Square Loan

[Damien_H]

Small business. Just really starting amping up processing through square in October 2023. Received loan offer 11/1 small amount $1700. 78% paid off, projected growth is 2.5 of that now & growing. Will a new square capital loan be offered ? I see they say 3/4 paid off & if so do they loan off a percentage of what you projected to make going forward or some other way ? Thanks 

[marielmt · Accepted solution]

Hi @Damien_H !

Thanks for posting on the Seller Community.

When determining your business’s customized offers, we consider many factors including your business’s history with Square, processing volume, and progress on any plan that’s currently active.

As your business continues to repay its existing loan, we’ll also re-evaluate its eligibility for new offers. This 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.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

[Damien_H]

Thanks for responding. Everything is great across the board, all green from past to my current loan. 81% paid off. Business has tripled since my current loan on 11/1/24. I’ll continue working patiently waiting on a new offer. Thanks 

[Twpchair]

What a fantastic way to approach the situation! Kudos to you and @Kacey_W. While some things may be out of our hands, our business is not, and we can continue to move forward and make progress. It’s natural for us to lean into our habits and the ways we’re accustomed to. Square, like all businesses, has evolved significantly. Reflecting on where I started with them, a simple transaction involved plugging my phone into a small slider and watching the money flow in. Now, it’s incredible to see how far they have come, providing us with tools to track nearly everything we need. I’ve realized that I prefer a higher percentage paid off. It took a few loans for me to grasp that it’s about 78% here, and once I hit that 85-91% mark, I enjoyed receiving nearly all my offers without losing 30% to repay the previous one. This last loan saved me enough to buy a truckload of furniture, and I received an increase in my offer that covered all my supplies for 6-9 months, including upgrading to two new cash register systems. I still have my original loan amount in Square savings, which offers better interest than my credit union. It’s all about shifting our mindset around those percentages as a golden rule—easier said than done, I know. Listening to others who are near 100% paid off, many emphasize the long wait but acknowledge how having everything now has transformed their experience more than just the 70%. I wish you both the very best, and it’s been a true pleasure to accompany you on your loan journey.

[Twpchair]

Thank you so much! I’ve come to appreciate the higher percentages when it comes to repayments. It took me a few loans to step outside my comfort zone of that 70%, but now I find that 85-91% feels just right. The recent one at 91% was perfect and a significant boost for me. I've realized that I just can't accept those rare 69% offers anymore. I passed on one that was even $1,000 higher than my previous offer because of losing out on that 31%. It felt like a better choice to wait for something more favorable. When the 91% offer came along, I jumped at the chance! 

It’s funny how we become creatures of habit. I’ve had to train myself to not focus on those percentages, but it’s crucial to remember the overall picture and how much that extra 30% can make a difference. I appreciate how you take the time to explain this to others, and I’m truly thankful for you and Abbey being here. I know you both have so much on your plates, but I can’t express how grateful I am that you take the time to help us out. Thank you both for everything you do!

[Kacey_W]

I too am fairly new started back in June 2024 and got my first loan $1402 (I think) Nov 21, 2024 I had it paid off completely March 2, 2025. Wanted to pay off so many times but needed to show I could pay back per swipe etc. I mainly get cash payments at the salon/barbershop but use square for the clients that don’t have cash. So my numbers are super high like many. Anywho…I’ve not received another offer yet and been paid off 6 days now. All numbers are good I’m all in the green. 

when it’s my time I’ll be ready for next offer! Good luck to you