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Loan eligibility

Any updates on the eligibility requirements that you guys know of? I’m on my third loan and currently at 82%. My last loan offers have come around this time. I’m a little discouraged because I’ve also started to use cash app for some of my transactions, which is also a square product, however, it has taken from some of my processing for credit and debit. I am still well over 10K per year. Any advice?

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I am at 97% on my second loan. Didnt get a second offer till first one was paid in full...which was fine because it only took a little over a month. BUT... I keep reading posts from people who have recieved a second offer at 82% (like you)  75%...71% ( a couple other merchants. I dont understand.  I am WELL above a 10 K per year.....I am above 10 K per WEEK!   Honestly, trying to guess the factors to the algorithm is maddening. 

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Ive done hundreds of thousands in Sq loans.  They are cool bit dont expect them to offer you one just because you never missed  a payment and are 100% paid back.  If you count on it they might surprise you and No loan.  Keep your business strong by being able to float yourself. Nobody needs the rug pulled out from underneath them.

Damon Valverde
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I only paid 74% of my loan back and they offered me another one. I feel blessed. I've been paying on time and ahead of schedule and I'm very grateful for their help to expand my business.

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Yes, I’ve been paying ahead of schedule as well so I don’t understand! Thanks for your feedback.

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Exactly! For a new, growing business, this was kind of a tease. It was helping with growth. Now, nothing. Discouraging 

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If I was to guess about the Alogorythm I would gess the rate your revenue is increasing.  Is your business building.  Or has it leveled off or decreased.

Damon Valverde
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Square

Hi there @Matai, thank you for posting! I just wanted to clarify that when determining eligibility, Square Capital takes into account your processing activity on Square POS. We cannot take into account payments processed on the Cash App at this time. Seeing your history with Square helps us spot trends and understand how your business might grow in the future. Happy New Year!

 

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Thank you for taking the time out to explain. However it’s just discouraging to start using a tool for business and find out it’s not consistent. My business is still growing, and to the point of accepting another convenient form of payment through your network. I have enjoyed the convenience of square, but it may be time to explore other POS options and means for capital as to not have an immediate interruption. I’m sure most would agree that you continue with what’s consistent when it comes to business. 

 

Thank you for your time Ms. Regina!

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Just curious.  Did you ever get another offer ?

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 Actually I did.  Not long after I made that post curiously.  Big Brother is watching. 

Damon Valverde
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I just paid off a 12k loan was looking forward to an offer of at least a 15k but was only offered 4,600 had I know this I wouldn't have paid my loan off early in hopes of getting a new loan at a higher amount. I called customer service but to avail. 

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Max.  The way loans are they (Banks) usually given is that they loan them to people who dont need them.  There is nothing you can do.  Its their money and their business. Mind your own.  Find an alternative. Make your business self reliant.  These types of loans can become an addiction. They may help your business survive but your business needs to stand alone.  In the lond term they can weaken yur business.  Particularly if you are giving say 10-15% of your revenue away.  Im not saying you dont need credit to build because we do.  All Im saying is "In good measure"  Too much of anything is not good.  Find another way.

Damon Valverde
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@Matai  did you ever get another offer ?

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