Square Loan Prepayment

[Agent_K]

I recently decided to make a one time prepayment on my current square loan. I spoke with Square and it’s cleared and posted with them but on my dashboard for eligibility it says prepayment loan is pending and can take up to ten days to clear. 

My question is has anyone made a prepayment on your loan and saw how long it took to clear in your dashboard so it’s not pending? I’m typically offered another square loan between 70% and 80% but because I made the extra payment my account won’t be offered another loan until it’s cleared from pending. 

[VanKalkerFarms]

I would say on average from what I have seen posted it should clear on your dashboard in about 4-5 days.

[Agent_K]

Thanks!!

[Sammie_C · Accepted solution]

Hi @Agent_K!

Thanks so much for your post!

Once a payment is made, the payment may reflect as pending on your Square Dashboard. It can take up to 10 business days for payment confirmation and for your business to be re-evaluated for new loan offers.

Let us know if you have any other questions!

[Ap3372]

I made a prepayment twice in one week. It has been over 10 days for the second prepayment I made. In my land section, one of my tabs says prepayment pending. How long will it take if it has been over 10 days?

[Twpchair]

I believe in most I have seen those 10 days are roughly considering weekends or holidays into it. You depending on the exact date you paid you might have 2 weekends and a holiday. So I'm just going by the date you posted and roughly at 9 days. I don't know when or time you paid either. I believe without going back and looking I believe it's 2pm cutoff time for payment to be considered that day. I know it stinks but most I see are about 10-14 days then it shows on your end. Then that's when you go back into the que of the algorithm and watch and wait for an offer. Good luck!

[Ap3372]

The payments were on the 5th and the 6th. It's the 20th and by now I would have gotten an offer being that I'm around 82% paid 

[Kash2]

Ok now I can see that I’m clear and it’s been 10 days but still no offer 

[Kash2]

I have questions I made a payment and today make day 11 and I’m at 80% and still no offer did anymore have to wait more then 10 days to get a offer 

[CGreens]

Hi! I made this exact same thing! Curious to know if at this point you were now offered with a new loan?

[SKBhair]

How long did it take yours to process? I’m in the same situation! 

[Agent_K]

I believe it took about 10 days

[Agent_K]

Yes! It took about 10 days, when they made the payment, I was really close to 80%, that is when I am typically offered a new loan at 80%. I knew the prepayment that I made would put me at 80% or 81%. As soon as that payment cleared, I was offered a new loan on my dashboard. I did check it daily to see if the prepayment was cleared, and not pending. 

[Barber3]

10 days after u made the payment or 10 days after it processed?  I made a $6 payment on oct 24. It cleared on oct31. It is now big 4 and still says pending 

[Twpchair]

It's 10 business days and if any holiday which I believe at that time frame you hit one (not looking at the calendar) sorry. I have seen a few this past summer go 14 business days and then all posted 100% done. Did you completely pay it off or a portion? Once it's paid off it's roughly 14 days then you go back into the algorithm. Key thing then is keeping all your metrics green! Good luck!

[Twpchair]

Once you completely paid off you go back into the algorithm. It does state 14 days for it to start to pick you off. Of course, like people being paid off this summer for 3-4 months and still didn't receive one, and then boom it came in. I'm not trying to be negative or a Debbie Downer just wanted you to know like all loans there is no guarantee. But imo if you have prior loans and are all in good standing and keep your metrics greens and try hard no chargebacks, or disputes!! Good luck and hopefully one comes in soon!

[SouthernChic]

Could we possibly get an update? I'm in the same boat!

[Agent_K]

I believe it took right about 10 days for the pre-payment to clear. As soon as it cleared, I was offered a new loan, it popped up on my dashboard. 

[Cynskin]

Was it 10 date from the date you made the payment or 10 date from the date they processed it? Mine was paid on the 4th and processed on the 8th and it’s still pending under eligibility 

[BernadetteA]

Hi @Cynskin 👋

I will need to check with the team, but it sounds like it is 10 business days from the payment date. If that is the case, today would be day 9 of 10 business days. 

I'll let you know what I find out. Thanks in advance for your continued patience. 😊

[Cynskin]

Thank you! 😊