Square Loans Reviews 

Company sent out multiple loan offers for the same amount with different hold percentages. I based my calculations on the first email they sent unbeknown to me I accepted the loan off the second email with a much higher hold rate. Very dodgy business practice. Won’t be using them again.

I like the loan program for it's convenience and for the rapid funding. It's been very helpful at times. I'm about to pay off my 7th loan. Altogether these loans amount to about $95,000 and the fees total about $13,000. The first loan came in handy when I was trying to complete a home purchase. More recent loans have helped me purchase a 2nd business and expand my business operations.

My 2 quibbles are these: #1 -- in theory, when I've borrowed, the repayment period is up to 18 months. I've paid off every loan in 10 months or less due to the fairly high daily payment terms. The loan fees are typically about 13.5% of the loan amount. They set the percentage that they withhold from your daily sales to be too high in my opinion. This makes the effective "rate" on your loan much higher since the term is usually much shorter, and can kind of create a cash crunch for you. If your card sales in a month are $15000, and they are using a 15% payback as the amount to be withheld, then your "loan payment" for the month will be over $2000 that would be withheld from your daily sales. That's okay, but just beware that these are short term loans which get paid back pretty quickly. In my experience payback is usually 10 months. On average I have, in fact, paid about 1/10 of whatever was owed every month I've had a loan. There is no credit or refund for early payment.

# 2 -- When they offer you a new loan, if you have any remaining balance from a prior loan it will be deducted from your new loan first. If you owe $10k that you've paid your fees on, and you get a new loan of $20k you will pay a fee based on $20k, but you will only net $10k. Just make sure you know how it works. In an unrealistic, but accurate, example: If you borrowed $30,000 the fee would probably be about $4000 and you would owe a total of $34,000. If you were able to go back the next day and get a new $30,000 loan there would be a new fee of $4000. They would deduct the first loan amount of $30,000 from the new loan, so no money would go into your bank account, but you would now owe $38,000. It's sort of a double charge. I assume it's a legal charge but it isn't exactly a "Square" deal. At any rate, it's something to consider. I would recommend not taking a new loan until the old loan is completely paid off, or at least nearly so. If you must do so, just know that you will pay about 13.5% again, for anything you already owe. On $1000 it's $135 which doesn't seem too bad. If you still owe $10,000 on an old loan the fee would be $1350 for which you basically get nothing in return.

Services are OK, equipment works well. But as far as being a new business, if you are looking into a loan for product or equipment, forget about it. They say your eligibility is based off of customer mix, card processing volume and such, but mine has been above their average, yet no loan offers. Either go out of pocket or do it through a bank, Square doesn't like doing loans apparently.

Your reply is obviously automated and does not actually address the issue.

Square has been great for our business and the features are great. We've been with square since 2018. I recommend for all business owners. The loan program is great and useful for growing out company only downside is loan renewal process changes. I was offered one at 75% paid off. Now haven't had one yet and am at 85% paid off. So not sure of the consistency but besides that great platform.

This service square the more I look up seems like a fraudulent company. Holding money from people closing accounts with no explanation in sight. Trust me if you use these people they are only good company when you pay them or you don't need anything but when you need help if your in need of finding answers or solving problems forget about it... This company will soon end up in a class action lawsuit trust me for all the people that get no help your not alone and look up the reviews. Our business had a loan with them and we wrote a business check using the app the check was deposited by said party thru mobile deposit how it explains to do it. The next day the money was taken from said party that was to be paid for a refer to maker code I paid the guy thru another form of payment he sent me his bank statements and I have talked to his bank and I have a substitute check the US bank sent back since it was never cashed but they won't put the money back into my account as they say it's settled and it was deposited. Big banks like US bank don't write substitute checks for fun or because they feel like it.
The check was returned but square has no clue why or where the money went other than just deposited or settled as they say you also them for help just get the run around or they hang up with you for questioning them. So basically if your check business check is returned they just take the money or say they cant prove where they money went no legal documents just its settled. Show me proof that it's settled like US bank has supported documents that it was returned...but something square can't do apparently.

Square Capital is Crappy
I am very frustrated that I have received 6 loans from Square and currently 88% paid off and had offers at 75% in the past! The lack of consistency and the “I don’t know” responses from customer service is ridiculous! Do not understand why they cannot understand that as a small business we need consistency with Loan offers as we have used this money to grow our businesses and increase revenue which means more credit card processing and more money for them!!! They want to be big bank-like but no big banks leave you in the dark about your loan eligibility!! They know they make money off of you and if you don’t keep your customers happy you won’t have any customers! They go elsewhere!! Now Square is offering credit cards and credit lines?? How will this work? You can’t even get the Square Capital right!!!

I have been with square almost 3 years and I have recently noticed a change with the loan process. A perk that used to really benefit small businesses seems to be harder to obtain. The credit card processing fees are extremely high, but many small businesses pay them in exchange for a simplified loan process. The loans have dramatically slowed down and you have to be at the point of almost complete payoff to even receive an offer. You almost must make sure you don’t have too many days of time off or cash payments because it has a negative impact on future loan offers. I used to love Square and would recommend it to other small businesses, but my feelings are quickly changing. There is also zero clarity on when you will receive a loan offer, it’s a guessing, waiting and praying game these days.

I’ve been with Square since 2017 but have really grown since I made them my main POS system! I’m paying on my 4th loan with them (66% repayment) really hoping for another loan. Like everyone else I would like a simplified loan formula but it’s totally up to Square if they want to loan money! I certainly appreciate all the capital help and hope we can continue this beneficial partnership!

Square loans have been a blessing to my business, but, like others have said, the offer process is inconsistent. I've almost paid off my third loan and would like to know when my next offer would be available. These loans are helpful.

Go figure!!!

I leave a review for square capital telling them how it isn’t fair that THEY say everything is in line with my business receiving an offer, with no offer in sight. One of the reasons for the review is their stupid generic no help answers to everybody with no transparency.. and what do they do? They reply WITH A STUPID GENERIC ANSWER to my review. They also told me if I need to switch processors that was my decision. Slap in the face for my loyalty and $$$ for over 7 years.

Switching to PayPal after using sqaure. Loans are easier with them. We meet all the qualifications for a loan and we’re a million plus business but it gets expensive and we need a loan for equipment. They are unreliable and you cannot talk to anyone. EXTREMELY disappointed with sqaure.
PayPal with love to take over what sqaure is making off our buisness.

So my last loan that I paid off with square was $13,000 pay off was $16,000. They gave me a loan offer for $9,000. This crazy. I’m seeing people that have made less than me get in the $20 thousand.

Square Loans has helped my business in many ways. It relieved stress during Covid by providing pandemic relief. And it’s allowed me to grow many times by providing funds to do so. The loan process is simple, and easy to payback. I look forward to using Square Loans for years to come!

I have been with square since 2019. I have taken around 9 loans with them since that time. Every year with the help of square capital my business is up and doing better than ever. My business is open 7 days a week and processing daily. It’s a waiting game and honestly it gives me something to work towards. Can’t wait for my next offer to expand my business even more. Thanks square!!!! Love the square pos and capital.

Having been renewing every year this year we have been paid off over 25k on a loan with no offer in sight. Extremely frustrating when all my markets are all green and readying in good standings. No help from customer service all they tell me is it’ll get here when it gets here. What a horrible answer for a business needing funds to cover our slow summer.

I have had 5 loans with Square. Recently paid off the 5th. I like the ease of applying and quick funding as well as the convenience of paying with a percentage of my cc sales. I don't like the uncertainty of if or when I'll be offered another loan. The eligibility factors are easy to understand. However, if all systems are 'go' and there is no offer, then I don't see the point.

It’s all been great, when they offer you a loan. That’s the key, the when. They never can tell you anything, just have to sit and wait. Would be nice to have a goal in mind to get too, when you would be receiving your next loan offer. I’ve used square more in the past two months then I ever have yet no new loan offer. When you do receive a loan offer the pay back and everything else is great, you can’t beat the way it works. Just the never knowing is the worst part.

I've been a loyal Square user for five years, handling all business through the platform and consistently repaying my loans. Yet, recently, I've been met with a frustrating silence when it comes to new loan offers. The lack of communication and transparency has left me and many others resorting to message boards for answers. Square has been pivotal for my business, but we need more clarity on loan eligibility and offers. Especially since the offers and process have drastically and very obviously changed.

I love Square. I’ve been with them since 2014. The capital program is great and Ive used it several times. I just wished it was more uniform in how they give the loans and when. I’ve had at least 10 loans paid off and paid my current loan down 75% with no offer which is unusual when I usually get an offer when Ive paid off 50% off. My business could really use the capital for the holiday season.