Denied.

[Lgillins]

I have had plenty of loans through square and pay them back promptly, I was denied because I’m affiliated with someone who has an outstanding balance of only 51 dollars at the time on a square loan. It is now paid off. What are the chances that I will get offered another one anytime soon? Has anyone received after getting denied? 

[Twpchair]

Yes, they have but how long ago has it been paid off and in good standing? Did they pay it off or did Square have to jump on their bank account type thing? 2. Is there name attached to anything else with Square and yourself? Sorry for the questions but this could mean from 10-14 business days to go back into the algorithm for reconsideration or 4-6 mths for some and others longer. That's why I am asking you so many questions about it. Also, in the metrics one of them is previous loans, and mine says in good standing no denials. Can you check that and see what it says? Also, the person who had the 51.00 debt are you an LLC, or was it a partner who left? If so whichever or whatever they left and not in good terms with you and Square I would jump on the computer lookup free templates for dissolving a corporation business partner or co-owner and fill that out with anything else you have to go with it. If they were on your bank account where square deposit to ask them for a brief letter of the date they were removed or no longer has access to the account. The more info you give me the better than I can tag in the right Mod/Rep for that department to get things done and you back into the algorithm. 

[Lgillins]

Thank you for taking the time to help me figure this out.

It is my husbands business with a separate LLc so it’s not a former partner and neither of us are on each others business. I did have my bank account on his to receive his deposits at one point so I’m assuming that would be the reason we are connected. The loan has been paid off for a couple of days now and was done the correct way with processing. It’s showing that I’m ineligible because of previous loan denials. 

[marielmt · Accepted solution]

Hi @Lgillins!

Sorry to hear about your situation.

We appreciate your interest in Square Loans. Please note that being declined for a Square loan in the past may impact your eligibility. Keep in mind, loan offers are also based on a variety of other factors including, but not limited to, your current payment processing volume, your customer mix, and your Square account history.

We do not have a specific timeframe for when another loan offer may be available. If your status changes, you’ll get an invitation email and be notified directly on your Square Dashboard.

To learn more about Square Loan eligibility, visit our Support Center.

Don’t hesitate to contact us directly if you have further questions or concerns!