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Square Loans

Epic Contributor

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?

Message 1 of 5
4 REPLIES
Community Leader
Super Contributor

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
Message 2 of 5
Epic Contributor

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.

Message 3 of 5
Established Contributor

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 - 

Message 4 of 5
Regular Contributor

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.

Message 5 of 5