Square Loan: IS there was a way to increase my loan?

[laurenadair]

I currently have a loan for substantially less than what I qualified for and I was wondering if there was a way to increase my loan 

[Mespy80]

The title of this thread has been updated from: "Capital loan"

Can you up your capital Loan ? While you have one going

[VanKalkerFarms]

no, loans are one time offers for the amount issued.  if you pay this one off over time the next one could be bigger if you are offered one.

[VanKalkerFarms]

There is not a way to increase a loan after you accept the offer even if the offer was for a larger amount.

[UncensoredHair]

I took advantage of the Square Captial a few days ago and only took 1/4 of the amount offered. I want to actually take some more out after more thought but I dont see an option to increase or take more out. Do I have to wait? Was it a one and done deal?

Thanks!

[GlassJudy]

You will not be able to increase your loan size (at least) until this one is substantially paid off.  Once you accepted a certain amount, you are stuck with it.

Here's the link to Square's Capital Loan program web site.  You'll find everything you need to know about the program there.

[nika]

Hey @UncensoredHair! 

@GlassJudy's is correct. If you think of any other specific questions about your loan, you can always contact our Capital Team!

[Arno2424]

Can I increase my loan

[GlassJudy]

Unfortunately, no you can't once you've accepted the loan and had the funds deposited into your bank account.  Here's a link to Square's Capital FAQ page where this is stated: scroll down to the section: Can I change my loan amount after funds have been deposited?

[Gusic]

How can I extend my lone?

[ashc]

Hey @Gusic,

I moved your post to an existing thread where another seller had the same question.

Any Capital account specific questions should be relayed to the Capital team directly and you can reach them here. 

[highway66]

I am disappointed in the amount of loan you are giving me what can I do to increase it.

[Minion]

Nothing is guaranteed when it comes to loans/offers.  What you can try if you haven't already.  Is let the first offer sit and go away.  Continue processing sales and doing business as usual give it a few days to a week and see if they offer again with a larger amount. 

[Cameron_]

Hi @highway66, 

Thank you for your question and being a part of the Seller Community.

We can’t increase your business’s current loan offer.

The current maximum offer is the highest loan amount available to your business at this time. Offer availability and sizes are based on many different factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. We cannot predict if or when your business may receive a higher offer.

If you choose not to move forward with your current offer, your account will continue to be evaluated for offers.

If you have any additional questions, please feel free to contact us.