How long of a wait for second square loan

[Malinowski340]

Hello, We have done over [Personal Information Redacted] in the last 6 months and paid off a square loan a week ago.. We were hoping to get another offer before the end of the year as we have started with two more shops and are expanding quick..

Thank You,

[#2]

There isn't a way to say how long it will be or even if it will be offered again.  every account is different and some get loans while they are at 80% paid back and others are never offered a loan and others wait a year or more between loans.

My advice is always to secure your business funding so you know what you have and if it will be there when you need it by getting a Revolving line of credit or something similar from a bank or credit union. you can use a Square loan then if the timing is right and one is offered but a RLOC will be much cheaper and offers much more stable footing for your business.

[miltm]

Let me know when you get the new loan.  I am coming close to paying off my loan and would also like to get another one to expand.  Seems like the other loans I have gotten were offered around 75% paid off.

[VanKalkerFarms · Accepted solution]

There isn't a way to say how long it will be or even if it will be offered again.  every account is different and some get loans while they are at 80% paid back and others are never offered a loan and others wait a year or more between loans.

My advice is always to secure your business funding so you know what you have and if it will be there when you need it by getting a Revolving line of credit or something similar from a bank or credit union. you can use a Square loan then if the timing is right and one is offered but a RLOC will be much cheaper and offers much more stable footing for your business.

[Fisherman]

Can more money be borrowed on existing loan

[Fisherman]

Need a answer to my question on a loan

[Joe]

Hi there, @Fisherman! Thanks for taking the time to post your question in a thread here on the Seller Community. Good to hear from you again!

I've merged your question with a similar thread of Sellers who were also asking for more or new Square loans. For the best information regarding your question, I would take a look at this Best Answer from @VanKalkerFarms. 

Also, to ensure we can meet our Community expectations and guidelines, we normally take anywhere from 24 to 48 hours to respond to an initial posting! We apologize for the confusion.

Let me know if anything else comes up! We are here to help.

[CCARLLSON01]

Why do I not qualify for loan. I process 50000.00 to 100,000.00 In cc sales a year?

[Joe]

Hi @CCARLSON01 - thanks for reaching out to us here on the Seller Community.

For record keeping purposes, I've gone ahead and merged your post into an existing thread of Sellers who were also looking for information regarding new Square loans.

Square loans are extended and regulated by our Loans Department. Loans themselves are viewed individually, meaning that eligibility for a loan is not dependent upon past loan status or success. To be considered for a new loan, continue to be a strong Seller and we will reach out when we have a new offer available.

[MoRiginal]

I think it varies widely.  My first was 90% paid before I got a second offer.  that one was only 77% paid before I got a third offer.  But I know some people who get an offer eariler or later or not at all,

[DaoDeJing]

As VanWilkerFarms has said, it is impossible to know when you'll receive another loan offer.

However, elsewhere in this forum Square representatives have said that if you do not qualify for a new loan offer your account will be reevaluated automatically every 2 weeks. Presumably, if your account still doesn't qualify at that time they will wait another 2 weeks before reevaluating it again.

So all that can be said is that you should keep your metrics up. Try to process more cards, process more transactions, and have fewer (if any) chargebacks. Also try to have a mix of new customers (to demonstrate business growth) and repeat customers (to demonstrate long-term business viability).

Good luck!

[Sapalmer5]

Hi, Does anyone know what percentage needs to be paid on a current loan before they are offered a new loan?

[ashc]

Hey @Sapalmer5,

I moved your post to an existing thread in the Community around receiving another loan.

You can read through some other seller's experiences here and check out VanKalkerFarm's post for more details. 

[Tammary27]

My loan is 60% paid off when can I get another loan

[holtphotog]

I've seen new offers come in anywhere from 80% paid off to fully paid off. There is no guarantee that a new offer will come in though!

[Joe]

Hi there, @Tammary27 👋 Thanks for reaching out here on the Seller Community!

I've gone ahead and merged your posts with a thread of other Sellers who have also inquired about new loans. I would take a look at this Best Answer for more details.

I hope this is helpful! Let me know if you have any lingering questions.