After paying off your loan how long does it usually take to you are eligible for anther loan?

[DanielsTattoo]

How long till you're rigging for anther loan once you've paid off your recent one 

[TheRealChipA]

Hey there @DanielsTattoo.  Unfortunately, there is no set answer to that question.  I’m assuming that you’ve looked at your loan eligibility page and everything is green/ok.  That just means that your account has met the basic requirements to be eligible for another loan, but it is not a guarantee that a loan will be offered.  Right now, as we are all well aware, the lending market is tight and being very conservative.  This is just as true about Square Loans (which are more or less merchant advances) that it is about traditional loans.  I’ve read posts here from people who received a new offer pretty quickly and others who are waiting after weeks, if not months.  All you can do, really, is wait for an offer when the algorithm decides to send one.  Also, in case you don’t know, calling Square will not help in this case.

[marielmt · Accepted solution]

Hi @DanielsTattoo!

Thanks for reaching out and congrats on repayment!

If you made a manual payment to payoff loan, it can take up to ten business days for payment confirmation and for your business to be re-evaluated for a new offer. This may seem like a long time, but we need to make sure your payment is confirmed. 

At this time, we can’t predict if or when your business may be eligible for an additional Square Loan. If your business becomes eligible to apply for a loan, we’ll notify you through your Square Dashboard.

Don’t hesitate to contact us directly if you have further questions or concerns.  Hope you have a wonderful day!

[RobynR]

Hey @DanielsTattoo,  welcome to the Community. Here's a helpful article with more information on loan eligibility.