Square Loan More Transparency Questions

[Minion]

So I'm just trying to get a better understanding of how Square Loans works, outside of the normal "keep processing sales, reviewed on a daily basis etc.).  I've only been using square for going on 2 years.  I hit the 10k amount needed back in last March, and then the Pandemic came around.  I was offered my first capital loan around the end of November last year, and while the majority was paid back automatically, any sales that weren't from a credit card, I still made those manual payments back to square. You know, good faith kinda thing..  This year I decided I would run all my sales through square using invoices, regardless if it were a cash, check. credit or debit. I don't need any loans per say at this moment, I'm just trying to get somewhat of a more understanding of how it works.  It's always nice as a business owner to see options available incase something should ever come up.  So here are my questions hopefully someone can chime in to spread some light on the not so transparent parts in my eyes.

!) Does a business need to 10k in sales every year before qualifying once they were approved once? 

2) Do those sales have to be strictly from CC sales?  Especially if we are running invoices and marking them as paid by cash, check other...its a paper trail of money coming into the business

3)  Does manually paying back the % from a cash or check sale to a capital loan hurt future loans, IF the invoice was made through square and accounted for?

Thanks for your time. I believe those are my main questions regarding it.

[Cameron_ · Accepted solution]

Hi @Minion,

Thanks for your post! Great questions, I’d be happy to clarify.

In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer. Offers are based on many business factors including, but not limited to, your current payment processing volume via card sales, your customer mix, and your Square account history.

Keep in mind, if you choose to make an additional payment or pay off your loan completely, there’s no penalty for early repayment but we are not able to project your eligibility or offer amounts.

While we do not have a specific timeframe for when another loan offer may be available, we will continue to automatically review your account for eligibility. If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email. To learn more about Square Loan eligibility, visit our Support Center.

Hope this helps! Feel free to contact us directly if you have any other questions.

Thank you,