just venting (and hopefully a warning to other folks)

i’ve taken square loans out for micro amounts (~$5k) and had a great experience. I expanded my business and was lured by the immediacy of the deposit (2-3 days) vs my bank which was saying 2-3 months. I took out $45k. All I can say is that it’s bleeeeeding me dry. It takes 8% of cc sales a day. I was so ignorant to think I wouldn’t feel the hit. It amounts to over $5k a month, which is just poof, gone. Bank loans would give you a few years to pay off $45k. With the Square loan, I will be paying it off in 9 months. Thankfully I will be done in December, but i would never ever ever in a million years do this to myself again. I’ve gone from having a very healthy, padded operating budget, to ~JUST~ making rent/payroll/expenses every month. They agreed to a reduced 4% rate for one month, which saved me $2k. But now it’s back to normal and UGH ugh ugh