Home>Managing your loan through Square Capital

Cancelling Your Application or Loan Through Square Capital

You can cancel an application for a loan through Square Capital at any time during the review process. Once your application is approved, you can cancel the loan within two business days of loan origination.

The loan is “originated” when your application is approved and the funds are on their way. The origination date will be listed in your loan agreement, which can be downloaded after approval in your Square Dashboard. The loan agreement will also be included in your approval email.

Cancelling Your Loan Application While It Is Still Processing

You may cancel your application while it is pending. Here are the steps to do so:

  1. Navigate to the Capital Tab of your Square Dashboard
  2. Click on the three dots on application details
  3. Click on cancel loan request
  4. Confirm cancellation

Cancelling Your Loan Within Two Business Days After It Has Originated

If you need to cancel your loan through Square Capital after it has originated, you can do so within two business days of origination. You can find your loan origination date in the summary box of your loan agreement. The loan origination date is typically the same as the application approval date, but be sure to check your loan agreement to confirm your origination date.

Once you request cancellation of your loan, any funds that have been extended will be withdrawn from your linked bank account.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. If you’ve made any loan payments prior to cancelling your loan, those payments will be returned to you.

Here are the steps to cancel your loan after origination:

  1. Navigate to the Capital Tab of your Square Dashboard
  2. Click on the three dots on application details
  3. Click on cancel loan request
  4. Confirm cancellation

If you need assistance canceling your loan during the cancellation period, please contact us directly.

Square Capital - Loan Cancellation Dashboard - US

Numbers are for illustrative purposes only.

Cannot Cancel More Than Two Business Days After Loan Origination

You’ll be unable to cancel your loan after two business days of your loan origination date. At this point, your business will be responsible for the entire loan amount, including the fixed fee. You’ll pay off your loan with convenient automatic deductions from your card transactions. In addition to the automatic deductions from your card transactions, you can make prepayments through your Square Dashboard. View Paying Back Your Loan Through Square Capital Early for more information about how to make prepayment.

Learn more about: Capital

Still need help? Learn from our Seller Community

Visit the Seller Community