120 Day Loan (Cash Flow)

Jerrysbar

I just paid off a 120 day loan (cash flow loan). Has anyone done one of these? If not, don't, unless you really need it. I received one for $6,300, almost $1,800 had to be paid back every month (14.99% of every sale). This put us in a huge bind when we had to close for a few days for a family death. Got it paid off and they offered me another one for less money and a higher percentage from every sale. Never again! I added that 15% to my savings, that way the money is there when I need it and it's not being paid to Square.

Papaya

Hi @Jerrysbar

I am sorry to hear about your loss.

With Square Loans, the payments are a fixed percentage of your card sales and will depend on the amount you process each day. Please know that your loan repayment schedule was based on your historical Square sales at the time of your offer.

We are not able to adjust the terms of your loan, including the repayment rate, when there are changes in your business.

Don’t hesitate to contact us directly if you have further questions or concerns.

Sky
Square Loans Team
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Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Jerrysbar

No need to be sorry, I was just telling others about my experience. I will go without a loan and just put that amount into savings before I ever do a 120 Day loan.