How can I get another Square Capital loan?

[fayebaby50]

How can I get another Square Capital loan? @carolyn

[sarcasticblonde]

You need to pay back 75% of your original loan before they will offer you another one (at least this was my experience).  Also, I asked Square about another loan, prior to paying off 75% my first, and they said they cannot do so until the first is paid off.  Lo and behold, a few weeks later, once I hit 75% paid back, they offered me another (via the Squareup page, not an email offer).  The balance that was left on my previous loan was taken out of my new loan. 

Now, I don't know if they always do that but that is how it worked for me.

[soto]

Where exaclty on the dashboard would a new offer be displayed? Thanks! 

[Tom · Accepted solution]

Hi @soto, thanks for checking in!

You'll be able to view any new offer or other important information from your Capital tab in your online Square Dashboard.

Find more details on this in our Support Center: Becoming Eligible For Another Loan Through Square Capital.

Hope this helps — let us know if anything else comes up.

[claratrevino]

Already paid 61% of the previous loan ,I wonder if I can get another loan before I finished paying my existing loan

[Kassi_]

Hey there @claratrevino -

Welcome to the Community! 

I moved your post over to this post so you can take a look at the Best Answer. Let me know if you have any questions about this.

[RenB]

Hello I’ve paid off 81% of my current loan I process every day. I think I’m 4 months ahead on the loan as well before another minimum payment is due. I have a small moving business and a 3rd capital loan would allow my company to purchase a truck and stop renting and allow us to process even more customers through square without anymore rental and mileage fees. It’s very important for the growth of my company is there anything else I need to do? I’m almost at 90% and I’m getting nervous because I haven’t received another offer yet. 

[ashc]

Hi @RenB,

We ask that sellers do not post for account reviews because of our rules around Capital and the Seller Community.

Please contact the Capital team directly for further assistance.

[RenB]

Ok I apologize 

thank you

[jshaw]

Did you ever get anywhere after your prior loan was paid off? Your last post mentioned almost 90% and no new offer.  I am at 99% and got a measly offer for 10% of the principle from my last loan, which is not helpful at all.  Any info would help to see if this is me or just Square overall.

[HairToday]

Trying. Too get a loan on my capital

[Freddiebowdre69]

Hi can I get another loan now ?

[Bbi1]

I have the same experience 

[Tnt2]

I’d love to get more capital.  I’m 69%paid in 5 months.  I could use some for inventory for the upcoming busy season!

[isabelle]

Hey @Tnt2!

Thanks for posting in the Seller Community. I went ahead and moved your comment over to this post so you can take a look at the Best Answer. Let me know if you have any questions about this. 

[kerribbflava]

How soon can a business get another loan. This has been working well for our business and would like to continue doing business with you. Please inform. 

[Kassi_]

Hi @kerribbflava -

Welcome to the Seller Community! I moved your comment over to this post, so you can take a look at the Best Answer. 

Let me know if you have any questions!

[rhines2]

Im am needing to get another Capital Loan ASAP.. I have a loan at this time and was looking to just add to this loan I have at this time. 

[ABQBodyPotions]

Square is really great at showing your loan statistics now where as before they didn't use to display it. All categories have to be marked as good. We are currently rated at 71% paid off for our previous April loan and the loan repayment is marked as "in-progress" we could also use another loan as we recently restructured our business and took another look at the numbers to accommodate for inflation....we would like to redesign marketing and branding efforts and buy a square register system so we can get on door dash and offer our teas and local honey. Currently our services bring in the most revenue and we are looking to increase product revenue stats.

You can always call square to ask them they are usually super friendly to help you check to make sure you are aligned with what their requirements are.....the system is automated so don't expect square reps to be able to give you a specific date. 

Square Loans saved our business during 2020 and we are forever grateful to them... Square Capital Loans gave us a loan when no one else did and it made a huge difference in the trajectory of our business so we are excited whenever we get an offer and focus on using it to increase revenue and expand operations.

[BloomEsthetics1]

I missed the square loan cut off date and my loan offer expired a few days before I decided I needed to have a second loan. How long do I have to wait until I get another square loan offer? 

[Geeked_Out]

We paid our 1st one to 65% and got another offer, then our 2nd one we got at 60% now going for our third we are nearly at 70% and still havent got it. We pay our loan off quick nearly 70% in 2 to 3 months. The fact they have it automated is sad they really need to see the work we put in to get these.