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Square Capital Review: Automated Business Loans

Square Capital is only available for merchants who use Square, but might be an appealing option as it doesn't have credit score requirements or extra fees.

    Matt Sherman
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Matt Sherman

Matt Sherman

Expert Analyst & Reviewer at Merchant Maverick
A former sports editor and journalist, Matt Sherman has been writing about and researching small business software since 2015, with a special emphasis on retail and restaurant sales. Matt's expert opinions are cited in various industry publications, including Fox Business. He is a graduate of the University of Oregon.
Matt Sherman
View Matt Sherman's professional experience on LinkedIn.



The Merchant Maverick Seal of Approval 🏆

Square Capital



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After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Square Capital for yourself.

The Merchant Maverick Seal of Approval 🏆

Square Capital



Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Square Capital for yourself.

To learn more about how we score our reviews, see our Business Loan Rating Criteria.

165 Comments

Responses are not provided or commissioned by the vendor or bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the vendor or bank advertiser. It is not the vendor or bank advertiser's responsibility to ensure all posts and/or questions are answered.

    almir

    Organization Name: ALMIR CO.

    I’ve had the worst experience with square. over 400k was process with them with 2 dispute only.we process over 50k monthly with them, paid them over 1k on fees monthly. had 3 loans paid in full with in 6 month wich is has over 7k in total fees for that loans. recently i recived new loan offer, after i accept the offer they email me saying that they cancel the offer. their loans customer service is the worst, hard to reach a person and when you reach someone is rude and don’t give you any professional answers. overall – BAD EXPERINCE, EXPINSIVE FEES, AND BAD CUSTOMER SERVICE. DO YOU’R SELF A FAVOR AND DON’T DO ANY BUSINESS WITH THEM.

    1
    • Organization Name: ALMIR CO.

    This comment refers to an earlier version of this review and may be outdated.

    Kevin

    Organization Name: Dun rite lawn maintenance LLC

    Was denied for a loan for a failed debit I had in December 2020 but since that date I’ve had 3 other loans all paid in full before the due date so how was a denied for a 4th loan based on a failed debit in 2020 when I recieved 3 loans after that date and none were failed debits also loans were paid off all in full way before the due date .. square never gave me the answer to that they just encourage me to keep processing payments and they wouldnt know when I’ll be eligible again

    1
    • Organization Name: Dun rite lawn maintenance LLC

    This comment refers to an earlier version of this review and may be outdated.

    Jaye

    So from a legal standpoint is Square Capital an MCA or an actual loan? If you legally close your business and have no more future receivables are you still on the hook or are the considered a non-lender like the MCA’s are?

      This comment refers to an earlier version of this review and may be outdated.

      Dakota Fillet

      Square Capital is an actual loan, so if you close your business you are likely still on the hook. I would recommend looking at your loan agreement or getting in contact with Square to be sure.

        This comment refers to an earlier version of this review and may be outdated.

        Michael Bryant

        Organization Name: Elite Advertising Solutions

        I Love square capital. We got our first loan in February of 2019 and paid 70% of it within 5 weeks when we received another loan offer. We accepted the second offer about 6 weeks ago and we are currently at 64% paid back. Its a great program and extremely helpful for small business owners looking to grow their company. Rates are competitive and easy to pay back. 5 stars

        5
        • Organization Name: Elite Advertising Solutions

        This comment refers to an earlier version of this review and may be outdated.

        Joe

        Organization Name: Corbett Cooling

        If you got a new loan at 70% repaid it appears you will pay double interest on the 30% balance. I payed to zero before taking another loan. The problem was I left A $20K Loan on the table for a rainy day. When we had a normal seasonable slowdown and we needed it…it was gone. So now I feel forced to borrow and sit on it in case I need temporary support in starting a new contract. Second, l only profit about 10%. So are they getting all my profit? Sure looks that way. 20k is nice to have as a safety net.
        Joe Corbett

        • Organization Name: Corbett Cooling

        This comment refers to an earlier version of this review and may be outdated.

        jj

        its really hard to find person to talk

        1

          This comment refers to an earlier version of this review and may be outdated.

          Philip

          Organization Name: 821939653

          How much do you need to make to get approved for 100k. We bring in about 40k nonthly with credit card transactions. And another 40k with government assistance, food program, and cash payments from parents. We are a daycare (8,000sqft) and been with square for almost 2 years. We have received loans for 38k. Wondering if it will go up?? We are wanting to buy another building to start a 2nd daycare.And feedback will help
          Thanks

          • Organization Name: 821939653

          This comment refers to an earlier version of this review and may be outdated.

          Jessica Dinsmore

          Hi Philip,

          There are some variables here, so we can’t say for sure. That said, you may want to check out this article on Alternatives to Square Capital to see if there are some other options that may be a good fit for your current needs.

            This comment refers to an earlier version of this review and may be outdated.

            Jen

            It’s typically 15% of your sales for the last 12 months

              This comment refers to an earlier version of this review and may be outdated.

              CmThis

              Can you still get a square capital loan for your business if you are personally under bankruptcy separate from the business

                This comment refers to an earlier version of this review and may be outdated.

                Jessica Dinsmore

                Hi there,

                Unfortunately, we don’t know the answer to that question. With that said, I’d suggest reaching out to the Square Seller Community. Good luck to you!

                  This comment refers to an earlier version of this review and may be outdated.

                  Daniel V

                  Organization Name: Village DetAil

                  Hi I have been using Square now for over seven years and I am a huge fan of square capital. I have successfully repaid seven loans. My only issue is that there is absolutely no rhyme or reason as to when you’re going to be offered in a new loan! The percentage of your current loan being paid off makes no difference I have paid my last loan off now for over six months and even with Covid my sales have increased but I have not received a new offer in 5+ months! I’ve had no chargebacks and I get great customer reviews. It’s a catch twenty two because no other merchant advance company will give an advance if your processing with square because they can’t setup a split on credit card sales. I use the square register, square appointments & square invoices and I don’t want to change credit card processors. However it’s really hard at times to not know if or when I’ll be eligible again considering there’s no transparency from square capital other than a generic “keep processing” reply. Hopefully things change to ease the stress of cash flow when needed. Again I highly recommend Square Capital just understand that there’s no guarantees!

                  • Organization Name: Village DetAil

                  This comment refers to an earlier version of this review and may be outdated.

                  Hvj

                  Organization Name: Magic scissors. Doggie. Spa boutique

                  I just paid off on June 22. And. Never. Get an offer. That usually. Is. Around. 85%. Paid Are they do renewal loans?

                  • Organization Name: Magic scissors. Doggie. Spa boutique

                  This comment refers to an earlier version of this review and may be outdated.

                  Bianca Crouse

                  Hi Hvj,

                  Square does offer renewal loans, but according to the Seller Community, most merchants are not offered consecutive loans. If you need a business loan, but Square isn’t sending an invitation, take a look at some of our favorite alternatives to Square Capital.

                    This comment refers to an earlier version of this review and may be outdated.

                    Tekla1

                    Did you get an offer after two weeks of being paid off?

                      This comment refers to an earlier version of this review and may be outdated.

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