Hi, has there been new changes to your square capital loan offers. I normally get to around 80% and get a new offer for the last year and half. I’m almost done paying off my loan and have not received anything. I’ve been reading reviews and users are saying Square is doing things a bit different now. Any info that I can get to speed up the next offer will help!
Because we cannot discuss account specifics on here, I would suggest giving our Square Capital Team a call.
Additionally, take a look at our Becoming Eligible For Another Loan Through Square Capital article for more information.
Let me know if you have any questions about this! Happy holidays 🎆
Yes, I am wondering the same thing. I have consistently been offered a new capital loan through Square when my loan is almost paid off. Now it is completely paid off and still no new loan offer. The article about eligibility for loans through square capital does not help with answering any questions.
- Square processing volume. - We process almost $10k per month on average, they (Square) want at least $10k per year.
- Square payment frequency. - We process payments bi-monthly, they (Square) want consistent payments.
- Your customer mix. - We have a lot of returning customers and a mix of new ones also, they (Square) want a good mix of new and returning customers
- A healthy, growing business. - We have more than doubled our revenue since our first square loan 4 years ago, they (Square) want you to process more through Square.
Watch Out For These Factors
- Chargeback history. - Only 1 in 4 years.
- Multiple Square accounts. - Only 1 account!
- Failed debits. - Never happened!
According to their own Eligibility requirements, my business meets all of them and yet, nothing... we didn't even slow down for COVID-19.