Who else loan is almost 90% paid off before first payment and it’s been 9-10 days

[Twelve19]

I’ve been at 75% for over a week now and calling is NO help

, now I’m at 86% and still NOTHING , I appreciate the loans but it if I’m steady paying back way too fast it’s not enough money and it’s taking way too month for the offers I been waiting 9 days 

[VanKalkerFarms]

I'm not sure what you are asking.  You have a loan and are 86% paid back and are looking for another loan?  I'm not sure what the "before first payment" is referring to.  Loans are not automatic at any percentage paid back, and even if 100% paid back there isn't a guarantee there will be another offer.  Calling won't help with loans as there isn't someone to review loans as more than 2,000 loans are offered and over 1,000 loans are started a day, this is an automatic computer review and not like the old days when you should sit down with Jim at the bank and talk about your family and he'd give you $20,000 for the year.

Personally, I would say a better way to go about lining up business financing is to get a Line of Credit or Revolving Line of Credit set up at your local bank or Credit Union.  That way you only hit the line when you need it for a few days and it only costs you for the days you have a balance out.  Way cheaper and doesn't take 15% of your sales which is probably more than your net profit margin.

[Twelve19]

I need some line of credit references if you have some please 

[Twpchair]

I personally prefer my small five-branch credit union. I have accounts with Chase and PNC, but they are not the right fit for me. My credit union took less than two hours to complete the LOC and even half of that time was spent on a slow computer issue. I only needed to provide an updated driver's license to get started. 

I also have a business account with them, and I provided all necessary documents when I opened it. All my deposits go straight into that account. The credit union offered me a slightly higher LOC than I anticipated, but I've only used the account twice in the last six years: once for an emergency and once for a great furniture sale I couldn't pass up. They tend to deal with you 1 on 1 and no board meeting 1x a month to go over loan apps at some big branches. 

[Minion]

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@Twelve19 wrote:

I need some line of credit references if you have some please 

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How is your personal and or business credit if you don't mind sharing ?  You don't need to be specific on numbers, but unlike Square they will look at your personal credit history, relationship with them and so on.  So if you have a good relationship with your current local bank that you do business with, that would be a great place to start. 

Personally I use Chase 

[Minion · Accepted solution]

Hey @Twelve19 

Like @VanKalkerFarms mentioned, offers are not guaranteed when you hit a certain %.  While sellers may have been able to judge or get an idea of when an offer came in the past, its just not the way it is anymore unfortunately.  you are certainly on track though seeing you are at 86% before the first payment which I believe is somewhere around 3 months so you are certainly making sales. 

Also, like above one of biggest things to factor in is how fast you are going to pay that loan back, meaning how much of those sales % you now won't keep in order to satisfy the loan.  

I've used these loans before, My offers are never crazy, 4-6k generally.  However I do about 70% of sales in cash and checks, so my loans are generally extended over a 14+month period. Never late, but never eating my sales. 

[Abby_M]

Hi @Twelve19 

Appreciate you taking the time to post.

We appreciate your loyalty when choosing to partner with Square for your past business loans. New offers are not automatically extended when a certain percentage of an existing loan is repaid. Offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. Square accounts are reviewed on an ongoing basis to ensure that each business gets the right customized offer. We can’t predict if or when your business may be eligible for an additional Square loan, however, we will continue to monitor your account for eligibility.

Please contact us directly if you have any other questions.