When you apply for a Square loan, certain information as it relates to your identity and/or business will need to be verified. This means that sometimes we require supplemental information in order to proceed with your loan application.
There are multiple reasons why you may be required to send in additional information when you didn’t have to previously. One common reason is to verify the identity of the individual applying for the loan, as well as the business information listed on the application. If additional information is requested, we will need it in order to move forward with processing the loan application.
Complete the request in full to the best of your ability. Your loan application will not be reviewed if the request is incomplete. If the submitted information isn’t sufficient, the Square will be in touch via email and your Square Dashboard.
You will have until the date specified in the email notification to complete the information request. If you do not provide all of the requested information on time, your application will be cancelled. If that happens, please visit your Square Dashboard to see if you are eligible to apply for another Square loan.
Typically, you will be notified of your application status within one to three business days. If you don’t receive a decision within this time frame, it may be because we still need additional information from you. Be sure to check your Square Dashboard and email inbox for any notifications asking you to provide additional information.
If we are requesting additional information about a transaction, you may submit one of the following:
Signed payment card authorization form
Bill of Sale
Email correspondence with the buyer
If you do not have any of the above, please provide a detailed description of the goods and/or services sold.
A financing statement is a notice that a lender has a security interest in one or more of your assets and has registered in accordance with the Personal Property Security Act (PPSA). If you are asked to provide additional information about a lien, we will provide you with the date, filing number and the name of the lien holder.
If we are requesting additional information about a registered secured interest, you may submit one of the following:
Payment statements indicating the current status of the underlying loan or obligation.
A letter from the lien holder stating that the merchant is current on repayment.
A letter from the lien holder that the loan has been satisfied.
A lien discharge statement or a letter from the lien holder that the security interest has been discharged
Yes, we support documents uploaded using iOS and Android devices using a supported web browser such as Safari or Google Chrome. If you cannot upload documents using your mobile, try a laptop/computer. Your uploaded documents must be:
– PDF, JPEG, JPG, TIFF or PNG file format
– Under 25MB in file size (each).
Sometimes, institutions may not successfully discharge a previous lien in accordance with the Personal Property Securities Act (PPSA). If you are unsure, best practice is to reach out directly to the lien holder for confirmation.