Solved: Square Card LOVE IT, but now I can't get a loan...

Rasco · ‎05-13-2019

I have had several square capital loans and paid them on time. When they rolled out the new Square Debit Card I was THRILLED! I shop with a lot of small businesses that use Square also, so the 2.7% we get back on those transactions is awesome! I guess I should say that I absolutely love Square and would not have a successful business without it....but I have a complaint. I have been using the Square card and stopped transferring money to my business bank account. Now I find myself in need of a loan. Square Capital has not offered me one so I turned to my bank. They will not give me a loan because I do not have regular deposits into my Business Account as I did before(because I use the Square debit card). So I have stopped using the Square Card, which I am really dissapointed about because I LOVED that 2.7% that I get back. I am now transferring my money to my business bank account so maybe I will get approved for a loan in the next 3 month. I really wish Square would allow us to at least apply for the capital loan when we need it rather than waiting on them to offer it. I'm seriously in a bind right now and its all because I decided to trust Square for EVERY aspect of my business needs. I thought I could depend on Square for my invoicing, in person card processing, business loans AND everyday banking with a debit card. I still love Square. Square is great! I just wish I would not have depended on them so much. I need a loan NOW and it will take at least 3 months of regular deposits before my bank will even consider giving me a loan.

Regina_B · ‎05-13-2019

Hey @Rasco! Thank you for posting about your experience. I totally understand your frustration regarding eligibility for a loan through Square Capital and regarding the Square ecosystem. As a reminder, offer eligibility for a loan through Square Capital is largely based on current payment processing data, which means eligibility can change as frequently as your business does. I truly appreciate you taking the time to share your experience. I am going to forward this feedback to my team. We are always relying on real merchant experiences to better our products. Thanks again, and please let me know if you would like me to share anything else about your experience with Square Capital Team.

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Regina_B · ‎05-13-2019

Hey @Rasco! Thank you for posting about your experience. I totally understand your frustration regarding eligibility for a loan through Square Capital and regarding the Square ecosystem. As a reminder, offer eligibility for a loan through Square Capital is largely based on current payment processing data, which means eligibility can change as frequently as your business does. I truly appreciate you taking the time to share your experience. I am going to forward this feedback to my team. We are always relying on real merchant experiences to better our products. Thanks again, and please let me know if you would like me to share anything else about your experience with Square Capital Team.

Rasco · ‎05-13-2019

Thanks for your quick response! Yes, just please let them know that we need the option to apply for a loan at any time. Waiting for your system to determine our eligibility just doesn't work for most business owners. I would love to go back to using my new Square debit card for my business purchases, but I just can't do that if I can't rely on it like I rely on my bank for loans and such. Those of us who have had multiple capital loans and paid them off satisfactorily should be considered for a new loan automatically! We were faithful and carried through our commitment to Square and need that same commitment in return. Thanks again!

Rasco · ‎05-20-2019

I'm curious if you got any feedback from them? I am still waiting on a loan offer. Its going to take 3 months to even be elligible for a loan through my bank so I hope to see Square Capital come through for me. Thanks!

Rasco · ‎09-04-2019

Yes I actually got an offer in June and almost have it paid off! Hoping for another offer after that but now I know not to "expect" it. Still loving Square!