Square loans 2026

[moxiemavenandco]

Hi! I am currently @ 49% paid of my 8th loan with square. Typically offers have come in at around 50-60% since. I have seen a few people mentioning that they now do a soft credit pull and am wondering if this pertains to personal credit or business credit? 

[Abby_M · Accepted solution]

Hi @moxiemavenandco 

Appreciate you taking the time to post.

New offers are not automatically extended when a certain percentage of an existing loan is repaid, but your business may become eligible for a new offer when your existing plan is closer to being repaid. This timing helps to ensure a significant portion of a new loan can be used to reinvest in your business directly rather than repaying your existing loan balance.

Keep in mind that we can’t guarantee that another offer will be extended before or after the current plan is complete. Repaying your existing plan does not guarantee that your business will be eligible for another offer.

Don’t hesitate to contact us directly if you have further questions or concerns.

[BiB]

Awesome!

[Twpchair]

Congratulations!!!! Thanks for the update!

[Ters6]

This is my first time posting in the Square Community, although I've been reading discussions for quite a while to stay up to date on trends and learn from other business owners. 

Square since 2024. We process approximately 30% of our revenue through credit cards, with the remaining payments coming through bank drafts and e-transfers.

This is currently my third Square Loan, and I've had a very positive experience so far; as a business owner, I don't know how long we will need to use the Square loans- I like it because we do not need to take investment money and not lose any ownership. 

• Credit card processing increased from approximately $150,000 ( 2024- 2025)  annually to $351,000 annually.
• Overall gross sales across all payment types increased by approximately 60%.
• Our average monthly credit card volume has increased from about $24,000 to over $38,000 in the last 30 days.
• Most of our client payments are received during the second half of the month, so June is already trending ahead of previous months.
• During our summer season, credit card processing last summer $50,000K – this summer $85K  during peak summer months.

Our current Square Loan was for $35,400 and is approximately 69% paid off. Historically, we've received loan offers when repayment has been between roughly 53% and 73% completed, although I know every business is different. I think it is multiple data points, not just the %. if you are increasing revenue, and your payment velocity is decreasing at a certain %, would play a part. 

One thing I'm particularly excited with our increased revenue and customer base. Our customers are recurring customers. The remaining balance of the loan will be paid off in the next 2-3 weeks ( we know the payments are coming in). Not sure when we will receive an offer, I know it will be soon. I will keep you posted. 

I'm looking forward to learning from everyone here and hearing about other businesses' growth experiences with Square.

Thank you!

[addisonsgrace]

Congratulations 🎈🎊 I’m at 86% and waiting on my offer 

[Davidjohnedgex]

I guess it really is random who gets a new offer. Business is thriving for me and all green. Just got to 81% on my 4th loan 2 days ago. I shall see if I get the loan lottery today or the next few days. Will update if so. 

[locksmithnick]

I accepted the offer but they still haven’t approved it. The person/bot that usually just automatically rubber stamps mine must have gotten laid off lol. 

[Papaya]

Hi @locksmithnick !

Thanks for writing. 

Please keep in mind loan application review is 1-3 business days. Once your loan is reviewed, you will be notified via email.

Don’t hesitate to contact us directly if you have further questions or concerns.

[OceanHills]

Keep us posted. The most I've ever waited was maybe 5 minutes, even on the weekends 

Trying to gauge if the process is different now. 

[locksmithnick]

And strangely enough, mine is approved and deposited right after my comment! 😂

[OceanHills]

That worked out! 

Still hoping there is movement on my end. 

It's been completely different apparently this year. 

[BiB]

Same. 🤞🏻

[Swain]

I got an offer today just wanted to share so don’t lose hope! 68%

[Davidjohnedgex]

Congrats! We are all just flabbergasted at how they choose who qualifies for a loan and at what percent. Some folks have flourishing businesses through square and exceed numbers and estimates and still don’t qualify and over 80% as well. 

[Ters6]

@Swain @locksmithnick 

As mentioned in a previous post, we're on our third Square Loan and currently about 69% paid off. Our business growth with annual card processing increasing by approximately 60% from the previous year. We're heading into our busiest season, with monthly card volume expected to reach $50K-$75K over the summer. Already in June, processing from 25k average to 38K average. 

Recently, we've been contacted by Uplyft Capital regarding their merchant cash advance product. The timing seems interesting given our growth and current loan status.

Has anyone else received outreach from the Uplyft merchant product? Are they actively marketing to Square sellers? My concern is how: API  to securely bridge your business data with your Square account. It seems kind of sketchy. Is this legit?  

At this point, we're planning to stay with Square and wait for our offer. Is this a scam? 

[BiB]

I've had pretty explosive growth over the last year as well and was also approached by Uplyft. The fee was comparable to Square or less if I pay it off sooner. I have been waiting to see if Square offers anything but I may end of going with them if nothing changes. I prefer keeping everything with Square but I also need to prepare for the upcoming holiday season so not really sure how much longer I'll wait on them to give me an offer.

[Ters6]

@BiB 

This morning, my main concern was the timing and understanding of how the integration worked. I thought it was sketchy at first. 

After research, the difference it seems,  Uplyft has a Trojan horse- first, moving- can now connect via APIs and access processed data - credit card revenue without businesses changing their POS systems, especially with this merchant product.  Personally, I'm not comfortable adding another third-party integration that has access to payment POS and banking info, using an already third-party.

We've had a good experience with Square, and we will have an offer soon. Just something to think about; we may be offered the same loan. It's another tech integration. My understanding may be limited with tech integration if Uplyft is reaching out to your business. It's not a guarantee, but hopefully you will see an offer soon from Square. 

[BiB]

Thanks for the info! I haven't made a decision or looked into very much, honestly. Just leaving it as an option and knowing it's there should it become necessary. I too would rather keep everything together and in the same system. I also thought it was strange to be reached out to after completing my loan but just figured they are trying to get Square's customers.

[Ters6]

@BiB 

I received an offer today at 69%.  It was nice to see, it will help with the growth over the summer.  Hopefully soon for you. 

[Twpchair]

Congratulations 🎈 

[Alexis321]

Is Uplyft is part of Giggle Finance?

[Ters6]

@Alexis321 

I dont think it is part of Giggle Finance. I looked it up to see if there were any connections between them and could not find any links. In Canada, Merchant growth aquired a lot of the smaller fintech lenders. Now with US lenders wanting to expand into Canada, I am becoming more familiar with the names. I actaully think it is good for Canadian business to have more options.