Square Finance Loan Review

When it comes to borrowing money, whether for personal needs, a dream holiday, or to grow your business, selecting the appropriate lender is crucial. In South Africa, one name that frequently arises is Square Finance. Established in 2010, Square Finance has carved a niche in the consumer lending space, offering a variety of loan products customized to meet various needs. This review aims to provide you with an in-depth look at Square Finance, assisting you in comprehending their offerings and deciding if they’re the right fit for your financial needs.

How much do you need?
*Representative example: Estimated repayments of a loan of R30,000 over 36 months at a maximum interest rate including fees of 27,5% APR would be R1,232.82 per month. Arcadia Finance is an online loan broker and not a lender. Our service is free, and we work with NCR licensed lenders in South Africa. Interest rates charged by lenders can start as low as 20% APR, including an initiation and service fee determined by the lender. The interest rate offered depends on the applicants' credit score and other factors at the lender's discretion.

Loan amount R100 - R250,000. Repayment terms can range from 3 - 72 months. Minimum APR is 5% and maximum APR is 60%.

Experiences with Square Finance

In terms of real-world experiences, Square Finance distinguishes itself with its user-friendly approach and prompt service. Customers frequently emphasize the ease of applying for loans and the swiftness of the approval process. Even individuals with less-than-perfect credit histories, including blacklisted clients, have encountered a welcoming hand with Square Finance. The company’s dedication to transparency and responsibility is evident in customer testimonials, where many express satisfaction with the clear communication and understanding of their needs.

Square Finance Loan

Who Can Apply for a Square Finance Loan?

Square Finance extends its services widely, catering to a diverse range of borrowers. Whether you’re an individual seeking a personal loan for home improvements or a holiday, a business owner looking to expand, or someone needing to consolidate debt, Square Finance has options for you. The inclusivity extends to blacklisted individuals as well, offering them a chance to secure funding where they might face challenges with other lenders. This broad approach makes Square Finance a go-to for many South Africans from various walks of life.

Criteria for Potential Borrowers

To apply for a loan with Square Finance, you need to meet certain criteria. While they are more inclusive than many other lenders, there are still basic requirements to ensure responsible lending. Applicants must typically provide proof of income to demonstrate their ability to repay the loan. Credit history is considered, but Square Finance’s approach to blacklisted clients or those with a poor credit history is more accommodating than many. They assess each application on its merits, looking at the current financial status and ability to repay, rather than solely relying on past credit issues.

Differences from Other Loan Providers

What sets Square Finance apart from other loan providers in South Africa? Firstly, their lower interest rates and higher loan amounts, going up to R3,000,000 for personal loans and even higher for business and mortgage loans, are quite competitive. Secondly, their approach to blacklisted clients is notably different. While many lenders might outright reject applications from those with a poor credit history, Square Finance evaluates the broader financial picture, offering a lifeline to those who need it most. Additionally, their commitment to transparency and customer service ensures that borrowers are well-informed and supported throughout their loan journey. This holistic, empathetic approach to lending is what makes Square Finance stand out in the crowded financial landscape of South Africa.

About Arcadia Finance

Simplify your loan acquisition process with Arcadia Finance. Submit a cost-free application and consider proposals from up to 10 distinct lenders. All our lending partners are trustworthy and governed by the National Credit Regulator, guaranteeing adherence and dependability in South Africa’s financial realm.

What Makes Square Finance Unique?

Square Finance distinguishes itself in the South African financial market through several key aspects. Their approach to lending is built on a foundation of traditional values, blending a sense of responsibility and transparency with modern, customer-centric service. Unlike many lenders, Square Finance offers a more personalized borrowing experience, considering each applicant’s unique financial situation. This inclusivity, especially towards those who are blacklisted, sets them apart, providing opportunities for a wider range of individuals and businesses to access funding. Additionally, their competitive interest rates and high loan ceilings cater to a broad spectrum of borrowing needs, from small personal loans to substantial business financing.

Advantages of Square Finance Compared to Others

  • Inclusive Lending Policies: Their open approach to blacklisted clients and those with a less-than-perfect credit history is a significant advantage for many potential borrowers.
  • Competitive Interest Rates: Offering some of the more competitive rates in the market, they make borrowing more affordable.
  • High Loan Amounts: With personal loans available up to R3,000,000 and even higher amounts for business and mortgage loans, they cater to both small and large financial needs.
  • Rapid Approval and Payout: Known for their quick processing, Square Finance ensures that clients can access funds when they need them most.
  • Transparency and Responsibility: Their commitment to clear communication and ethical lending practices builds trust and confidence among borrowers.

Types of Loans Offered by Square Finance

Square Finance’s portfolio of loan products is designed to cater to a variety of needs, ensuring that there’s likely a loan suitable for almost any financial requirement.

Personal Loans

These loans are ideal for immediate personal needs, such as funding a wedding, covering unexpected medical expenses, or even consolidating debt. With the option to borrow substantial amounts, clients can use these loans for significant investments like home renovations or funding education.

Business Loans

Business loans from Square Finance are tailored to help businesses grow. Whether it’s for expanding operations, purchasing new equipment, or managing cash flow, these loans provide the necessary capital to help businesses thrive.

Mortgage Loans

For those looking to purchase property, Square Finance offers mortgage loans. These loans are suitable for buying a new home or investing in real estate, providing a solid foundation for long-term investment strategies.

Consolidation Loans

Consolidation loans are an excellent solution for managing multiple debts. By consolidating various debts into a single loan, borrowers can often secure lower interest rates and simplify their monthly payments, leading to better financial management and peace of mind.

Each loan type is designed with the customer’s needs in mind, offering flexibility and support to ensure that the borrowing experience is as smooth and beneficial as possible. Whether it’s personal, business, or mortgage needs, Square Finance provides a range of options to suit different financial goals and situations.

Requirements for a Square Finance Loan

To apply for a loan with Square Finance, certain requirements must be met to ensure a smooth and successful application process. Understanding these requirements upfront can help streamline your application and increase the likelihood of approval.

Documents and Information Needed

  • Proof of Income: This could be recent payslips or bank statements, showing your regular income.
  • Identification: A valid South African ID or smart card ID is typically required.
  • Proof of Address: Recent utility bills or a similar document can be used to verify your address.
  • Credit History: While Square Finance caters to blacklisted individuals, they still review your credit history as part of the application process.
  • Banking Details: For the disbursement of funds and setting up repayment plans, your banking details will be necessary.

Having these documents ready can expedite your application process, making it more efficient and straightforward.

Square Finance Loan on Mobile

Simulation of a Loan at Square Finance

Before applying for a loan, it’s often helpful to understand what your repayments might look like. Square Finance may offer loan calculators or similar tools on their website, allowing you to input the amount you wish to borrow and the preferred repayment term to get an estimate of your monthly repayments. This simulation can help you budget and decide on the loan amount and term that best suits your financial situation.

Step-by-Step Guide to Applying for a Loan with Square Finance

Applying for a loan with Square Finance is a straightforward process:

  1. Visit the Website: Start by visiting Square Finance’s official website.
  2. Choose the Loan Type: Select the type of loan you need (personal, business, mortgage, or consolidation).
  3. Loan Simulation: Use any available tools to simulate your loan, helping you understand the repayment terms.
  4. Complete the Application Form: Fill in the online application form with all the required details, including personal information, financial status, and the amount you wish to borrow.
  5. Submit Documents: Upload or provide the necessary documents as part of your application.
  6. Wait for Approval: Once your application is submitted, Square Finance will review it and make a decision. This process can be quick, with some decisions made within the same day.
  7. Loan Disbursement: If approved, the loan amount will be disbursed into your provided bank account.

Eligibility Check

Square Finance might offer tools or methods to pre-check your eligibility for a loan. This could be in the form of an online eligibility questionnaire on their website, where potential borrowers can fill in basic information about their financial status, income, and credit history. This pre-check can give you an indication of whether you’re likely to be approved for a loan, saving you time and effort if your chances are slim. It’s a non-binding, quick way to gauge your eligibility before proceeding with a full application.

Security and Privacy at Square Finance

In today’s digital age, the security and privacy of personal and financial information are paramount, especially when dealing with financial institutions like Square Finance. Understanding how Square Finance protects your information and their approach to privacy can provide peace of mind when you’re considering applying for a loan.

Ensuring the Security of Information

Square Finance employs robust security measures to safeguard your personal and financial data. These measures are designed to protect against unauthorized access, alteration, disclosure, or destruction of your information. Key aspects of their security framework typically include:

Encryption: Sensitive data, particularly financial information and personal identification details, are encrypted. This means that your data is turned into a code during transmission over the internet, reducing the risk of interception by unauthorized parties.

Secure Servers: The company stores data on secure servers, which are protected by advanced firewall technology and regularly monitored for any security threats.

Compliance with Regulations: As a financial institution, Square Finance is expected to comply with relevant South African financial regulations, which include stipulations about data security and protection.

Privacy Policies and Data Handling Practices

Square Finance’s privacy policy is a crucial document that outlines how your personal data is collected, used, and protected. Key elements typically covered in their privacy policy include:

Data Collection: Details about the types of personal information collected (e.g., name, contact details, financial information) and the methods of collection (e.g., application forms, website cookies).

Usage of Information: An explanation of how your data is used, such as for processing loan applications, customer service, or improving their services.

Sharing of Information: Information on how, and with whom, your data might be shared. Square Finance would normally share your data only for essential purposes, such as with credit bureaus for credit checks or as required by law.

Data Retention: The policy should also explain how long your data is kept and the measures taken to dispose of it securely when it’s no longer needed.

Rights and Choices: Information on your rights regarding your personal data, such as the right to access, correct, or delete your information, and how to exercise these rights.

How Much Money Can I Request from Square Finance?

When considering a loan from Square Finance, one of the key questions is how much money you can request. The company caters to a wide range of financial needs, offering loans that start from relatively modest amounts to substantial sums. The minimum and maximum loan amounts vary depending on the type of loan you’re applying for. For personal loans, you can typically request up to R3,000,000, which is quite a significant ceiling for personal financing needs. In the case of business and mortgage loans, the maximum amount can be even higher, reaching up to R50,000,000, providing substantial support for larger projects or investments.

Receiving Offers from Square Finance

Square Finance stands out for its personalized approach to lending. Instead of a one-size-fits-all loan offer, they tailor their loan proposals to suit individual financial situations. This personalization means that the loan amount, interest rate, and repayment terms you’re offered will be based on your unique financial circumstances, including your income, credit history, and existing financial obligations. This bespoke approach ensures that the loan you get is not only manageable but also aligned with your specific financial goals and capabilities.

How Long Does It Take to Receive Money from Square Finance?

The time it takes to receive your loan from Square Finance after approval can vary, but the company is known for its quick processing times. On average, loans are often disbursed on the same day of approval, especially for smaller, unsecured loans like personal or short-term business loans. This rapid turnaround is particularly beneficial if you need funds urgently.

Several factors can affect the speed at which your loan is processed and the funds are made available. These include:

  • The Type of Loan: Secured loans, like mortgage loans, might take longer to process compared to unsecured personal loans due to the additional verification and collateral valuation required.
  • Your Documentation: The speed with which you can provide the necessary documentation, such as proof of income and identity, can also impact processing times. Quick submission of complete and accurate documents can lead to faster approval.
  • Verification Processes: The time it takes to verify your information, including credit checks and income verification, can vary. Square Finance’s efficiency in handling these processes often contributes to quicker disbursement.

How Do I Repay My Loan from Square Finance?

Repaying a loan from Square Finance is designed to be as straightforward and flexible as possible, with several options available to suit different financial situations. The company typically sets up a repayment plan that aligns with your income and financial capacity, ensuring that repayments are manageable and not overly burdensome.

Repayment Options and Plans

Square Finance usually offers a range of repayment plans, varying in length and structure based on the type of loan and the amount borrowed. These can include monthly instalments over a set period, which is standard for most personal, business, and mortgage loans. The specific terms, including the interest rate and the duration of the loan, are generally determined at the outset and clearly outlined in the loan agreement.

The repayment process is often automated, with deductions made directly from your bank account on agreed-upon dates. This direct debit approach helps in managing payments efficiently and ensures that you don’t miss any instalments, which is crucial for maintaining a good credit score and avoiding penalties.

Possible Fees and Penalties

It’s important to be aware of any fees and penalties that might be associated with your loan. Square Finance, like many lenders, may impose certain charges in specific circumstances. These can include late payment fees if you miss a repayment deadline, or possibly early repayment fees if you choose to settle your loan ahead of schedule. The structure and amount of these fees are typically detailed in the loan agreement. It’s advisable to read and understand these terms thoroughly to avoid any unexpected costs.

Square Finance Logo

Online Reviews of Square Finance

Online reviews can provide valuable insights into the experiences of other customers with Square Finance. Generally, the reviews highlight a few common themes:

What Customers Say About Square Finance:

Quick and Easy Process: Many customers appreciate the swift and hassle-free application process. The quick response time, from application to receiving funds, often receives positive mentions.

Customer Service: There’s frequent praise for Square Finance’s customer service team. Reviews often note that the staff are helpful, informative, and supportive throughout the loan process.

Flexible and Accommodating: Borrowers with different financial backgrounds, including those who are blacklisted, have noted that Square Finance is more accommodating than many other lenders. This flexibility in catering to a diverse range of borrowers is a recurring positive point in customer feedback.

Transparency: Customers frequently commend the clear communication regarding loan terms, fees, and repayment expectations. This transparency helps in building trust and ensuring there are no surprises during the repayment period.

Customer Service at Square Finance

Square Finance is known for its strong customer service, which is a critical aspect of their operations. They understand that dealing with financial matters can be stressful and complex, so they place a high emphasis on being accessible, responsive, and helpful. Customers can reach out to their support team via various channels, including phone, email, and possibly through a chat service on their website. The customer service team is equipped to handle a range of queries, from questions about loan applications to assistance with repayment plans. Their approach is typically customer-centric, focusing on providing clear, concise information and resolving any issues promptly.

Do You Have Further Questions for Square Finance?

If you have specific questions or need more detailed information about Square Finance’s products and services, the best course of action is to contact them directly. This can be done through their official website, where you can find contact details and, in some cases, an FAQ section that covers common queries. Direct contact ensures you receive information that is not only accurate but also tailored to your individual circumstances.

Alternatives to Square Finance

While Square Finance offers a comprehensive range of services, it’s always wise to consider and compare other options in the market. South Africa has a vibrant financial sector with several institutions offering competitive loan products. Taking the time to research and compare different lenders can help you find the most suitable terms, interest rates, and repayment plans that align with your financial needs and preferences. Additionally, exploring multiple options allows you to make an informed decision, ensuring that you choose a lender that best meets your requirements.

Comparison Table

Based on the information gathered, here is a comparison table of personal loan providers in South Africa, including Square Finance, Capitec Bank, Nedbank, and African Bank:

LenderMaximum Loan AmountInterest Rate (APR)Repayment TermSpecial Features
Square FinanceUp to R3,000,000Starting from 5%Up to 10 yearsOffers personal, business, mortgage, and consolidation loans
Capitec BankUp to R250,000PersonalizedUp to 84 monthsPersonalized interest rate based on credit profile
NedbankUp to R300,000PersonalizedUp to 72 monthsPersonalized interest rate based on credit profile
African BankUp to R350,00015% to 24.50%7 to 72 monthsFixed repayments and flexible terms, earn rewards points

History and Background of Square Finance

Square Finance was established in 2010, emerging as a significant player in the South African financial services sector. Since its inception, the company has focused on providing a range of loan products to cater to the diverse needs of South Africans.

Company’s Mission and Vision

The mission of Square Finance revolves around offering accessible financial products that are tailored to meet the unique needs of each customer, emphasizing inclusivity, especially for those who might be underserved by traditional banks. Their vision is to empower individuals and businesses by providing them with the financial tools and resources needed to achieve their goals, thereby contributing to broader economic growth and stability.

Square Finance Loan Options

Pros and Cons of Square Finance


  • Wide Range of Loan Products: Offers a variety of loans, including personal, business, and consolidation loans, catering to a broad audience.
  • Inclusive Lending Policies: Known for their accommodating stance towards blacklisted individuals and those with poor credit histories.
  • Competitive Interest Rates: Provides loans with competitive interest rates, making borrowing more affordable.
  • Quick Processing: Noted for rapid loan approval and disbursement, beneficial for urgent financial needs.


  • Maximum Loan Amounts: While high, the maximum loan amounts might still be limiting for certain large-scale business or personal needs.
  • Availability: As an online-focused institution, those preferring in-person services might find it less accessible.
  • Specialized Products: Lacks certain specialized loan products like auto loans, which are offered by some competitors.


Overall, Square Finance presents a compelling option for those seeking loans in South Africa, particularly due to its inclusive lending policies and range of products. The company’s approach to customer service and its competitive rates further enhance its appeal. However, potential borrowers should consider their specific needs, especially if they require specialized loan products or prefer in-person service. It’s advisable to carefully review the pros and cons and compare offerings from different lenders to make an informed decision that aligns with individual financial requirements.

Frequently Asked Questions about Square Finance

How quickly can I get a loan from Square Finance?

Square Finance is known for its quick processing times. Many customers receive loan approval and funds disbursement on the same day, although this can vary based on the loan type and individual circumstances.

Can I apply for a loan with Square Finance if I have a poor credit history or am blacklisted?

Yes, Square Finance is known for its inclusive lending policies, offering loans to individuals with various credit histories, including those who are blacklisted.

Are there any hidden fees or charges with Square Finance loans?

Square Finance is committed to transparency in its fee structure. Any fees or charges will be clearly outlined in your loan agreement. It’s important to read and understand these terms before accepting a loan.

Does Square Finance offer loans for business purposes?

Yes, Square Finance provides business loans alongside personal, mortgage, and debt consolidation loans, catering to a range of business financing needs.

How can I contact Square Finance for more information?

You can contact Square Finance through their official website, where you’ll find contact details such as phone numbers, email addresses, and possibly an online chat feature.