Cancel your loan application
About canceling 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 business days of loan origination.
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 begin
A loan is originated when your application is approved and the funds are on their way to your linked bank account or instantly sent to your Square Checking 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. The loan agreement is also included in your approval email.
Once you request to cancel a loan, any funds that have been extended will be withdrawn from your linked bank account or your Square Checking balance. Your loan will not be deemed canceled if the debit to your account is unsuccessful. If you’ve made any loan payments prior to canceling your loan, those payments will be returned to you.
You’re unable to cancel a loan two business days after the loan origination date. After origination, your business is responsible for the entire loan amount, including the fixed fee. You can pay off your loan with automatic deductions from your card transactions. You can also make prepayments through Square Dashboard.
Cancel a loan application
Log in to Square Dashboard and click Banking > Loans.
Within the application details, click the three dots icon.
Select Cancel loan request or Cancel loan and confirm cancellation.
If you need assistance canceling your loan during the cancellation period, please contact us.