Square Loan Paid Off, How long for new loans?

[KK2020]

Hello!! 

I got my first loan 2/10/2025 and just paid it off on Saturday 3/29. 

How long after do you get approved for another usually? 

Looking forward to use for a new machine if I get approved! 

[Twpchair]

Congrats first! And of course, here I go! If you don't know by now there are no guarantees of if or when. 2nd loan ugh, I have been around since the first testing for the loans! The algorithm crunches numbers and collects data on how you process, volume, swipes per day, new vs return customers, and talking that nonstop. In the past loan 1-3 type things tend to be lower and longer of wait. With the algorithm now I wish I could give you a rough timeframe. I have seen 2 days to 3 weeks. Posting here might get a few others and there are a bunch of people who are on here now on loan 1-4. One just posted 10 business days later. Good luck and please keep us posted if you would it helps others to see a rough timeframe. 

[Minion]

Congrats on the pay off. Just echoing off from @Twpchair . and something to keep in the back of your mind.  You did pay off your loan within 5-6 weeks which is great no doubt, but also just consider the loan fee when taking that out and paying it back for future loans that you may take.  Does the fee outweigh the time you will have the funds for? 

Best of luck, seems business is good for you !