How Square Loans works
Offers are generated from Square card volume and cannot be applied for. Change processor or dip in volume and the offer disappears; ACH, cheque and invoice revenue is not counted at all.
Square Loans does not publish a full threshold sheet, so the honest comparison is against numbers that are published.
What is different here
Nothing here depends on which processor or platform you use. Total deposits are read, not just card volume, and you apply rather than wait to be offered.
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
The numbers in full
Line of credit $10,000 to $350,000, from 1% per month on the drawn balance, 2.49% per draw.
Term loan $10,000 to $250,000, 0% origination, weekly payments, 50% off remaining interest on a full early payoff.
MCA refinance $10,000 to $100,000 on a position with a balance of $100,000 or less.
Questions
Is this a better fit than Square Loans?
It depends on the file. Every threshold here is published before you apply, so you can check rather than guess.
What credit score do I need?
There is no hard credit cutoff here. The 650/600/550 tiers are product criteria, not a floor on the business. Scores in the 500s are placed routinely, and files in the 400s are read on revenue, deposit consistency and time in business rather than on the score alone.
How fast is funding?
Same-day decision, next business day funding on a complete file.
Will checking affect my credit?
No.