Hey @AliciaMQuintero. Like you, I have had nothing but great experiences with Square Loans. I’ve never used them as lifelines, or absolute necessities, in my business, however. In my case, I’ve always taken one with a specific goal/purpose in mind.
For example, during the pandemic I, like many businesses, accumulated some questionable/unwise debt. I’ve used the last couple of Square Loan offers to pay off chunks of that debt quicker. That resulted in lower interest and fees overall, and since there is a much shorter fixed term with Square payback, it means that I forced myself to retire that debt much faster. It was a definite win-win and after I’ve paid off this loan I’ll continue that. I don’t have a lot of credit card debt, but at current interest rates it will be smarter for me to use my next loan offer to wipe out most or all of that at a much lower rate over a much shorter period of time.
Lastly, in the current lending environment I would not get hung up on when new offers will come. Just develop the mindset that they will come when they come, and you’ll have a lot less stress and angst. Currently, it seems that most sellers are not seeing offers until the night 80s or even 90s at the earliest. And I’ve chatted with a few sellers here recently who had paid off their loans and were still waiting. The lending market is brutal right now — whether with Square or traditional lenders. All lenders are being conservative and cautious about how much risk they have on their balance sheets. After the last Fed meeting, I see that there is hope but it won’t be a quick recovery for lenders or borrowers.
Best wishes,
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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