Square Loans Eligibility Status

[jgmotz40]

Hello, I used to be able to check the status of my next loan eligibility on my dashboard. It had a list of criteria that said either "good" or "needs work". When I click on this now it doesn't show that info anymore. Is anyone else having this issue? Thanks

[HealthySF9]

Just want to share. We are only probably our 7-8 loan with Square already and paid off the last one. But unfortunately we had about 10 payment disputes. But most of these disputes were from 1 customer , a very loyal customer. What happened was her credit card filed an automatic dispute because she went over her limit paying for our package/combo treatment. She contacted her bank card already but obviously everything has to go thru a long review process. 

This situation put our account activity in the " needs work" category, but everything else in the eligibility check list is green. We were so much about this situation and not being offered a new loan. 

2-3 weeks past we been doing business as normal and take regular payments,  just a few minutes ago we got an offer !! 

Fingers crossed, hopefully we get approved despite these idiotic auto disputes that happen. 

I hope Square don't weight those disputes too much considering the circumstances. 

Please I hope our application gets approved! We are doing healthy business !!!

Love you Square Capital 😃

[Sammie_C]

Hi @HealthySF9!

Thanks so much for your post!

Recent disputes on your Square account may impact your eligibility regardless of the outcome of the dispute. 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 business becomes eligible, 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.

Please let us know if you have any other questions!

[HealthySF9]

Hi Sammie , 

Understood, but if we are eligible even with the open disputes ( a new offer appeared) , will the open disputes affect our chance of getting approved? Or is everything factored.   Everything else on the account is good and we have many good loan history, sales doubled previous month, new customer mix etc. 

We are very anxious 0-0 waiting this approval. haha

[elitetactical]

I’m just as confused about this loan program. I was offered one, took it, paid it off via processing, always ahead of time. Offered another when it was almost done & now I’m sitting at 85% & it says my type of business is ineligible. How can my type of business be ineligible after two offers? & when I emailed them, they stopped responding when I asked this information. It’s making me want to switch. Not solely because of the loan but the customer service. 

[theresef63]

I have paid off 2200.00 of a 2500.00 loan and still have not had a single offer, it also still shows my last prepayment as pending even tho they already took the money from my account. It has been over 10 days since that payment was made. Thinking of going elsewhere after over 10 years 😞