Published By Janet Gershen-Siegel at May 8, 2018
We review the SquareTwo Financial online lender. However, there are three rather similarly-named players online. We look at the specifics for all three, in order to cut through the confusion.
SquareTwo Financial engages in asset recovery. Their subsidiaries purchase charged off assets from banks and other financial institutions, and place them for collection with SquareTwo’s branch offices.
SquareTwo Financial is located online here: http://www.squaretwofinancial.com/. Their physical address is in Englewood, CO. You can call them at: (877) 304-0146. Their website is currently not responding, so much of their basic information cannot be determined based on a simple check online.
SquareTwo purchases outstanding accounts receivables from companies. The company is currently (since March of 2017) restructuring under Chapter 11.
The SquareTwo Financial website did not list fees when it could last be checked.
Advantages are hard to find; the company is basically a collections agency.
Disadvantages include no transparency on fees. Also, they seem to be completely out of business, as even their website no longer responds. The company is allegedly in Chapter 11 restructuring but it is impossible to tell whether it will bounce back or if it is gone for good, or even if any other company will come in and buy the name or the company’s assets, or both.
Another disadvantage is the similarity in names. It is easy to end up on the wrong site.
This company provides options to take payments on the go. They do not serve as a business capital provider.
Square is located online here: https://squareup.com/. Their physical address is in San Francisco, CA.
Square Capital acts as a go-between for banks and customers, including businesses.
Square Capital is located online here: http://www.squarecapital.co.in/. Their physical address is in Gurgaon, India. You can call them at: (800) 108-7000.
There don’t seem to be fees; this company is paid via its referrals to its partners.
The real question is whether SquareTwo or some unknown possible successor company will survive Chapter 11 at all. At the time of researching and writing this blog post, that seemed to be highly unlikely. Therefore, we don’t just recommend you not work with SquareTwo; it is virtually impossible to do so, even if you wanted to.
And finally, as with every other lending program, whether online or offline, always be sure to read the fine print and do the math. Go over the details with a fine-toothed comb, and decide whether any option will be good for you and your company. In addition, consider alternative financing options that go beyond lending, including building business credit, in order to best decide how to get the money you need to help your business grow. Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders.