Have you been Declined for a Loan through Square?
We appreciate your interest in Square Loans. If you were recently declined for a loan through Square, the following information may help you better understand the credit review process.
Why was I declined after receiving an offer?
After you apply for a loan through Square, your application goes through underwriting and verification processes to determine whether your business qualifies for the loan you requested. The specific reasons your application was declined can be found in the email notice you received from Square Loans.
We understand being declined for a loan through Square can be disappointing, and we’d like to do our best to increase transparency in this process.
How can I become eligible?
Square Loans is an invitation-only program for eligible Square merchants. If you received a loan offer in your Square Dashboard, you are eligible to apply for a loan. Please keep in mind that each loan application is subject to credit review, and being eligible to apply for a loan does not guarantee that your application will be approved. You can learn more about eligibility by reading our Square Loans Eligibility FAQ.
What are the reasons for being declined?
There are various requirements that must be met in order to qualify for a loan. Some of the reasons for decline include but are not limited to:
Is my credit rating affected?
No, applying for a loan through Square doesn’t affect your credit rating. Additionally, we don’t require collateral for business loans of $75,000 or less, and we never require a personal guarantee.
Why was I declined for an additional loan?
We review every loan application on a case-by-case basis, independently from any previous loan. Even though your most recent request for a loan through Square has been declined, it does not prevent you from becoming eligible for a loan through Square Loans in the future. We routinely review eligibility of our sellers and if your business becomes eligible to request a loan again, you will see loan offers in your Square Dashboard. Offers are based on a variety of factors including payment processing volume, account history and payment frequency.
When will I be eligible again?
We are unable to predict when your business will be eligible for another loan. However, depending on your decline reason, we may be able to provide an estimated timeline for when your account may be eligible for re-evaluation.
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Square, the Square Logo, Square Loans, and others are trademarks of Square, Inc. or its subsidiaries.
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.