Cancelling Your Application or Square Loan
You can cancel an application for a Square loan 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:
Navigate to the Loans tab of your Square Dashboard
Click on the three dots on application details
Click on cancel loan request
Confirm cancellation
Cancelling Your Loan Within Two Business Days After It Has Originated
If you need to cancel your Square loan 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Once you request cancellation of your loan, any funds that have been extended will be withdrawn from your account. Your loan will not be deemed cancelled if the debit to your 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:
Navigate to the Loans tab of your Square Dashboard
Click the three dots on the top right corner of your plan details.
Click on cancel loan.
Confirm cancelation by clicking on yes, cancel loan.
If you need assistance canceling your loan during the cancellation period, please contact us directly.
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 Square Loans Repayment FAQ for more information about how to make prepayment.