Cancelling Your Application or Loan Through Square
You can cancel an application for a loan through Square at any time during the review process. Once your application is approved, you can cancel the loan within two business days after the time your loan has been approved.
Cancelling Your Loan Application While It Is Still Processing
To cancel your pending loan application, please contact the Square Loans Team directly.
Cancelling Your Loan Within Two Business Days After It Has Been Approved
If you need to cancel your loan through Square after it has been approved, you can do so within two business days after the time of approval. Once you request cancellation of your loan, any funds that have been extended will be withdrawn from your linked bank account. Your loan will not be deemed cancelled if the debit to your linked bank account is unsuccessful.
Here are the steps to cancel your loan after approval:
Navigate to the Loans tab of your Square Dashboard.
Click Actions > Cancel Plan in the upper-right corner.
Confirm Cancellation.
Cannot Cancel More Than Two Business Days After Loan Approval
You’ll be unable to cancel your loan after two business days of your loan being approved. At this point, your business will be responsible for the entire loan amount, including the fixed fee. Pay off your loan with convenient automatic deductions from your daily card sales or by making prepayments through your Square Dashboard.
View Square Loans Repayment FAQ for more information about how to make a prepayment.
All loans are issued by Square AU Pty Ltd. (ABN 38 167 106 176). 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.