Square Loans Eligibility FAQ
For eligible Square sellers, Square Loans offers exclusive access to business loans to grow your business. You can check your business’s eligibility by going to the Loans tab of your online Square Dashboard and by keeping an eye on your email inbox.
Note: Numbers are for illustrative purposes only.
How do I check if I am eligible?
If you don’t see an offer in your Square Dashboard, your business isn’t currently eligible to apply for Square Loans. But keep in mind that Square accounts are reviewed for eligibility on a daily basis. Offer eligibility is based on a variety of factors related to your Square account, including payment processing volume, account history and payment frequency. The more you use Square, the more likely you are to become eligible for an offer through Square Loans.
What happens now?
Keep processing with Square – and consider the eligibility factors below as you process. There’s no need to contact us or request an eligibility review. The review is automatic, and we will let you know via your Square Dashboard and by email if you are eligible for an offer – saving you time so you can focus on your business.
Note: Square is unable to manually generate or predict offers; all merchants must qualify based on eligibility criteria.
How is eligibility determined?
There are many factors that may affect your eligibility, and accounts are evaluated as a whole. This means that meeting one or more eligibility factors doesn’t guarantee that you’ll be eligible for a loan offer – your business needs to satisfy all criteria to be eligible.
Your business’s Square processing volume is just one of many considerations used to determine eligibility.
Here are a few examples of the things that are considered when evaluating your business for an offer:
Square processing volume: In general, businesses that have processed at least $10,000 or more in a year are more likely to be eligible for an offer.
Square payment frequency: The frequency of card payments you process through Square matters. If you consistently take payments, you’re more likely to get noticed. To us, a steady pattern of taking payments shows that you have a healthy business.
Your customer mix: A good mix of new and returning customers shows us that you’re growing in different ways. You can use Square’s analytics tools to understand your customer base better.
A healthy, growing business: The size of your loan offer is generally shaped by how much you process through Square.
Why is my business not eligible for a loan right now?
While your business needs to satisfy the above criteria to be eligible for Square Loans, the below factors also impact eligibility:
Chargeback history: A chargeback happens when a customer disputes a charge from your business and contacts their bank to reverse it. You can reduce your chargeback risk by avoiding card not present (manually keyed) payments when your customer is in store. You can use a Square Reader to process contactless or chip cards in person and review our best practices for accepting card payments.
Multiple Square accounts: If you have multiple Square accounts or locations with outstanding loans through Square Loans, make sure that they are all processing consistently and are current with loan repayments.
Failed debits: Your Square account is reviewed for failed debits due to insufficient funds. Please be mindful of the amount of funds available in your linked bank account to avoid failed debits.
Looking for Another Loan Offer?
All Square accounts – including accounts with an active loan – are reviewed for eligibility on a daily basis. If your business is currently repaying a loan, you may become eligible for another offer. You do not need to contact us or provide any additional information to become eligible for a subsequent loan offer. Simply keep doing business as usual.
Will I be eligible for a new loan if I pay off my current loan through Square early?
Making an extra payment or paying off your loan early will not not increase your chances of getting another loan offer through Square. Eligibility for another offer is not guaranteed, regardless of whether you prepay your current loan. Also, keep in mind that making a loan payment through the Square Dashboard will expire any existing loan offers. Learn more about early repayment via our Support Centre.
Connect and share with other merchants on our Seller Community forum.
Take a peek at the Business Resource Centre for tips, advice and news on how to start, run and grow your business.
If you have additional questions, please contact the Square Loans Team.
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All loans are issued by Square AU Pty Ltd. Valid Australian bank account is required. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. Eligibility criteria include consistent and continuous payment card processing through Square. All loans are subject to credit approval. Terms and conditions apply.