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I am an existing Square Capital User with a small loan amount. I previously held a square capital loan and was offered to increase my Square Capital loan, which I accepted.
How can I receive this offer again? Do I need to reach a certain percentage paid off before I can be offered another loan?
Any help is appreciated! Thank You!
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Hi @IMPACT23 - I'm sorry about your frustration with your Capital experience. I understand how frustrating it can be to not be eligible. I want to clarify that if you have received a loan in the past, there is no guarantee that you will be offered another one (check out this Help Center Article about becoming eligible for another loan). We are continuing to track feedback we receive about the Capital program/product, so thank you for taking the time to post and share your experience. Please let me know if there's anything else I can convey to my team about your experience in particular.
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Makes perfect Sense!, @Square hire this guy lol,
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The only bit of advice is to be steady and consistant in your business practice .. Cash flow is important. This is what any lender wants to see. I to have had 4 loans paid in record time 😉 And another almost satisfied. Enjoy the rest of your summer. 😎
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@Regina_B You guys give no reason to your customers, just send the same message to everyone.
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I have had 2 capital loans paid off in full, the last one was complete 9/2/17. Have yet to receive a new offer but I am hitting all their requirement requests. No chargebacks, no issues and sales have almost tripled. I’m happy for the ones that are getting the offers but as a long time square customer, just honestly frustrated.
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So I put in for a loan and got a week and half it says in review. Does that mean I am turned down for it?
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Have you tried to email them? I have always had a same day response. The last loan did take 4 business days to hit my account but approved in 2 hrs. I wonder if there was a glitch or issue not on your end but theirs. I would send them an email and tell them you are pending approval for a few days and see if it pushes it along.
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So I put in for a loan a week and half ago and it still says in review. Am I turned down or how long does it take to get an answer back
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Hi yes I totally agree with you. We would feel better if they gave us some kind of direct answer as to why we’re not offered another loan. It’s been over a year for me. I’m really thinking about going back to PayPal.
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A year!!!??? Omg, i definitely am switching to PayPal. This is ridiculous.
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Yes and I’ve paid off 4 loans from them. I just ordered my paypal reader yesterday. I’ve also sent my family members to square that have small businesses, same issues with them... we all are going to PayPal. I use PayPal for my online store anyways.
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@IMPACT23 Try PayPal
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D0o I have to completely pay off my loan before I can get another one?
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Varies, but i would let your sales pay it off, dont pay off with personal funds
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Yes I agree because I paid mines off with my money, even tho I was at the end of it, I wish I wouldn’t have
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I was just offered, and received, my 8th square loan. My previous was two weeks after completion and this one was at 79%.
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Congrats! You’ve been here right with us.
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Congratulations!!! Any pointers?! I definitely am not getting an offer after two loan completions 😞
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I honestly wish I had pointers but it seems to be different for me everytime.
I just do all my processing with square, I normally have sales 6 days a week and work hard to have repeat customers as well as getting new ones. I always invest my square loan in more inventory, or other ways I feel it can increase my sales.
Just have faith, they are still giving loans
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@Tritter82 congratulations !! and thank you for sharing with everyone!!! I am awaiting for another offer. So I was glad to hear someone did get another offer
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@Tritter82 so your last 2 you had to pay completely off before they offered you another? Hmmm that's interesting. Congratulations on your offer btw.
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@Tritter82 Any pointers on what you are using with square since you seem to keep getting offers. I use their credit card processing system and only been offered 1 loan
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