Do you mean by paying it off early? Or by closing it and having Square take the amount due out which could be taken at all at once. That's considered a default on a loan agreement and just like anything else if you don't pay it they can take action to collect on the debt. I would highly suggest if that's what you mean contact them first and see if you can work something out. That's a default and I can't say you would never get another offer but I would guess it wouldn't be anytime soon. I guess it is which one you mean. Good luck and if you need anything else please let me know
Oh, yes definitely but like @TheRealChipA said it's not an overnight type of thing. Depending on when you pay it off its 10 business days to clear and then you go back into the algorithm. You scared 😱 me I thought you meant default on it. Paying it off early is a good thing but it does take some time to process and clear everything.
Mine once cleared and set it still took 2 days to totally clear out of everything. Mine was longer than the 10 business days add in a federal holiday and I did it on a Saturday so I hit 2 weekends ugh. But, once it was all done and cleared everything I believe it was around 2 weeks for myself for a new offer. I don’t take or accept every offer though.
Did it give you the gliding scale? I’m just throwing out a number of they offered you 20k max but you slide it down to say 15k-12k the rate goes down usually. Or was the 15.9 % the lowest? If so then that’s your offer and terms of it. Unfortunately, rates are high now. And sometimes you have great customers who pay their loans off or accept another offer prior to that. But we also see those who default on loans and that doesn’t help us who pay our loans. Even my little credit union has raised their rates on loans especially with businesses. I was pretty fortunate that I got a LOC in 2019 and the rate was 7.25 % for a sizable LOC. But no unfortunately, you can’t negotiate what is set on your offer. Just the above that I mentioned.
