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Is there a point when you no longer are eligible for square capital loans?

I've used Square loans for 3 years now. Before any of them where fully repaid, I was always sent a new offer (partially because of my processing volume, I assume). I'm on my 8th loan now and have repaid it to 90%, but have not received a new offer. Is there a point where you are no longer eligible for loans? The cycle for my offers have been pretty consistent, along with my processing sales. Nothing has changed. Please advise. Also, please answer with something other than " we are not able to manually generate offers, nor do we know when you may be eligible". I already know this. 

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Super Seller

Re: Is there a point when you no longer are eligible for square capital loans?

there isn't a point where you ever become ineligible as in time from the last loan or percentage paid back.  But overall there isn't a specific loan percentage paid back where you will get a new offer or even if you will get a loan offer while you have another loan.  It could be days or even months after you repay the loan you are on now if you do get another offer.  

 

Personally, if you are able to repay 8 Square loans I would recommend looking for a revolving line of credit that you can use when you need it and only pay interest when a loan is out and then let sit when you don't and it'll cost you nothing when not in use.

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Re: Is there a point when you no longer are eligible for square capital loans?

Thanks for the response. I geuss because I've been doing this for 3 years now, it's become expected. All of the previous loans have happened almost cyclic and predictabe. I've trie to get a line of credit, but unfortunately my credit isn't good enough. Square is smart too. They don't report any of your loans to the credit agencies, so it doesn't help your credit at all. This way they keep you coming back.

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Super Seller

Re: Is there a point when you no longer are eligible for square capital loans?

on the flip side of Square not reporting to a credit bureau is that they don't pull your credit report and see if they should or shouldn't offer you a loan.  It is a double-edged sword.

 

Square does have the edge over banks for non-collateral riskier loans (like this type where it based on future sales and not against your business) in the fact they get their cut at the time of sale and aren't dependent on you saving to make the payment at the end of the month like a bank does.

 

Best of luck

 

 

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Re: Is there a point when you no longer are eligible for square capital loans?

There is a option on the site ro request a new loan. I did this with my last one. It was only 75% complete at the time I requested a new loan and it was approved.  I just had to request it vs. Them offering it. 

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Re: Is there a point when you no longer are eligible for square capital loans?

I've looked everywhere, but don't see this option. Where was it?

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Re: Is there a point when you no longer are eligible for square capital loans?

When I did it, it was 6 months ago and I had googled "request a new square capital loan" and there was a link that took me directly to the part of square's website that allowed me to request a new loan in the search results.  Of course I can't find it now. Maybe they don't do offer that anymore. I'm sorry I should have double checked to make sure before I relpied. I do know with 100% certainty though that it was an option at the time. 

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Re: Is there a point when you no longer are eligible for square capital loans?

Where do you go to request a loan? I am not seeing a place on the Square Dashboard. Thank you.

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Alumni

Re: Is there a point when you no longer are eligible for square capital loans?

Hi everyone - I just wanted to jump in here to clarify what *I think* @Mcumberd is referring to. A merchant may be eligible to receive a mid plan offer and, if so, you'll see that offer in your dashboard. However, you'll only see this option if you are eligible. All other merchants with active Capital loans have their accounts routinely evaluated to see if they are eligible for a mid plan offer.

 

Here's a support article that covers this! https://squareup.com/help/us/en/article/6087-becoming-eligible-for-another-loan-through-square-capit...

 

I don't believe there is a special button or external website that shows this, but rather you should refer to your dashboard. 

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Square

Re: Is there a point when you no longer are eligible for square capital loans?

Hi @milothemover,

 

Thank you for being such a great Square Capital customer!

 

Rest assured that your account is still being routinely evaulated for another Capital offer, there is no "cap" in the amount of times we evaulate your account for a Capital loan. So if you are on your 8th loan, your account will continue to be evaulated (you are still in the running)-- however you will only see offers if your account is eligible. 

 

Keeping my fingers crossed for you!  

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