TLDR: Square offers small businesses access to financing through loans based on their business’s data, with transparent costs and a reasonable repayment timeframe.
00:00 Get a loan based on your Square sales data to take care of day-to-day cash flow or grow your business.
00:35 Repayment rates and fees for small business loans from Square are transparent and applying does not affect your credit score.
00:59 Repay your small business loan automatically with a percentage of your daily Square card sales, with most businesses paying it off in 6-9 months and a maximum repayment period of 18 months.
Here’s how to get money to take care of day-to-day cash flow or even take the next step for your business first.
When you take payments with square you may become eligible for a loan based on your business’s data like your. Square sales. Payment frequency and new and regular customers just run your business as usual and we’ll contact you if you’re eligible.
To apply find your loan offer in your Square Dashboard under the money tab. If you’re not eligible yet you can track your status. Here too choose any amount up to your max offer.
Loan Fees & Costs
You’ll see the flat fee and repayment rate change too.
Once you’ve decided on the right amount. You’ll see the total cost of the loan no ongoing interest closing costs or additional fees.
Not even late ones provide a few details about your business and yourself applying doesn’t affect your credit score.
We’ll review everything and get back to you in a few business days.
If you’re approved funds are deposited as soon as the next business day you’ll pay your loan back automatically with a little bit of your daily Square card sales.
This means if you bring in £1,000 one day and your repayment rate is 18.5%. You pay £185 of your loan that day.
If you’re closed the next you don’t pay a thing the time it takes to pay off.
Your loan depends on your business’s sales.
Most businesses pay it back in six to nine months.
We just ask that you hit your minimum every 60 days and that everything is paid back in 18 months visit your Square Dashboard or check out Square.com