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If I made a payment for my loan through dashboard, does that make me ineligible from receiving another offer.
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Not at all... just as long as you keep up with minimum payments, you'll still be eligible for other loans.
Not at all... just as long as you keep up with minimum payments, you'll still be eligible for other loans.
No, it does not disqualify you from getting another loan.
It doesn't make you get a new loan offer any quicker either. No one knows when loans are offered, the size, and the terms.
Most of my loans come at around 75-80% of my previous loan paid off. Some people have reported paying 100% of their loan and not getting an offer for a while.
My last loan was $7,200 at 18.25% daily sales, my new loan is $7,800 at 16.5% daily sales. It is not as big as I would want, I'm hoping to get around 10-15K so I can buy pallets of inventory, but I took it as to make history with Square that I am good to repay my loans. Perhaps this will also look good to a bank if I ever decide to get outside funding.
So there is no science to when you get a loan offer. Just keep making sales, get a nice mix of new and repeat customers, and keep on trucking. It comes when you least expect it. I was actually anticipating my new loan offer for like 3 weeks now, when I finally gave up on the idea it popped up yesterday evening. I was offered, approved, and paid in less than 1 hour.
Owner
Perrone Technologies: The Computer Shop
www.perronetech.net
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