thread Re: Has anyone actually gotten an answer about square loans eligibility? in Banking With Square

Has anyone actually gotten an answer about square loans eligibility?

RocketCrete — Sat, 20 Sep 2025 12:21:46 GMT

For over 3 months I have been trying to get an answer to the question. What is holding my business back from eligibility for a square loan? And not one person can provide me an answer in 3 months of trying.

I have been hung up on multiple times, I've had 2 different square account managers and both of them were at a loss to finding an answer to this question, I was even given a chance to speak to someone in the loan department, but was only told my account hasn't been reviewed yet. Even though I'm told it is reviewed daily.

I have over $300,000 in credit card sales this year, at first it was just a curiosity but after months of getting hung up on and no body actually knows anything about their automated system I am to the point it's time for me to take my business elsewhere.

Has anyone been successful in talking to someone who can provide answers about square loans?

Re: Has anyone actually gotten an answer about square loans eligibility?

Candlestore — Sun, 18 Aug 2024 15:08:22 GMT

@RocketCrete ,

Yes.

You say that you got 300k in Credit card sales so far. This is great for getting approved for a Square Loan

How long have you been using Square? Over 6 months?

Do you have any Chargebacks?

You can also look on your Square Dashboard under Loans to view you Eleigibility and see something like this:

Eligibility factors

Loan eligibility is based on many different aspects of your business, not all of which are listed here. We can’t guarantee a loan offer even if everything looks “good.”

Processing volume

Good

The dollar amount of card payments processed with Square

Processing frequency

Good

The quantity and consistency of card payments processed with Square

Customer mix

Good

The balance of new and returning customers of your business

Account activity

Good

Factors like payment disputes, prior loan applications, and your history with Square

Projected growth

Good

Estimated gross payment volume over the next year

Other than that no one here will be able to help you since Square Loans just appear as an Offer in your account when eligible.

Re: Has anyone actually gotten an answer about square loans eligibility?

RocketCrete — Sun, 18 Aug 2024 17:50:34 GMT

0 charge backs and yes I have been using them for over 6 months.

Re: Has anyone actually gotten an answer about square loans eligibility?

Candlestore — Sun, 18 Aug 2024 19:20:34 GMT

@RocketCrete ;

What I see from these images is that your processing volume stayed relatively flat at $0.00 for about half the graph. So you may have been with Square for over a year but your Processing of payments is for about 1/2 of the chart you have there in the image. So I am unable to tell when your Credit Card processing started with Square. The other thing is the graph grows very repidly from 0. Square looks at a Steady processing volume. So what I am guessing is the Quick volume increase and the steady volume of credit card sales for the last 6 months. Yes you might have 6 months of sales but no way to show that it is steady daily or weekly sales. Just keep doing what your doing and a loan should come your way.

When did you start accepting Sales with square since the chart in the graph shows about $0 sales for the first half of the graph? Do you do seasonal work? With me we normally get busy from June till the end of the year. Then January through June it is slow. So during busy times I get offers and during slow times I get low or now offers. With your sales, square might be trying to figure out what type of loan to offer you, or needs more data from sales. From the image again I can not tell if this is 5 months or over 6 months of sales. Seems like you might be on the edge of where offers may start appearing.

Re: Has anyone actually gotten an answer about square loans eligibility?

RocketCrete — Sun, 18 Aug 2024 21:02:19 GMT

Thank you for your responses, and The graph is set up to compare against the previous year I believe.

I Started with Square this January, and I am a concrete contractor so yes I was slower in january and february and took off in March.

I do not have daily sales but I have weekly sales. I use Square invoices to collect about 65% of my earnings, the rest the customer writes a check.

I don't tell my customer how to pay I just provide options and let them choose, but unless they write a paper check or choose my financing option the money is processed through square.

I was wondering if the fact I do not have daily sales would make me ineligible, but I haven't even been able to get a clear answer to that question either.

I wouldn't care so much, but after being hung up on trying to ask questions from customer service, that irked me so I have continued to call and ask and email and message, yet no one has been able to provide me with a clear answer, not even someone in the loan department, only we review daily and the latest I was finally told my account has never been reviewed for a square loan.

Re: Has anyone actually gotten an answer about square loans eligibility?

Candlestore — Mon, 19 Aug 2024 16:49:28 GMT

@RocketCrete ;

I am not sure if the problem is the lack of Daily sales but lack of Consistant sales on a weekly basis might be. Square uses the Credit Card processing to collect your income, then deducts their fees and loan payments if any. This is why Square looks for steady credit card sales for a loan, to make sure they get their money. With you haveing days that are $o credit card sales it may take longer for a loan offer from Square. I would just keep doing what your doing and maybe call support again and ask if your credit card sales having days of $0 is what is holding you up. I am just guessing here since I do not work for Square.