Hi @Gabriel112. Square Loans are a little different than traditional loans. First, we can not apply for them. Square has an automated algorithm (or black box as we affectionately call it) that regularly evaluates our accounts and determines when it is ready to offer us something. All we can do is keep selling, keep growing and eventually the black box sends us notification of a loan offer. There is nothing we can do to hurry that along.
Second, while They are called a loan, Square Loans are more like merchant cash advances. This means that instead of one fixed monthly payment, we commit to a fixed percentage of our daily card processing volume that is used to pay back the loan. So in slow months we don’t pay so much, and in busy months we pay more. But, there is a minimum that must be paid every 2 months to stay current. Also, Square does not charge interest but rather a flat loan fee that is added when we take out the loan.
Lastly, here are a few links with information about Square Loans.
Get Started
Square Loans FAQ
Square Loan Eligibility FAQ
Square Loans Decline FAQ
Let me know if you have any other questions.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
