I Paid Off My First Square Loan — When Will I Get a Second Offer?

[thebaddreamers]

Hey there! I have a question regarding square loans for anyone who might be willing to provide some insight.

I'm a record producer and only this year did I start funneling business through square. I take payment over a number of different methods due to the nature of my work, some companies need to pay by check/wire/etc, so only a portion of my business has gone through square.

I recently paid off my first loan with Square within 4 months, it was smaller - only about 800 dollars including their fees. They made the offer after I reached the 10k sales threshold. Since receiving the loan, I've done another 12k in business through square, most of which in September - I paid the first loan off on Sep. 27th.

I have not received another offer for a 2nd loan yet - do you think I will receive another offer? And if so, when it might come/how much it might be for? I know that nobody has that actual information here but I would love to know what everyone thinks about my situation. Could really use a 2nd loan for some new studio gear.

Thanks all!

[Laurie_ · Accepted solution]

Hi @thebaddreamers! 👋

Thanks for reaching out with your question! I see you’ve directed this to other Sellers here in the Community, and while I want to leave the floor open to other Sellers, in the meantime, I can share a bit more about what to expect from Square’s side when it comes to loan offers.

Square Loans are offered by invitation only. If you don’t currently see an offer available, you won’t be able to apply just yet. That said, Square reviews accounts daily, so eligibility can change from day to day.

If you're eligible, you’ll see available offers in the Loans tab of your Square Dashboard. Offers are based on several factors unique to your business, including your payment processing volume, account history, and how frequently you take payments.

For a full breakdown of how Square Loans work and what to expect, I’d recommend checking out our Apply for a Loan
guide.