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For Existing Square Capital Users...How can I become eligible for another Square Capital Loan?

I am an existing Square Capital User with a small loan amount.  I previously held a square capital loan and was offered to increase my Square Capital loan, which I accepted.  

 

How can I receive this offer again?  Do I need to reach a certain percentage paid off before I can be offered another loan?  

 

Any help is appreciated!  Thank You! 

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Square

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Hi @IMPACT23 - I'm sorry about your frustration with your Capital experience. I understand how frustrating it can be to not be eligible. I want to clarify that if you have received a loan in the past, there is no guarantee that you will be offered another one (check out this Help Center Article about becoming eligible for another loan). We are continuing to track feedback we receive about the Capital program/product, so thank you for taking the time to post and share your experience. Please let me know if there's anything else I can convey to my team about your experience in particular.

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Just keep processing, there is not a way to apply, there are factors, check the boards, we awaiting offers as well, theyll come! Good luck to you

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another loan

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how does one keep processing?  Please explain??

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@CCob Keep processing = continue to accept credit & debit card payments using Square Point of Sale. 

 

If you have any other questions feel free to reach out! 😀

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Several Square users are complaining that Square has STOPPED giving capital loans..is this true? Several of us have had loans before but no offers in about 6 months...? 

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I logged in to check my progress on my capital loan, I had 81% paid in in 3 months time, and saw I had another offer. I took it and am awaiting the deposit into my account. Considering there is a good profit margin for these capital loans, I don't see a reason they would stop giving them. It's mutually beneficial. Income is easily proved via app. I just wish the payments reflected on your credit.

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Did you get funded?

 

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The only bit of advice is to be steady and consistant in your business practice .. Cash flow is important. This is what any lender wants to see. I to have had 4 loans paid in record time 😉 And another almost satisfied. Enjoy the rest of your summer. And good luck. 😎

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No, this is not true. Square has not stopped giving out Capital loans. Never has been true, likely never will be. Such rumors are just due to people feeling that they "should" be getting another loan offer, and being off-put that they haven't yet received one.

 

There is no set percentage of having paid off a loan before one receives another offer.

 

Doing things exactly as one has done before - or even improving them - is also no guarantee of receiving another offer.

 

Exactly what needs to be done is never going to be revealed. Not only is it proprietary information, but the details likely change day-to-day based on market conditions so it may be literally impossible for anyone at Square to give a definitive answer. All that can be said is "keep processing cards, and keep working on improving your metrics, and perhaps one day you'll be blessed with a loan offer".

 

Square Capital loans can never be expected. Don't ever expect to get one, never plan to get one, never hope to get one. Operate your business as if the Capital loans are completely non-existent.

 

If a Square Capital loan is offered, treat it as a surprise opportunity. To view them otherwise is to just set oneself up for frustration.

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When You've had 5 loans all PAID successfully and it's been a year an NO NEW OFFERWhen You've had 5 loans all PAID successfully and it's been a year an NO NEW OFFER

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Super Seller

Well said! And I’m one waiting lol

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@DaoDeJing  You are speaking to other intelligent adults. We understand all of this. You seem to miss the point, I mean this respectfully, that most of us had new loans offered on a regular basis after getting close to paying off one, and now many people are not getting offers who have regularly in the past. I have had a few paid off loans so far and almost paid off on this one, but no new offer. It does show that something has changed when so many people noticed it. These are valid questions and concerns. It is clear that now they are not giving out loans like they used to, even with people with a perfect repayment history. You are making a lot of assumptions in your statement.

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@Angela67 I’m sorry if I came across as condescending. My post was a general comment (and gripe) about the avalanche of similar posts related to people wanting more loans, and wasn’t directed at any individual. Most of those posts come across as entitled.

 

But to address your point, it doesn’t surprise me that people with multiple prior loans are finding it tougher to get offered more. First of all, I would think it a wise business strategy for Square to spread the wealth. One may think they should be eager to loan to repeat users, as the loan amounts tend to be higher and the user has proven themselves reliable. And I’m sure that’s a factor. But at some point it’s a better return for them to diversify. Loaning to multiple small businesses reduces their risk, and lets them support a broader customer base, and is almost certainly a better return on investment for them. (A loan is likely to have the biggest impact on payments processed increasing when given to a new business that hasn’t had a loan yet.)

 

All this is guessing on my part. But my point is I’m not concerned. I fully expect each subsequent loan to be much harder to get. (And honestly, if my business was in such a state that I was constantly desperate for another loan, I’m not sure I’d lend to myself either.)

 

But maybe all this guesswork is meaningless. Maybe the “something has changed” has something to do with the market conditions of the economy as a whole. Or perhaps there has been a surge of new users. Or they’re spending a chunk of money to develop a new service. Who knows. But we can bet much more goes into Square’s loan decisions than whether one individual user has met an arbitrary metric.

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I can follow this to a T, Makes perfect sense in understaning the why's and whats

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Well if that is the case I WILL be looking at other products avail - I have found some with a better rate and terms, I just always felt this works great - like others I have noticed some changes as well - so if what you say is true and Square is choosing to be less loyal - I guess I might start looking else ware - Thank you for your insight into the matter  

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I have not had this problem at all

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Is this true ??

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Beta Member

Processing transactions through square. Each time you process a transaction using square, they take a certain percentage towards your square capital loan. The more you use square for processing, the faster you repay your loan 

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 I was looking to increase the amount

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Alumni

Hi @quickburger - Congrats on your eligibility for a loan! 

 

I chatted with our Capital team and it looks like once you have an offer, you aren't able to increase the amount. Specifically, Capital is unable to generate new offers, increase existing loan offer sizes, or customize early mid-plan advance offers. If you're a merchant who doesn't have an existing offer in your dashboard, you must qualify based on processing history.

 

Let me know if you have any other questions!

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