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Home>Managing your Square Loan

Cancelling Your Application or Square Loan

You can cancel an application for a Square loan 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 us.

Cancelling your loan within two business days after it has been approved

If you need to cancel your loan 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 Once you request cancellation of your loan, any funds that have been extended will be withdrawn from your linked bank account.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:

  1. Navigate to the Loans tab of your Square Dashboard.

  2. Click Actions > Cancel Plan in the upper-right corner.

  3. 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 the Square Loans Repayment FAQ for more information about how to make a prepayment.

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