Does Sqaure offer you another loan if you pay off first loan ? Or is it based off your square usage

[MBKLockout]

I would like to get another loan through square . I have one open now but thinking about paying it off early . I haven’t used square lately because customers have paid cash . Will square still offer or give me another loan ASAP !?

[Twpchair · Accepted solution]

No, if you pay off your loan directly it takes 2 weeks to process and then you go back into the regular algorithm and if or when you get it an offer is totally up to them! Paying it does not guarantee a new offer at all. Loans are not even a guarantee honestly. All you can do is keep swiping your cards and watch your dashboard if or when a new offer comes in. 

[Minion]

To echo what @Twpchair mentioned, nothing with any credit services (square or otherwise) is honestly ever guaranteed, especially when the majority of it is done by algorithm and not full manual reviews of each account.  

As suggested above, I would just continue to make the payments as you do sales with CC. Since the loan origination fees are already included in the total pay back amount, you won't be saving any money by paying it off early.  

By all means though if you have the spare funds available and want it out of your way, more power to you but if your CC processing have been down a new offer would most likely take a while (if any) to generate.