Apply for a loan
About applying for a loan
Square Loans provide access to funds to help you grow your business. Because each individual business is unique, eligible Square sellers are extended loan offers that are personally tailored and customised. Square Loans can be used to increase inventory, buy equipment, hire more employees, or whatever you need to help your business grow and succeed.
Before you start
Square Loans offers are based on a variety of factors related to your business, including payment-processing volume, account history and payment frequency. Accounts are reviewed on a daily basis and you’ll be notified if your business is eligible.
Applications generally take 1–2 working days to review. However, review may take longer if additional information is requested. You’ll be notified via email for application status updates or if additional information is needed.
Once a loan application is approved, you’ll receive funds in your linked bank account in 1–3 working days, depending on your bank’s processing speed.
Applying for a Square Loan doesn’t affect your credit score and we don’t provide credit references. However, Square can provide a letter of completion after full repayment of your loan.
When selecting a loan offer, we can’t change the loan offer amount.
Once you’ve repaid your first loan, you may become eligible for additional loan offers. If you are eligible for another loan, you’ll follow the same process to accept and pay back your loan.
There are no ongoing interest charges. Instead, you’ll pay one loan fee to borrow the loan. The loan fee is the difference between the total owed amount and the initial loan amount. The loan fee will never change, regardless of how quickly or slowly the loan is repaid.
Apply for a loan
Sign in to Square Dashboard and go to Money > Loans to view your loan offer.
Click and drag the slider bar to select the loan amount that’s right for your business. As you slide across different loan amounts, the fee and hold rate will adjust accordingly. The lower the loan offer size you select, the lower the percentage of daily card sales are used to repay your loan.
Complete the application. We may ask you to provide more information about your business for identity-verification purposes. If your business details have changed or are incorrect, please contact us.
Review and select I accept to submit your application and accept the terms of your loan.
Once you’ve submitted your application, your request is sent over to our team for review. If additional information is requested from you during the review process, you’ll be notified in your Square Dashboard and via email. We will notify you via email when there is a status update on your application.
Download your loan agreement
Sign in to Square Dashboard and go to Money > Loans .
Click the three dots on the top-right-hand corner of your plan details.
Select Download loan agreement.
A PDF of the loan agreement will open in a new tab within your browser.
Transition from a Square Loan to a Square Cash Advance
Certain sole traders and partnerships who have a Square Loan with an outstanding balance will transition to receive Square Cash Advance offers moving forward, once any outstanding loans are paid. Square Cash Advance is a merchant cash advance which provides you with a funding advance upfront in exchange for a percentage of future card sales that Square will purchase from you.
Unlike Square Loans, cash advances do not have fixed term lengths, minimum payments, and cannot be refinanced.
You also can’t secure a new offer until the entirety of your Square Cash Advance plan is complete. You don’t need to take any action to transition from Square Loans to Square Cash Advance. Once your Square Loan is repaid, you’ll receive an offer for Square Cash Advance if you’re eligible.
Learn how to Apply for and manage Square Cash Advance.