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.
Already selling with Square?
Loans and payments – all in one place
Get custom loan offers based on your unique sales data through Square.
Loans up to $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.
“Accepting a loan doesn’t have to be scary. The repayment terms are so simple. There’s no surprises. It didn’t take longer than having a cup of coffee to apply and know what I was doing.”
- Désirée Kretschmar
- Plant Goals
- Peterborough
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
We’ll let you know if your business is approved within a week.
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 card 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 is 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.
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.
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.
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.
Square Loans do not require collateral. This means that you won’t need to put up your house, car or other assets as a guarantee that you’ll repay us.
No, applying for a loan from Square doesn’t affect your credit score. Additionally, we don’t require a personal guarantee for your business to take a loan.
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.
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 Canada, Inc. 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. Offer eligibility is not guaranteed. All loans are subject to approval. Not available in Quebec. Terms and conditions apply.