Square Loan depositing to Square Checking Frustration

[ecantiques5]

Good morning I am reaching out to the community in hopes I'm finding out if I have made a mistake with requesting that my square loan be deposited to my square checking account. On Tuesday July 26th I received a loan offer in my seller dashboard. (we have been with Square since 2013 and this is my 14th offer.) Upon clicking through all the steps to  accept the offer  This time I opted to have the funds deposited to my square checking account. As of today I have heard nothing nor  Has the funds posted. It has been well over 3 days when in the past I have been funded within 24 hours to 36 hours on all previous previous 14 loans. So my concern is that by choosing to have the funds deposited to my square checking account I have made a mistake in funding time. Has anyone else experience this. I made an attempt to call the loan department during during business hours yesterday (aprx. 12:00 est) to get a message that they are closed because it's not business hours. So a couple of calls into regular customer support where reps stated the loan department is actually  open a 9:00am est resulted in transfers to the loan department only to get the same recorded message "please call back during regular business hours"

I appreciate any advice or input anyone may have to share. It has just been an unusual experience for me, as in the past Square Loans are absolutely seamless mechanically & timely. I am concerned it's because I chose to have the funds deposited to 

[TheRealChipA · Accepted solution]

@ecantiques5 Most likely, Square still hasn’t formally approved your actual loan.  On Wednesday, they posted this on the Loan discussion board — https://www.sellercommunity.com/t5/Square-Loans-Discussion/Loan-Application-Review-Timeline-Update/m...

Seems they have quite the backlog the are working through.  I wouldn’t worry too much about having it deposited to your Square Checking.  A few weeks ago, I accepted a loan and after approval it was almost immediately deposited into mine.  Then I had a change of heart and returned the money, which was equally quick.  If anything, once you are approved it should be a much more seamless and quick transfer.

Good luck!

[ecantiques5]

Hey Chip,

Thank you so much for taking the time to reply.....we are kinda neighbors as our shop is up in Waynesville, Ohio. 😊 I was unaware of the backlog. Which I kinda think is a good thing in a way..... I was just not expecting the delay as it has always been rather super duper quick.

Have a wonderful weekend & thanks again 😊

Faye