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How I can get loan from Square

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how I can got loan from square 

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Square

Best Answer

Hi @Hazem! 👋

 

Thank you for your post and interest in Square Loans. 

 

At this time, Square Loans is offered by invitation only.  Offers are based on a variety of factors including payment processing volume, account history, and payment frequency. To learn more about how you may become eligible for a loan through Square Loans please brows the Seller Community or visit our Town Square blog

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Square

Best Answer

Hi @Hazem! 👋

 

Thank you for your post and interest in Square Loans. 

 

At this time, Square Loans is offered by invitation only.  Offers are based on a variety of factors including payment processing volume, account history, and payment frequency. To learn more about how you may become eligible for a loan through Square Loans please brows the Seller Community or visit our Town Square blog

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Beta Member

Thanks let me know if Square Loans can give me a loan

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Square Community Moderator

Hi @Fredstaxi2222,

 

I moved your post to an existing thread about how to become eligible for a Square loan.

 

Regina answered this below the original post for more details.

Ashley C
Community Moderator, Square
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Want to apply for a small business loan.  Not sure how to go about it.  Suggestions please

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Square Community Moderator

Hey @NRSS1 and welcome to the Community.

 

I moved your post to a thread where this question has been answered already.

Check out the Best Answer above for details. 

 

In the future, don't hesitate to search your question first here or on the Support Center for your quickest answer too!

Ashley C
Community Moderator, Square
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Square Community Moderator

Hi @NRSS1

 

Thank you for raising your question in the Community. I'll be happy to explain.

 

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

 

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

 

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

 

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

Cameron
The Square Banking Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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Hello all,

 

I’m new to square loans, I have finally surpassed the $10k, I have pretty consistent customers, new customers, haven’t gone a week without payments and doing pretty good I guess.....


My business is out of NC and one of the eligibility concerns on square talks about Covid 19 orders for certain states could make a business ineligible. How?? My business has done better since Covid 19....

 

Any advice?

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Square Community Moderator

Hi @Datedocta,

 

Thanks so much for taking the time to post! This is Eric from the Square Loans team.

 

You may not be eligible at this time due to the status of COVID-19 related restrictions in your state.

We understand that the current situation is very uncertain and changing rapidly. For this reason, we are unable to provide specific examples of these restrictions. Please know that as we continue to monitor the situation and as more businesses recover from the impacts of COVID-19, more businesses will be eligible for a Square loan.

 

So far, there have been various industries and states that have recovered and will start to see offers appear. We will continue to check your eligibility on an ongoing basis, so check back regularly for any updates. If your business becomes eligible, you’ll be notified directly on your Square Dashboard and via email.

 

If you’re looking for other potential sources of funding, you can also visit this list of national and state business financing resources that we’ll continue to update.

 

Thanks again for posting! If you have any additional questions, please feel free to contact us


Eric
Square Capital Team
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Square Capital, LLC and Square Financial Services, Inc. are wholly owned subsidiaries of Square, Inc., Square Capital, LLC d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are issued by either Celtic Bank or Square Financial Services, Inc., both are Utah-Chartered Industrial Banks. Members FDIC, located in Salt Lake City, UT. All loans are subject to credit approval.
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Hey Eric. Thanks for responding. So you’re pretty much saying my state of NC has some COVID 19 restrictions that is hindering  my company from possibly getting closer to an offer at this time right? I know you’re unable to answer the question directly, but if you can answer it in regards to there actually being a COVID 19 issue I’m my state of NC that would be perfect...

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Square Community Moderator

Hi @Datedocta,

 

Thanks for taking the time to post!

 

Although your business is currently ineligible, know that this can always change in the future and eligibility for Square Loans is reviewed on an ongoing basis. There is no specific information we can share at this time because eligibility is based on a unique formula, but keep in mind that the program evaluates accounts as a whole. The formula balances different factors of your business that may positively and negatively affect your business’s eligibility for an offer.

 

Please know that the Square Loans program is committed to helping your business succeed, but we understand that you may need to seek financing outside of the Square Loans program for your immediate needs. If your business has been impacted by COVID-19, take a look at business financing resources available to you.

 

As of now, some business markets have stabilized so we can responsibly provide access to loans to some businesses once again. If you are not currently eligible, we’ll continue to monitor your account and let you know if you’re eligible via email and through your Square Dashboard.

 

I hope this was helpful. If you have any additional questions, please feel free to contact us!


Eric
Square Capital Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square Capital, LLC and Square Financial Services, Inc. are wholly owned subsidiaries of Square, Inc., Square Capital, LLC d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. All loans are issued by either Celtic Bank or Square Financial Services, Inc., both are Utah-Chartered Industrial Banks. Members FDIC, located in Salt Lake City, UT. All loans are subject to credit approval.
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How does a business get considered for square loans?

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Square Community Moderator

Hi @Shawndrea 

 

Thank you for raising your question in the Community. I'll be happy to explain.

 

The Square Loan program is currently offered by invitation. Offer eligibility is largely based on current payment processing data, which means eligibility can change as frequently as your business does. Because businesses are dynamic, we’re unable to guarantee Square Loan offers.

 

Your account is regularly evaluated for offer eligibility based on many different factors. If your business satisfies one or more of the criteria, your business may still be ineligible if it does not fulfill other eligibility requirements. Some factors to watch out for that might affect eligibility are chargebacks, unusual processing behavior, and failed debits.

 

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan, however, we will continue to monitor your account for eligibility. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

 

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

Cameron
The Square Banking Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.
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Are there limits to what I can use the loan for? And can I pay extra on the loan?

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Square Community Moderator

Hey there, @Hazem

 

Since you're asking about a loan for your account specifically, I would recommend reaching out to a Capital advocate directly:1-855-700-6000.

 

They will be able to answer all of your questions about the loan for your particular business and how you can use it. 

 

Thank you! 

 

 

Kassi
Community Moderator, Square
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