Square Loans Arvostelua 

Im switching the whole POS. After 8 years of working with Square scammers, and taking and paying off 8 loans, these day robbers denied my loan, because , you see, I have been using my own credit card, so it was considered cash advances. So what? I had no idea that was “wrong” to do so. All of sudden they changed the rules out of some kind of ethical impulse?? Also very poor communication and customer service. I called to check why is my loan taking a week to be approved and they said all is fine and should be getting my funds tomorrow. So, anyways, my advice is go for SBA loan, if you can . It takes more time and efforts but is worth it. If you get square, dont pay it off quickly, encourage your customers to pay with check or venmo so the square b*tches will have to wait longer for their money

Good service been getting loans for years but the new one I put it's taking long like 7 days no denial or approval

Very disappointed in Square after several years of loans with no issues. Left me in limbo for two weeks telling me they had everything they needed only to be denied because I hadn't given them the info they asked for. Some sort fragmented lack of communication within the organization I guess. Meanwhile I have to scrap the next step of my business plan. Thanks Square...poor timing.

I’ve been getting offered loans for three years now and this is the first time I’ve had to go through hoops to get a new loan. I’ve met all the requirements and can’t get an answer from their representatives. The loans are determined by an “algorithm” which picks and chooses who can get one.

This loan was easy to attain and affordable for my business! I really enjoyed the experience, I am hoping to receive another offer to continue to grow my business!

Love,

Alpha Canine
Hamilton, ON

Stay away from loan offers. Its an extortion , a robbery. They take 17.5% of your daily sales. Recently they offered me 17.5K loan with a loan fees of 2.3k My monthly credit card sales are in excess of 30K which means they will get their money back in less than 3 month. For this offer comparison rate is over 40% PA. What a joke !!! No wonder why their stock price dropped 40%

Easy to apply. Deposited next day. Third loan I've gotten from square. Never a hard ship to pay back!

I like working business with you guys you guys are amazing

Looks use full to keep ur business in order.

this is a daylight rubbery. Its an item to make you disrespect Square

I have always been able to get a loan from Square. Recently, they make you go through hoops to get one. It is ridiculous. I have been getting loans through them for YEARS. I have never had a problem paying them back either. I am about to go to Clover or another merchant processor. I am done!

well done very exciting news
love your commitment to SMBs

No issues and received the loan quickly, as well as paid it off earlier then the time allotted.

I got offered a loan. I was bit hesitant at the start. So I took a small loan to buy some extra equipment. Cards sales was a good idea you don’t see it going missing. But some of my clients pay by cash or by invoice. We had a bit of money tuck away so we thought we would pay out the loan. After reading the fine print. I thought we would be entitled to another loan because we paid it off in 5 months not 18 months. We thought great loan paid off we would be entitled to another loan to expand instead going to the bank. We don’t know when we will be entitled to another loan. Would be great if Square Capital gave some incentive paying back the loan quicker.

I recently took out a loan from square. They advertise 18 months to pay. Yet they use a scummy method of taking a % of the daily sales volume including tips. As a restaurant owner an 18.75% rate is leaving me very little room to operate daily. With this rate my loan is being paid off in about 5 months. I took out a loan thinking I’d have at least a year to pay it off but to be forced to pay in 5 months. I talked to a customer rep and they said it can not be changed to accommodate a lower rate or even a monthly minimum. To me this is just bad business practice, very scam like. Good luck to anyone considering square loans. Frankly I’m so upset with this whole situation I’m considering switching POS also.

Edit: consider making it a monthly minimum, stretch it out to 1 year at the very least. this would ease the burden of taking away revenue from places are doing higher volume and don’t include TIPS in sales especially at a restaurant where the TIPS are wages.

The process for loan offers and approvals is a little mysterious, but overall a very smooth, easy process!

Past 3 years I have always paid my loans of in half the time they require!
Since this Past 12 months our loan offers are less than half of what they've offered in the past.
Bottom line I've been golden to square paying 100% of there loan principal and get treated horribly.
My Company staff is now seeking another POS merchant.
You've been warned....Give them 100% they give you 10%...

One more thing...this post will probably get 0 response from Square.

I love doing business with Square. The loans always come through when I need them the most. Helps my business so much and never an issue. They're always looking for new ways to help business owners! Grateful

it is very easy to get capital for my bussines
No hassle