Square Loans

Get money for your business. Pay it back with your sales.

You could qualify for a loan when you switch your payment processing to Square.

Business loans for new Square sellers

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Loans and payments – all in one place

Get custom loan offers based on your unique sales data through Square.

Loans from $2,000 - $250,000

Big or small, a loan can keep your business moving. If you’re approved, see the funds in your account as soon as tomorrow.

One loan fee

Pay just one loan fee. This fee never changes and is paid back over the life of the loan. No late fees, ongoing interest or surprises.

Automatic repayment

Your loan is repaid with a percentage of your daily Square sales – pay less on slow days, and a little more when sales are strong. It all happens automatically, so you don’t have to think about making a payment.

Rob Benson

“Out of the blue we had bikes that I’d ordered 14 months ago turn up on the dock. And I’m like, ‘I’ve got to get the cash today.’ The Square loan gives us the opportunity to buy in bulk and make sure we’re good for the next few months.”

  • Rob Benson
  • Tempest Bicycles
  • Dungog, NSW

We make the switch simple

Our team of experts can help you set up your hardware and software, as well as connect existing apps and services, train your staff and answer any questions about loans from Square.

FAQ

  • When will I hear back about my loan application?

    We’ll let you know if your business is approved within a week.

  • How do I become eligible for a loan?

    Loan eligibility is based on a variety of factors related to your business. You need to have been in business for at least one year, make $250,000 or more in sales per location and have a history of minimal chargebacks with your current payments processor. We’ll also look at three months of your most recent processing statements to see how much money your business might be eligible for. Once you apply for the loan and process payments on Square for a minimum of five days, get the money as soon as the next business day if you’re approved. All loans subject to credit approval; eligibility is not guaranteed.

  • Do I need to take payments with Square to access a loan?

    Yes. Your business must process payments on Square for a minimum of five days before submitting your formal application. If approved, you’ll get the funds as soon as the next business day.

  • What can I use the funds for?

    You can use the loan for any business-related expense. That could be stocking up on inventory, managing your cash flow, opening a new location or hiring staff – anything you’d like to do for your business.

  • What are the fees?

    You pay one fee to borrow the loan (we call it the loan fee). This fee never changes and is paid back over the life of the loan. No late fees, ongoing interest or surprises.

  • Do I have to put up security?

    If your loan amount is $75,000 or less, 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. If your loan amount is over $75,000, the loan will be a secured small business loan. These are loans that require business assets to be put up as security.

  • Does applying for a loan affect my credit score?

    No, applying for a loan from Square doesn’t affect your credit score.

  • What happens to my loan progress if I don’t take payments every day?

    A loan from Square is designed to adjust with your daily cash flow. So, if you bring in $1,000 one day and your repayment rate is 16%, you pay off $160 of your loan. If you bring in $100 the next day, you pay off $16. And if you’re closed every Tuesday, you never make a payment on Tuesdays.

    You must pay at least 1/18 of your initial loan amount every 60 days. If your daily card sales can’t cover it, we may debit the remaining minimum payment amount due from your Square-linked bank account.

  • How long does it take to pay back?

    It depends on your business’s sales, but most businesses pay back the loan within a year. You must pay at least 1/18 of your initial loan amount every 60 days. If your daily card sales can’t cover it, we may debit the remaining minimum payment amount due from your Square-linked bank account. You’ll have 18 months to pay the loan back.

All loans are issued by Square AU Pty Ltd. Valid Australian bank account is required. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. Eligibility criteria include consistent and continuous payment card processing through Square. All loans are subject to credit approval. Terms and conditions apply.