[Resolved] Square Loans Payment Reporting

[Regina_B]

We’re investigating an issue related to Square Loans payment reporting that has been impacting some sellers with loans through Square Loans who use our Business Banking card. 

For affected sellers, loan payments made through daily card sales are being displayed in their Square Loans Dashboards as a single "Pending Square Loans Payment." We can confirm that this is solely a reporting issue and that loan payments made through sellers’ daily card sales are being applied to their loan balances as usual. 

Our engineering team is working to resolve the issue and we will post updates here as soon as additional updates are available. There’s no action needed on your part at this time. We understand that this is not ideal and we apologize for any inconvenience. 

This does not impact the Square Loans repayment rate, which will continue to be applied to your daily card sales until your loan is paid in full.

[katieand]

Hi @browsbyandrea - I can confirm that the issue you're seeing is the same identified in this thread. Click through to see the best answer, but your loan repayment is still being applied. This issue is just affecting reporting in your dashboard and our engineers are investigating the issue. Let us know if you have any other questions. 

[Fabiola7878]

I got my new capital loan offer at 80% but since i got the card it has my payment pending for weeks and i saw its affecting alot of us getting new loans ..im at 92% 

[katieand]

Hi @Fabiola7878  - I've moved your message over to this thread. Pending payments are a known issue being investigated by our engineering team. This issue is solely in reporting and does not affect eligibility. 

[piratetaxi]

I drive Taxi.  am currently @86% and have not recieved a new loan offer.  I am worried it is because of the fact I have my capital loan in a "pending" payment status since 5-27 and I can not see the individual payments.  I could use the offer right now as it will allow me to get another cab onto the road and allow me to process even more.  But since I can not seem to find any actual requirements anywhere I do not know what area to work on to improve my options of getting a second loan offer.  maybe I am paying it off too quickly?  At my current rate I should have it paid off in 3 weeks.

[katieand]

Hi @piratetaxi - I moved your post over to this thread because it looks like you're being affected by this known issue. All Capital payments are being processed, but reporting is not accurate in your dashboard. Take a look at the best answer on Page 1 for more information and let us know if you have any other questions. Our engineering team is investigating this issue as we write. 

[piratetaxi]

It doesn't answer the question though about being in that pending status and affecting loan offers.  I understand that the updating issue is not associated to having a square card.  it is only affecting updating on the dashboard.  but is it ALSO affecting loan offers?  I knotice people have recieved offers from 50% and up with the largest pecentage between the 80-84%  Hence why I asked in a thread where everyone else was asking about loan offers and needing them etc.  Since this isn't about dealing with a reporting issues with the dashboard.  so if it could be moved back to the more relevant thread that would be great since someone out there may have more experience instead of being in a thread about reporting issues on the dashboard.

[katieand]

Hi @piratetaxi - This issue does not affect your eligibility, as your payments are still being recorded and processed. You can see your capital payments breakdown in your Deposits tab. 

We don't have insight into eligibility in the Community unfortunately and I recommend reaching out to our Capital team directly if you have further account questions. 

[RB12]

I’ve been paying back my loan and for the past week it says “pending” when does this go through? I want to be re-evaluated for a new loan, but it doesn’t seem I can if it’s not processing correctly. 

[ashc]

Hi @RB12!

I moved your post here for visibility into this issue.

It looks like our engineers are aware of it and working on a fix.

This also won't affect your eligibility for a new one so no worries there! Thanks for your patience as we work through this. 

[RB12]

My payment still states pending. Are you sure this is not counting against my loan payment or if I’m able to get a new loan? It’s been over a week, that’s a long time for a payment not to be posted🤷‍♀️

[ashc]

Hello again @RB12!

We have confirmed with the Loans team it will not affect your ability to get a new loan. 

[Kasey8783]

All of my information I’m receiving from square loans about my remaining balance is incorrect. For example, my email I receive every day telling me my balance left on my loan after my payment; the balance is incorrect. Also I have a pending payment on my dashboard that’s isn’t showing the correct number, and it’s been pending for a few weeks now. The only number that is correct is the percentage and the remaining balance that shows on my dashboard. The emails square loans send me are incorrect and the pending payment that shows on my dashboard is incorrect. How can I get this fixed? Does anyone know how I can get in touch with a real person from square? Also is this affecting my loan offers?

[katieand]

Hi @Kasey8783 - I moved your post over here since it looks like you're experiencing this known issue. Our team is working on fixing this now and should have a resolution soon. The incorrect information you're seeing is only affecting reporting and does not affect your balance/payments or eligibility. Sorry about this and we'll keep you updated as we learn more from our team. 

[Kasey8783]

Thanks so much 

[RB12]

@Kasey8783 

I too have been having all these issues for the past few weeks. If you talk to a person they say the same thing that you are told on here. There must be a glitch in the system somewhere is what I am getting from all this. 

[Hairazor]

This reply was created from merging an existing thread: Loan payments

My dashboard and daily statement  have an $800 discrepancy. While I know the dashboard is correct, I don’t know how to go about getting this corrected. I am participating the pilot processing program, but I am concerned how to get this issue resolved. I am a single employee, so this is detrimental to my business. 

[JanetK]

Hi @Hairazor ,

Thank you for bringing this to our attention! Our engineers are still in midst of trying to fix an issue with Loans payment reporting. Feel free to follow this thread for more information about this. 

We hope to get this fixed soon too, please bear with us in the meanwhile!  

[Hairazor]

Thanks so much!! I was in a panic. I recalled seeing an email about “pending payments” but I don’t believe it was in regards to this. I appreciate your help and hopefully  you’ll get a few less phone calls! 

[Regina_B · Accepted solution]

Hi everyone, this issue has been resolved! 🎉! Thank you so much for your patience! 

[RB12]

Thank you!! All my issues look like they are fixed and normal! ❤️