Credit Card Center Advertiser Disclosure

Reply
Epic Contributor
Posts: 29,452
Registered: ‎10-23-2007

Square Loans

I'm moving our POS systems over to Square and I see they will start to monitor and possibly offer you credit lines to draw off similar to Kabbage... Anyone have experience with a Square Line of Credit?

How long before you received offer?

How large was the line?

What was the rate?

Highlighted
Community Leader
Super Contributor
Posts: 9,928
Registered: ‎07-17-2013
0 Kudos

Re: Square Loans

Im watching this...only because its you, lol Smiley Happy

On a side note...is "Square" that tiny little white square (lol), that you can swipe your CC thru? I actually did that last week at a little shop I was at, and thought it was neat. Can you take any of the cards? VS/MC/AMEX/DIS??
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Epic Contributor
Posts: 29,452
Registered: ‎10-23-2007

Re: Square Loans


pizza1 wrote:
Im watching this...only because its you, lol Smiley Happy

On a side note...is "Square" that tiny little white square (lol), that you can swipe your CC thru? I actually did that last week at a little shop I was at, and thought it was neat. Can you take any of the cards? VS/MC/AMEX/DIS??

Yes it is the tiny little thing is how they launched many years ago for mobile payments and to get small businesses that weren't taking cards to start taking cards.  Now they have a suite of products/apps to grow and track business and have an ipad stand to look more professional at check out and the new chip/tap square reader with stand also.

They take all and every credit card including apple pay for the same flat rate.

Established Contributor
Posts: 743
Registered: ‎09-05-2013
0 Kudos

Re: Square Loans

I dislike square - Prefer PayPal Here 

Paypal working capital loan works well for us

 

 

Amazon, and Shopify also offer working capital loans - 

Regular Contributor
Posts: 213
Registered: ‎07-23-2015
0 Kudos

Re: Square Loans


Creditaddict wrote:

I'm moving our POS systems over to Square and I see they will start to monitor and possibly offer you credit lines to draw off similar to Kabbage... Anyone have experience with a Square Line of Credit?

How long before you received offer?

How large was the line?

What was the rate?


I have used Square for at least the last 5 years.

 

They have always worked very well for me. I have never had a problem.

 

Square Capital loans are based off of your swipes. They charge a one time fee depending on the amount borrowed. it is not apr based.

 

The repayment is a % of gross swipes. The loan I took a few years ago was a 13% payment of daily swipes.

 

There is NO SET time for repayment it is all base on your swipes but they know approximately how long it should take you to pay off the loan based on your swipe history.

 

After you build some history with them they will send you an email with your pre-qualified loan amounts.

 

I was with Square before they offered the loans so I'm not sure how much histroy with them they will be looking for before an offering.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.