Second Loan? Paid first Square Capital Loan off in 30 days

[Mishyrae]

I made this post, for the sake of future clients who might have the same question. I searched old results, and looks like the question still unanswered. 

We are new with square in July. Just last month offered a Square Capital Loan offer for only $3,000. That was paid off using Square to process all our transactions, instead of using Square and Clover. They charge the 10+% on each transactions. 

My question is, how long does it usually take for Square to offer a second loan. All I hear is that they regularly review accounts, as it is invitation only. I am not hurting for the money, just curious how long usually takes to send a second offer. Like I mentioned, in one month the loan was paid off by their 10% per transaction. 

I will post how long in the comments it took for my new loan, given the circumstances. 

[tastytreats · Accepted solution]

I've had 4 loans and paid them all off quick. I was offered another within a few days of each till the last one and its been 2 months and no new offer.

[tastytreats · Accepted solution]

I've had 4 loans and paid them all off quick. I was offered another within a few days of each till the last one and its been 2 months and no new offer.

[Teatalk18]

I got a loan and it was paid of Thursday, no new offers and the way I am reading other clients comments, it may have alot to do with the Coronavirus.  I hate thinking square would pull out on so many of us but I guess they have to do what they think is best for them to considering many businesses around the world are closed/closing,  Please update if there is something new? I appreciate you!

[Mishyrae]

Yeah, I paid it off literally in under a month with transactions. It was paid in full last week. But says my account was under review, and I get typical responses from Square. I will post once they open it up for me again. I am still processing transactions, so think they would. I can see virus having a part in all of it. 

[Micheal51474]

Got two loans and then nothing after that. Paid both off within a month or two max. I Would rather be told we aren’t loading any more than to be told under review daily...I think it’s a lie. Talking with my personal bank. Apparently there’s other ways to take clients money like square. I thought square was the only way but they aren’t. We’ll see how square treated me in the next upcoming month before I make any changes

[Regina_B]

Hey @Mishyrae! Thanks for posting. At this time, we can’t predict if or when your business may be eligible for an additional loan offer through Square Capital, however, we will continue to monitor your account for eligibility. For more info, check out our Support Center article, Becoming Eligible for Another Loan through Square Capital

[Mishyrae · Accepted solution]

So clearly this virus shut down the world during my question. It also appears they are not loaning. After doing my 2019 taxes, I pay them thousands of dollars in fees. I am currently looking at new options. We are still in business and taking clients. It’s time to leave square, unless they start working with clients. 

[SBuffalo]

Hello all.  I cant get a solid answer from the square capital team.  I've emailed them three times and was told they don't have a banking partner for PPP loans any longer.  I am confused because I also read that the PPP loans were being discontinued for this reason.  I though Square was a solid company who would be a steady partner.  I've emailed them again to get a clear answer regarding capital loans.  While they are a fair price to get, the biggest benefit is the repayment via processing. 

Has any one received a loan in the last 90 days? (04/01/2020) til now?