Square Loans Fund what's possible

Square Loans are currently offered by invitation. While you are processing with Square, we automatically review your processing activity to evaluate loan eligibility. If we spot that you’re eligible to apply for Square Loans, we’ll proactively contact you (via email and in your Square Dashboard) with a customised loan offer. 

You can also use the eligibility page located in your Square Dashboard to gain more insight into the status of your Square Loans eligibility.

If a loan offer is not available in your Square Dashboard, your business is not eligible at this time. Rest assured, we automatically review Square accounts on a daily basis to evaluate the many factors about your business that we already have to assess your loan eligibility. We will notify you if you become eligible for a Square Loan at a later time. You do not need to contact us or provide any additional information to become eligible for a loan offer.

Loan eligibility is based on a variety of factors related to your business, including its payment processing volume, account history and payment frequency. We review accounts on a daily basis and will notify you if your business becomes eligible.

It depends on the type, volume and frequency of payments you take with Square. When you qualify, we will make you an offer between $100 and $250,000. From there, choose to borrow as much or as little as you like up to your maximum offer amount.

Once you’ve applied, we’ll do some final checks before letting you know if you’re approved. This should take a couple of days at the most (most applications are approved on the spot). The money will be deposited in your account as soon as the next business day, if approved.

A fixed percentage of your daily card sales is automatically deducted until your loan is fully repaid. If sales are up one day, you pay more; if you have a slow day, you pay less. A minimum of 1/18 of the initial balance must be repaid every 60 days.

No, loans from Square have no ongoing interest charges. The total cost of the loan is simply the loan fee, which is the difference between the total owed amount and the initial loan amount you apply for on your Square Dashboard. The total cost of the loan never changes.

Yes, you can make prepayments at any time at no additional cost. The total amount you owe does not change due to prepayments.

If your daily card sales cannot cover the 60-day minimum payment, Square will debit the remaining minimum payment amount due from Square balance or your Square-linked bank account.

If your loan amount is less than $75,000, you will have an unsecured small business loan. This means that you won’t need to put up your house, car or other personal assets as a guarantee that you'll repay us. For loan amounts over $75,000, we take a security interest in your business assets and file a secured interest on the Personal Property Securities Register (PPSR).

No. There are no additional late fees added to your total amount owed.

Applying for a loan through Square doesn’t affect your credit rating. Additionally, we don’t require collateral for business loans of $75,000 or less, and we never require a personal guarantee. Learn more about your credit rating and Square Loans FAQs.

Business loans are a great way to fund your next big (or small) idea. You can use a business loan to buy inventory, get new supplies, purchase equipment and merchandise, or even pay the bills.