Square Loans Decline FAQ
We appreciate your interest in Square Loans. If you were recently declined for a Square loan, 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 Square loan, 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 the Square Loans team.
We understand being declined can be disappointing, and we’d like to do our best to increase transparency behind this process.
How can I become eligible?
Square Loans are an invitation-only program for eligible businesses who process their payments with Square. 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 in this Help Center article, Square Loan 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 score affected?
No, applying for a Square loan doesn’t affect your credit score.
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 Square loan has been declined, it does not prevent you from becoming eligible for a loan with Square 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.