Square Loans Eligibility FAQs
For eligible Square sellers, Square Loans offers exclusive access to business loans to grow your business. You can check your business’s eligibility by going to the Loans tab of your Square Dashboard and keeping an eye on your email inbox.
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How do I check if I am eligible?
If you don’t see an offer in your Square Dashboard, your business isn’t currently eligible to apply for a Square loan. But keep in mind that Square accounts are reviewed for eligibility regularly. Offer eligibility is based on a variety of factors related to your Square account, including payment processing volume, account history and payment frequency. The more you use Square, the more likely you are to become eligible for a loan offer.
What happens now?
Keep processing with Square – and consider the eligibility factors below as you process. There’s no need to contact us or request an eligibility review. The review is automatic, and we will let you know via your Square Dashboard and by email if you are eligible for an offer – saving you time so you can focus on your business. Note: Square is unable to manually generate or predict offers; all sellers must qualify based on eligibility criteria.
How is eligibility determined?
There are many factors that may affect your eligibility, and accounts are evaluated as a whole. This means that meeting one or more eligibility factors doesn’t guarantee that you’ll be eligible for a loan offer – your business needs to satisfy all criteria to be eligible.
Your business’s Square processing volume is just one of many considerations used to determine eligibility. Here are a few examples of the things that are considered when evaluating your business for an offer:
Why is my business not eligible for a loan right now?
While your business needs to satisfy the above criteria to be eligible for Square Loans, the below factors also impact eligibility:
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Become Eligible for Another Square Loan
Square accounts – including accounts with an active loan – are reviewed for eligibility on a daily basis. If your business is currently repaying a loan, you may become eligible for another offer. However, offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan, as each loan offer is unique and evaluated separately.
Making an extra payment or paying off your loan early will not increase your chances of getting another loan offer. Eligibility for another offer is not guaranteed, regardless of whether you prepay your current loan. Also, keep in mind that making a loan payment through the Square Dashboard will expire any existing loan offers.
Looking for another loan offer?
All Square accounts – including accounts with an active loan – are reviewed for eligibility on a daily basis. If your business is currently repaying a loan, you may become eligible for another offer. You do not need to contact us or provide any additional information to become eligible for a subsequent loan offer. Simply keep doing business as usual.
What do you need to do?
Keep doing business as usual. You do not need to contact us or provide any additional information to become eligible for a subsequent loan offer. We look at many factors about your business to assess your eligibility, including the payments you process through Square and your history working with us. There are no long forms or significant paperwork to fill out, which means you have more time and resources to dedicate to running your business.
When will I become eligible for another loan?
We can’t predict when your business will be eligible for another loan offer. Square will automatically reevaluate your business’s offer eligibility, but there is no magic number for when another offer will be available. Remember each business is different and all accounts/locations are reviewed independently. Each loan offer is specific to the business and account evaluated for the offer.
We want to emphasise that we are unable to predict eligibility or offer amounts. Additionally, we are unable to manually create offers. You will need to have an offer already available on your Square Dashboard to apply for a Square loan.
How will I be notified?
If your business is eligible for another Square loan offer you’ll be notified by email and your loan offer will appear in the Loans tab of your Square Dashboard. Remember to check your Square Dashboard, that’s where we primarily communicate with you about offers.