Square Loans Reviews

**Review of Square's Loan Services**

I have been using Square for my business for 15 years now, and while I appreciate the platform's ease of use and support for transactions, my recent experience with their loan services has been incredibly disappointing and damaging to my business.

Having paid off at least four loans and currently sitting at 76% paid off on my existing one, I expected my loyalty and consistent payment history to be recognized. Unfortunately, despite my team's hard work in processing sales and reaching the necessary goals, I have yet to receive any loan offers from Square. This lack of support has not only hindered my growth but has also led to significant financial strain.

The ongoing withdrawals to pay off a loan that I've made substantial progress on are becoming a heavy burden. Each payment feels like it’s cutting deeper into my cash flow, making it hard to reinvest in my business or cover everyday expenses. It’s frustrating to see my efforts go unrewarded while Square seems unresponsive to my needs as a long-term customer.

In summary, the absence of loan offers after demonstrating reliability and commitment to repayment has severely impacted my business. I urge Square to reconsider their loan offering policies, particularly for loyal customers who have proven their creditworthiness. I hope to see improvements in the future so that other business owners do not have to endure the same struggles I have faced.

Date of experience: October 02, 2024

Square is a great support for my business through the years since 2015. They have helped my business grow tremendously in all aspects. I can’t thank them enough.

Date of experience: September 15, 2024

Square Loans has helped out my company multiple times. I am very satisfied with SquareLoans. You pay a one time fee (and get offers as you get closer to completing your loan).

I have been with Square since 2014 and do like using them for our business.

Date of experience: August 18, 2024

Square loans have allowed our business to grow with ease. The repayment system is awesome and reflects your good times and bad as we all have them. They are easy to deal with and easy to understand. Square loans support small business to expand and grow and our business has because of there understanding of the smaller businesses and gives them a go in life, not like the bigger banks who don't give the little people a go in life and they forget once sometime in life they started out as a small business also. Congratulations to the square team and your square loans to help the smaller business, keep up the good work

Date of experience: June 03, 2024

Square Loans was a timely alternative that boosted our working capital at a time a boost was needed. Applying is seamless, yet thoroughly structured, leaving no question to how it works. The dashboard is very user friendly, and you are able to render your loan payment via daily sales and processing-making it a convenient and easy process. We recommend Square Loans for your short term business needs.

Date of experience: August 28, 2023

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.

Date of experience: October 01, 2023

Square loans have helped our small business over the past 5 years! We are currently paying down our 4th loan at 72% patiently waiting for an offer for our next loan. They make you an offer, you accept the money is in your account within 24 hours. We send invoices and take payments through Square. Our yearly processing volume is in "good" status and projected grouth within the next year showing on the rise! if you are looking for a convenient, no red tape small business loan we recommend Square.

Date of experience: April 06, 2023

This loan was life saving, and catapulted me towards expansion. I increased sales by almost 300 percent once I had a little extra support from Square. The repayment process is easy, and I'm building confidence that my side business can take up more space in my life.

Date of experience: January 18, 2024

The loan I received was fast, efficient, and helped boost the cash flow of my business. I was able to purchase new equipment; which lead to quicker completion of projects. I thank thumbtack tremendously for considering, and offering my loan to help me generate more profit for my business! God bless!

Date of experience: December 10, 2023

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!

Date of experience: August 22, 2023

It has been a challenge for me to qualify for other types of business loans since I have a significant amount of student debt (medical school plus additional graduate training). Receiving this loan from Square has allowed me to continue my private medical practice and to grow my business. This loan opportunity through Square has helped me to reach my business goals much faster than I expected. Thank you!

Date of experience: December 11, 2023

This was my 2nd Square business loan and it has helped me improve the quality of my business as well as helping me improve my skills with expensive CEs. I love the fact that I don't have to worry about payment due dates and they take out a fair amount without breaking me. Everything has always went smoothly with Square and I definitely recommend them!

Date of experience: December 11, 2023

The entire system is pretty user friendly and having the option of a loan is phenomenal and so helpful. The lack of being able to ask for a offer or know when you may receive one is so frustrating. I’ve received multiple offers in the last 4 years more so recently due to major increase in sales which in turn has doubled my offer amounts BUT at random times. I’m currently waiting and feel lost as to when to expect it.

Date of experience: August 04, 2023

Very easy application process. The terms are understandable. So convenient being able to pay through your sales. I have used Square loans twice to upgrade various things for my business. It's definitely an amazing benefit.

Date of experience: January 01, 2023

My whole experience with square Loans was quick easy and convenient. They offered a loan I could afford and the fact repayment is done automatically is what is most convenient. No worries about payment dates. This also makes repaying the loan fast!

Date of experience: December 11, 2023

Very disappointing… I was very excited about the Square Loans. They were really helping my business it has been very hard getting a new offer. Even with business sales increasing and all my remarks are green. Customer service is NO help. We should be able to apply for more business funding loans…..!! Thinking about taking business over to PayPal

Date of experience: April 12, 2024

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.

Date of experience: August 07, 2023

The loan has worked well but there is little to no communication on when another offer will be available. All of our stats are in the green and we've paid off both of our loans extremely fast, one for 67,000 and one for 101,000 both paid within 8 months, and we have yet to recieve another offer for almost two months ongoing. They provide no guidance as to what we need to fix to become eligible.

Date of experience: June 21, 2023

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.

Date of experience: August 15, 2023

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.

Date of experience: August 07, 2022