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. 

[Marissajones25]

Did you figure out if it was from the payment date or date processed ?

[Marissajones25]

I made a payment this month on the 11th and haven’t received and offer yet and I’m over 80%. I use my square for my business daily. 

[VanKalkerFarms]

I wouldn't expect anything for a while still.  Lately, just from comments on this forum, it seems most offers are after 90% or 100% paid back.

[Marissajones25]

This would be my Third loan through them… usually get offered around 75 to 80 percent. The ONLY reason I have yet to receive an offer is because I made a prepayment which takes time to process. I’m not concerned with what percentage I need to be at as much as I’m concerned with how long the prepayment takes to totally complete. 

[Twpchair]

It states 10 business days no weekends or holidays are included. I have seen some go up to 14 business days. Then you go back into the algorithm and it states around 14 days before you are recognized back into the system and then there is no guarantee of an instant offer just so you know ok. I have seen since June people who were completely paid off for 3-4 months before an offer came in. Of course, not everyone is the same, and we are all different. Keep processing daily, and keep your metrics all green please try not to get any chargeback or disputes during this period. This last part is huge hun and important. Of course, a return happens, and unfortunately, out of hand sometimes but I have seen many people most of them had multiple of all the above, and it does impact your offer timeframe. Good luck and keep plugging along!

[Cleaningb_]

I’m currently in the same boat. Did it take 10 business days or just in general 10days? 

[Ap3372]

UPDATE:     MY PREPAYMENT CLEARED ABOUT 30 DAYS LATER. I HAVE NOW FINISHED PAYING ON A 80K LOAN ABOUT A MONTH AGO.  I HAVE STILL NOT GOTTEN AN OFFER YET. I AM STARTING TO WISH I HAD JUST WENT WITH ANOTHER COMPANY. THE ADVICE I HAVE IS TO NOT FACTOR ONGOING LOANS FRFOM SQUARE INTO YOUR BUSINESS BECAUSE YOU JUST MIGHT LOSE YOUR BUSINESS LIKE I ALMOST DID ANTICIPATING ADDITIONAL CAPITAL WHEN IT WAS PAST TIME FOR MORE AND I HAD ALL OF THE BOXES CHECKED.

I AM SOON TO FIND A DIFFERENT COMPANY BECAUSE I DONT THINK SQUARE IS APPROPRIATE FOR A BUSINESS THAT LIKES TO GROW UTILIZING FUNDING.

GOOD LUCK TO ALL OF MY FELLOW SMALL BUSINESSESS

[Sammie_C]

Hi @Ap3372!

Thank you for your post.

Since your inquiry deals with account specific information, I went ahead and sent over an email to you.

Feel free to reach out with any further questions!

[Reliabletools]

Agreed I’m about to change to this is getting ridiculous