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.

[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.

[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!

[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

[Twpchair]

I certainly hope that this gets straightened out very soon! I am one of those who don’t fix it if it isn’t broken. If anyone can help it will be the mod I tagged in. Good luck to you and definitely see what the Mods say. 

[Shaphan]

Yeah thank you I've had a loan available for about $80,000 for about 2 months now I haven't taken it but considering for expansion. Well I got a credit card application everyday and it was approved I'm hoping my loan offer doesn't go away LOL thank you

[Twpchair]

They don’t last forever, so if you are planning on expansion, please don’t let it disappear. You go back into the algorithm, and it hits you again. Ugh, good luck, and please keep us posted! 

[Shaphan]

Oh yeah I know they don't last forever for sure but I've had one that's been renewed pretty much for the last year at this point but you're totally right it's here for a week gone comes back it's been there for about a year straight now

[Twpchair]

Wow, that's a record! I've had it for 4 months before, and it disappeared for about 2-3 weeks and came back. I am happy to hear the word expansion! Growth is a beautiful thing to hear, and I have been hearing it more often. That is awesome, congrats! 

[Shaphan]

Thank you. Growth has become so easy at this point it doesn't even feel like work LOL but first 6 or 7 years were rough now it's just a turnkey operation