Can I have two Square Loans at one time?

[Worthy-3355]

[The title of this thread has been edited from the original: Can I apply for another loan on top of the one I have]

Can I apply for a second loan on top of the one I have? 

[isabelle]

Hey @Worthy-3355!

Thanks for posting in the Seller Community.

While you cannot have two separate open loans at the same time, Square Capital can reevaluate your current loan, and you may become eligible for a subsequent loan offer. 

If your business is eligible for another loan offer through Square Capital, you’ll be notified by email and your loan offer will appear in the Capital tab of your online Square Dashboard. If you have any additional questions, please feel free to contact us and speak to the Capital Team. 

[Jjbeautyco]

Is there a certain point where this will happen? 

[vickie_]

Hello @JJBEAUTYCO,

Thank you for reaching out. 

New offers are not automatically extended when a certain percentage of an existing loan is repaid. Keep in mind that we can’t guarantee that an offer will be extended before or after a plan is complete. Repaying an existing plan does not guarantee that a business will be eligible for another offer.

Accounts are automatically reviewed daily to determine eligibility. Offers are based on many factors, including, but not limited to, current payment processing volume, customer mix, and Square account history.

Please be aware that aspects of processing history, such as failed debits, chargeback history, and changes to processing behavior may impact potential future offers. If you become eligible, we’ll notify you directly through email and your Square Dashboard.