How can we get additional Square Loans?

[Community-Team]

Hello, we were wondering if we are able to get an additional Square Loans offer?

[#2]

Hi all! To start off, I’m happy to see that our Loans offerings have been beneficial to your businesses and apologize for any concern. 

Because every Loans offer is unique to the business that it is offered to, I can't tell you exactly when or if your Loans plan will be eligible for additional funds, but I can say that the more you process with Square the more likely it is for you to be eligible for additional Loans offers! 

Here are some of the key eligibility factors for a loan through Square Loans:

• Processing volume: In general, businesses that have processed at least $10,000 or more in a year.
• History with Square: Your history with Square is used to spot trends and understand how you might grow in the future.
• Activity: The number and frequency of payments processed through your account.
• Customer diversity: Mix of new and returning customers as an indication that your business is growing in different ways. A healthy, growing business.

We review accounts every night so even if you are not eligible today, you may be in the near future. To see you current offers, check our the Loans tab in your Square Dashboard.

For other general questions, I'd also suggest checking out this Support Center article: Square Loans Eligibility. It covers some frequently asked questions about Square Loans. 

As for anything more specific than this, you'll want to reach out directly. For everyones privacy, we won't discuss account related inquires on a public forum. 

[Chad · Accepted solution]

Hi all! To start off, I’m happy to see that our Loans offerings have been beneficial to your businesses and apologize for any concern. 

Because every Loans offer is unique to the business that it is offered to, I can't tell you exactly when or if your Loans plan will be eligible for additional funds, but I can say that the more you process with Square the more likely it is for you to be eligible for additional Loans offers! 

Here are some of the key eligibility factors for a loan through Square Loans:

• Processing volume: In general, businesses that have processed at least $10,000 or more in a year.
• History with Square: Your history with Square is used to spot trends and understand how you might grow in the future.
• Activity: The number and frequency of payments processed through your account.
• Customer diversity: Mix of new and returning customers as an indication that your business is growing in different ways. A healthy, growing business.

We review accounts every night so even if you are not eligible today, you may be in the near future. To see you current offers, check our the Loans tab in your Square Dashboard.

For other general questions, I'd also suggest checking out this Support Center article: Square Loans Eligibility. It covers some frequently asked questions about Square Loans. 

As for anything more specific than this, you'll want to reach out directly. For everyones privacy, we won't discuss account related inquires on a public forum. 

[BestHomes]

We are at 94%  paid off on our Square loan and are really eager to receive another offer I keep checking my account and I see nothing in there. This is our third load we received and we paid it off in a short period of time. We have new and old customers returning and have been with Square for a while. Is there anything that you can do to help? 

[Helen]

@BestHomes I'm afraid we can't share information about your account here in the Seller Community, I'm sorry! 

If you become eligible for additional Loans you'll be notified in your online Square Dashboard. Please call our CS team if you have any questions about your account and Loans specialist will be able to help you.

[Cginiel]

I got my first loan August 27th 2018 . Had it paid off by sept 24 . I doubled my transactions in one month than what I did. For the whole year. I still haven’t gotten a new loan offer . I just keep getting that I paid off the last 17 bucks my self than I have to wait for it to process up too two weeks. They took the last prepayment right out of the transactions for the day so I do t understand what the wait is about. I could use it to grow more as well . 

[discountlinens]

Did you ever get a loan offer?

[Marystacos530]

Hi i wanted to know if theres any chance of either getting adittional funds or a new loan offer weve gotten five offers to date and weve paid them back in record time but right now it summer time. Which is our slow time of year and we really need the capital right now usally our offer come at 68% to 75% right now we. Are at 56% but any info would help we are square loyal instead of any of the other competition

[ashc]

Hi @Marystacos530 and welcome to Community! 

We ask that sellers do not post requests for account reviews per our guidelines around Loans and Seller Community. Please contact the Loans team directly for any account specific questions. Thanks for your understanding.

[Glamkitty80]

Hi, I’m currently in the process of paying off my first square loan. Under my notifications it says I’m eligible for a loan but when I click on it it just takes me to my loans dashboard and shows how much I have paid off. I’m confused and wondering if this is a mistake. I have sent an email but haven’t heard anything. 

[ashc]

Hey @Glamkitty80! Welcome to the Community.

That's really strange. Can you tell me about what device and browser you were on when this occured? 

[Sw21]

i have successfully paid off 2 prior Square loans via square. what is the process in recieving another offer?

I know from reading over the threads concerning this same question that most get the same generic answer in regaurds to this subject. While I am exceptionally happy with each service from square I not understanding as to why i could have a Square loan paid in full but not being extended a third loan offer

[Mihiretab]

I paid early then I need again from Square second [Personal Information Redacted]

[Chad]

Hello @Mihiretab, I went ahead and merged your thread since this question has been asked before. I recommend checking out my answer above! 

[kain9696]

I'm at 90 percent on one and no loan offer I think they may be checking credit once paid off im not getting anymore loans because you depend on it and I don't want them controlling me im done I will probably look to a More robust pos system to I was just keeping square because of the loans I have paid off 18 loans so far and 90 percent nothing also i think they check your new old cutomers and if that does not match to there critera they dont give you a loan .so ai decides if your a risk or not even though you paid your loan off before a year smh !!

[Regina_B]

Hey @kain9696! Thanks so much for providing your feedback. I just wanted to clarify that when your business applies for a loan through Square Loans, we will not access or review your personal credit report to evaluate the application. Offers are based on a variety of factors including payment processing volume, account history, and payment frequency.

[HealthySF9]

Does your answer still apply today?   Square Loans recently did a " unlock additional funds if you link your bank, upload statement" thing.      I think I read somewhere in the agreement that our personal credit will be used.   Is that correct?  

If that is so, Square Loans is no different from banks and loan companies out there. 

If you can help clarify. 

Thank you !

[AudraR]

I don’t recall hearing about this. Was it an email from square? Can anyone confirm this?

[Toptobottom]

 Can I borrow more money when I still owe 

[ashc]

Hey @Toptobottom! Welcome to the Community.

I merged your post with an existing thread that has more information on how Square loans work and how you can become eligible for another.

Check out @Chad's post for more details. 

[drjknowles]

Can you increase Square loan in the middle of payment of current plan?  We have paid off 51% of current loan and have had an unexpected expense come up.

[ashc]

Hey @drjknowles! Welcome to the Community.

I merged your post with an existing post about additional Loans.

Check out @Chad's post above for details and how you can become eligible for more Loans.