Square Loan Eligibility FAQ
For eligible Square sellers, Square offers 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.
Numbers are for illustrative purposes only.
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.
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 merchants 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?
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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.
Please know that making an extra payment or paying off your loan early will not increase your chances of getting another loan offer through Square. 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.
Square Loans are underwritten and issued by Square Financial Services, a Utah-Chartered Industrial Banks, Members FDIC.