. 

[tsidieselworx]

Well I guess not no reply from anyone with square, I guess we need to explore other alternatives out there you figure you give a company roughly 40k a year for processing you’ll get a answer not to mention the installments 

[recordaca]

I also use SC but only as a kind of rainy day fund because its really up in the air as when or if and how much they are going to offer, Use your conventional finance companies and banks for definite commitments on loans because relying on a hope that square is gonna offer up can make or break a season or even an upcoming project that has a big impact on your annual income, play it safe. Also square loans do not help your credit score, and paying off 3 or 4 business loans should definitely do that for you