Cancel your loan application

Who is this article for?

Only account owners can apply for and manage a Square loan.

Square loan applicants.

About cancelling your loan application

You can cancel a Square Loan application at any time during the review process. Once your application is approved, you can cancel the loan within two working days of loan origination. You’ll receive a notification via email and in Square Dashboard once your loan is approved.

The loan origination date is typically the same as the application approval date, but check your loan agreement to confirm your origination date.

Before you start

A loan is originated when your application is approved and the funds are on their way to your linked bank account. The origination date will be listed in the summary box of your loan agreement, which you can download after approval from the Loans section in Square Dashboard.

Once the cancellation request has been received, any funds that have been extended will be withdrawn from your linked bank account.
A loan is not deemed cancelled if the debit to the linked bank account was unsuccessful.
Once you apply for an offer, we’re unable to change the loan amount. You can still cancel the loan application, however a subsequent offer is not guaranteed.
Two days after loan approval, your business is responsible for the entire loan amount, including the loan fee.

Square Loans is not regulated by the Financial Conduct Authority (FCA). All loans are issued by Squareup Europe Ltd, registered in England and Wales (no. 08957689). You must be a Square customer with a company or corporation business structure. 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. Offer eligibility is not guaranteed. All loan applications are subject to approval. Terms and conditions apply.