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How hard is it to get a capital loan offer

How difficult is it to get a capital loan offer and how long did it take 

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Super Seller

they are offered by Square Capital based on your account and 100s of factors.  there isn't a way to ask for one if the algorithm decides your account qualifies you will see one on your dashboard or get an email.  over 60,000 people got one in the last 90 days so there are quite a few people getting one.

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To add to the post by VanKalkerFarms, know that you must first process at least $10,000 of card transactions before you'll be considered for a loan.

 

Each account's metrics are different. But as an example, I processed an average of 7 transactions a week for an average of $500 a week, with about 70% new customers, and no charge-backs. With these metrics, I received my first Capital offer just a few days after passing the $10,000 processed amount.

 

But again, everyone's situation is different. Even if you have the exact same metrics, or even better ones, that doesn't guarantee anything. There may have been lots of economic circumstances going on when I got my loan that may not be the same for you. Good luck.

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I instant deposit my transactions 

someone on another thread says that does not qualify for getting a loan 

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I've read the Square Capital agreement and terms completely through several times, and don't recall anything about instant deposit affecting one's qualification. It's possible I suppose. (For instance, perhaps using instant deposit implies your cash flow is tight, which could indicate you'd be more of a loan risk.) But again I've never heard anything about that.

 

I'm also not sure what to think about your acquaintance supposedly getting a loan without having processed $10,000 in card charges first. This amount is only for the first loan however; once someone has had a Capital loan before, they don't need to process 10k again (from what we've been told, at least). So perhaps they were refering to a loan other than their first?

 

Regardless, I'd be careful about basing your understanding of Square Capital on such anecdotal experiences. These other people may be mistaken about what happened in their experiences, or you may be misinterpreting them.

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Square

Hi @Lulu13! Regina from the Square Capital team here, thank you for posting in the Seller Community! I just wanted to clarify that the use of Instant Deposit does not hinder your ability to receive a loan through Square Capital. For more info about eligibility, check out this Support Center article: Square Capital Loan Eligibility

Happy Holidays! 

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