Has anyone recieved a new offer after 40 to 50% paid off?

[PamS2]

We have paid off 40% of our loan before the 1st payment is due. Has anyone received a new loan offer at 40 to 50% payback?

[VanKalkerFarms]

I can't say I have ever seen a new offer that low.  That would be also not a good idea as the new loan is used to pay off the old loan and your effective rate would be astronomical.

Your situation though is one of the reasons I have an issue with Square Loans.  The percent of payback should be capped per month or quarter because I have calculated it for myself and depending on when I take the loan they offered it would be less than 5 week payback because of the high percentage.

[Twpchair]

💯 agree with all the above! That’s like a payday loan! I’m seeing more and more with big increases and so so offer but in 3-5 months paid off and 5-6 loans a year? 

[Twpchair]

I'm going with @VanKalkerFarms on this one with everything stated! That's a payday loan. Your processing isn't matching your offers. Have you tried or do you have a good relationship with your local bank? I have a small 5 branch credit union and within a couple of hours I was in and out with a sizeable LOC I use for emergencies only or massive deals on inventory. IMO I like the smaller branch Credit Unions or banks that know you as a person when you walk in. Regardless, congrats on the great sales, and hopefully they can see the % paid back vs the size of the offer and bump that up for you.