Square loans

[shenaniganstatt]

To make a long story short. I received a square loan of 20k. I was diagnosed w cancer a few months later. I battled it for a year and eventually won. But as a sole proprietor for a tattoo shop in the Midwest I didn’t begin making decent sized payments until shortly before the maturity date. I’ll have my loan 100% paid off this month. Yet I’m almost a year past my maturity date. My question is will I have to start over at the bottom of the loan program with only a few hundred bucks as a loan. I’m processing between 5-18k monthly. I’ve found nothing on these boards and when emailing them I just get a canned answer about availability. Nothing from real people. Not wanting sympathy for life happening jus wanting some answers

[TheRealChipA · Accepted solution]

Hey @shenaniganstatt.  So, I’ll try to do a little better than the canned Square answers.  Basically, it helps to remember that the size of the loan offers is based on our monthly card processing volume, which (if applicable) includes sales taxes and tips.  The offers are designed to ensure that we can reasonably pay the loan off in 18 months, and they are also designed (it seems) to really be paid off in 12 months with only automatic payments and reasonable card volume growth.

That being said, $20k might be an unreasonable expectation if you are processing $5-18k per month.  I wouldn’t be surprised at all if your next offer wasn’t quite a bit lower.  I have received offers that high before, and recently, but my card volume is more like $25-30k (including taxes and tips) a month during the summer/season months.

I hope that helps give you some guidelines and reasonable expectations.  I wish you well.