Square capital no new offers?

Ozco18 · ‎04-25-2018

We've paid off 2 loans within 60 days and we're denied a 3rd loan due to supposed cash advancing. I did use my personal card to pay off the remainder of our second loan but was unaware this was an issue. We opened a new warehouse and we're could ting on a new offer to purchase asldditional inventory to fill the warehouse but received no new offers and it's been over a month since our loans have been paid in full.

Ozco18 · ‎04-24-2018

Hello,

Our loan was denied over a month ago for claimed cash advancing because I charged my personal card to pay off the final bit of balance due on our previous loan. Our sales are still stable and growing but we've not received an additional offer. If you are denied for this sort of issue will you not receive new offers? We paid off 2 loans now way ahead of schedule and we really liked the simplicity of using Square Capital

puka · ‎04-25-2018

Hey @Ozco18 - I recommend reaching out to our Capital team directly who can take a look at your account for you. Unfortunately, we're not able to offer any further information within the Community since we have limited access to your account here.

Puka - She/They
Seller Community UX Designer

AlanMendelson · ‎04-25-2018

Do you have any idea how expensive that loan money was because you paid off the loans so quickly? I'm going to guess you had an effective interest rate of about 70-percent.

Now the truly laughable thing is that Square is delaying another loan to you? They should be drooling at the prospect of you taking another loan at a fixed fee and paying it off fast. They should consider you a golden boy

LOL. It just goes to show you that Square doesn't know what they're doing.

Cking18 · ‎09-07-2018

I was curious if you ever got a new offer. I just recently did the same thing because I was trying to get it paid off quicker!