Applying for Square Credit Card Affect Future Square Loans

[Panda24]

Hello! I was just offered a Square Credit Card and I was wondering if it would affect future loan offers. Has anyone had experience with this.

[Twpchair]

Yes, as @abbeyc has stated and many others have, you go back into the algorithm, and it will do its job. One of two could have happened: You had two pending offers, you chose one, and the system could be taking a second look at your loan offer, or it could have expired. You can have both, but a square isn't going to overextend your ability to pay back and still maintain a business. They don't want you to loan poor. Keep swiping daily, try to increase the value or volume of swipe. Draw in new business and try not to get any return, disputes andchargebacks. Good luck and hopefully soon a new offer will come in. 

[Twpchair]

Yes, both are available now if you are eligible for a new offer you can definitely have both. 

[Amyamaze]

I did the opposite. Got a loan offer, took it, then to test the system I applied for the credit card offer that was still there and was Denied. 

I don't agree with the chair answer. I paid my loan off to 79% before receiving another with all rating always GOOD (my first was 63%) I paid off the first and second loans in HALF of the allotted time and terms so a 10k credit card would NOT have over extended me. 

I have never seen a post here where someone has both.

Best of luck. If you can, pay the credit card off, cancel it and pray for the loan offer.

[DD_2019]

I have both.

[Amyamaze]

May I ask which one did you get first? 

I don't understand if I have been paying off in half the time why I was denied the credit card. I have tried escalating and got 'cut and paste" Information from the Loan Information on the Square Dashboard,  as answers! Their customer service is certainly the worst I have ever experienced.

[DD_2019]

I’ve had loans for years. I was offered the credit card about a year ago. I took it. Then in April I received a new loan offer the day I hit 70%.

[hbconley]

I also have both. I've had the card for about a year.  Recently paid my loan to 70% and received a new loan offer.

[Tatsmith270]

Did the credit card affect your credit? Thank you

[DD_2019]

My offer was exactly the same as the previous offer. 

[Amyamaze]

So you are saying that having a Square Credit card with a balance WILL NOT Adversely affect my opportunity to get a Square Loan Offer in ANY WAY?

ARE YOU saying that it would not even be a factor in the algorithm for a Loan Offer?

[Twpchair]

If you are asking me, no, I didn't say anything about that. I said you could have both. Square ensures that you are not overextended financially. If you have both a card and an offer, your eligibility will be determined based on your processing volume and history with Square. The confusion arose early in the testing phase, where you could only have one, not both. That has changed now. 

[DD_2019]

Hey again! Just to share information, I received a new loan offer today. I was 71% paid back. I do have the credit card and it was nearly used to capacity. Just in case it’s helpful information to anyone. 🙂

[Twpchair]

• Thanks for the info!!

[Shaphan]

Has anyone had an update about this? This is very relevant to me. I had a very large loan available which I was planning on taking for expansion. And then I got the credit card today. I'm worried that I will lose my loan eligibility. I see that some people are saying different things on this. What do you guys think?

[wbwsqsupp]

Accepting the credit was the biggest mistake we made to be very honest with you. They did not offer another loan. The reps had no idea how to answer if we could have both. Some reps said we are able to a have both and some said to close the credit card and hope and pray that we did evaluated again for another loan. Some businesses are eligible for both but a small amount. Our business wasn’t one of those that could have both. Now we have cancelled the credit card because it’s high interest rate anyways and the credit limit is way less than any loan amount we have been given. But still no loan offer. Reps haven’t been helpful during this whole ordeal so just wish you luck because the credit card was the worst thing to happen to us this year. Usually never have any issues with square but this set us back so much. 

[Shaphan]

Oh my god. How long ago did this happen 

[wbwsqsupp]

I received The credit card offer last month while our loan was at 80% in completion. We took the credit card offer thinking we would be able to have both or that it wouldn’t affect one another. Completely wrong because after paying the loan back 100%, we never got an offer. Got the card in October 2025 then just closed it 2 weeks ago. 

[Twpchair]

@abbeyc @Adalynn can you please help this loyal Square user get to the right department. Thank you so much!

[Abby_M]

Hi @wbwsqsupp 

Thanks for posting on the Seller Community.

I have noticed you were recently approved for a loan Congratulations! 

Your account will continue to be evaluated for eligibility for loans if you open a Square Credit Card, but offers are based on many factors, including, but not limited to, your current payment processing volume, your customer mix, and your Square account history. Keep in mind that we can’t guarantee it. 

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.

[Twpchair]

I apologize, I tried to tag you in the other post. I reached out to a mod for clarification. The credit vs. loans, and yes, you can have both, and no, you can't, appears to be different for everyone. I would like to know, as it helps us to help you. When you canceled your card, I am guessing, based on your comment, that everything was in good standing, like your prior loan history? If that is the case, it shouldn't stop future offers. I don't like to speculate or go beyond my abilities, but I am just wondering: if you pay off the card, is it like paying off a loan? Do you have those 10 business days on hold, then go back into processing? Can you see if your account was updated today if you took a card payment? If you are updating the algorithm, that's why I was wondering if you could see your last update or timestamp?  I will leave the mods to try to get you to the correct department. Good luck, and I will be following this to see how it goes. @Minion @ryanwanner @kacey_k 

[Shaphan]

Thank you this explanation makes the most sense to me thank you so much