Hi guys, Curious if anyone has had experience with square loans lately. This is my down season. My current 8k loan has been paid down to 90% in less than 4mths. I usually get an offer by now but am getting nervous it might not happen. Last year the November loan I was offered helped me get through the winter. I noticed my sales are down from last November, maybe that’s why? I know it’s random and they say it’s a computer system that reviews every 7-10 days. Just wondering if there is anything I can do to potentially help my situation or if someone has been in a similar circumstance and was still offered one?
What’s the rate on these loans?
It’s not an interest rate, it’s a flat rate and they repay themselves back with 15% of your daily sales. My loan fee was $1000 for 8k
They probably want you to clear the first loan first, never hurts to call and ask though.
They usually offer new loans with the balance incorporated in when you’ve paid your current loan down to around 70%. This is my 4th loan with them. I’ve paid off each loan in a matter of months of them giving it to me. I could try to get them on the phone though, they make it complicated to speak to someone.
Merchant Cash Advances are trash. Pay it off and never take out another one. Every time someone swipes their card, you are being robbed of your precious cash flow. If you need funds that bad, there are better ways than MCA’s
MCAs are the equivalent of a payday loan for the business world. They’re (unwittingly) doing you a favor by not letting you stack them. Do whatever you have to do to figure out your business cash flow so you can pay this one off and never do it again. Or… figure out how to exit this business as it’s not sustainable.
Sign up with Nav if you haven’t already and look for loan options through there. Definitely better than going through an MCA and most are just as fast turnaround