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]

Let me tag in a mod to see if they can explain anything further. Since it's a public forum, they can only share so much information, and I will let the other user know or suggest that they reach out to the correct department. @marielmt, can you clarify this without going into personal information. Thank you!

[Abby_M]

Hi @Shaphan 

Appreciate you taking the time to post.

If you accept either product, your account will continue to be evaluated for eligibility for loans.

This means that if you:

Open a Square Credit Card, you will continue to be evaluated for Square loan eligibility.

Accept a Square loan, you will be evaluated for Square Credit Card eligibility.

Your account is regularly evaluated for offer eligibility based on many different factors, if you become eligible again, we’ll notify you directly through email and your Square Dashboard.

Don’t hesitate to contact us directly if you have further questions or concerns.

[Shaphan]

Hey Abby!

So I'm gonna start by saying Square is one of my favorite companies of all time, seriously. I have a business of course and I'm not interested in a job but if I had to get a job it would be for SpaceX or Square, no other companies lol because you guys are just amazing and I believe in your mission on how you are helping small businesses become empowered.

Anyway I just applied for the loan and I see that they're requiring documentation due to a lien against me. The lien is not against my business, it's against me personally. I did submit documentation showing that I've been on a payment plan. Hopefully that's sufficient.

Is everything okay? I can't wait to get this loan. We're going to use it to expand the business 5-fold and we're going to be bragging on social media about how awesome Square is and how you guys' services have improved our lives. And if another company offered me processing for free tomorrow I'd say nope! Square is my partner for life!

Let me know! Thank you so much! This is so important!

[Minion]

Hey @Shaphan 

As long as you submitted all and more if possible documents that were requested the under writing team will take it from there and should get back to you within 1-3 business days with a decision! 

[Shaphan]

Gotcha! Makes sense! Well let me ask, if I can't get the documentation in time, the loan offer expires. Will I be offered another loan ever again?

[Minion]

Yeah I'm sure you would be offered one again if you couldn't get the documentation needed in time. How long  though I couldn't tell you.  I have a feeling that there would be some minimum 30 day after the expiration of it before the algorithm allows it. ( this is just my assumption based on credit type based companies).  This would assume that the metrics were all good as well still.

[Shaphan]

That makes sense my documents were rejected I think I see the problem is I uploaded my payment plan for an outstanding tax debt which is totally fair and fine but the problem is I'm not sure how to indicate that it's being paid on. I talked to the tax department today and they cannot provide me with a statement showing my balance so how do you guys want me to prove that I'm making payments on it I have bank statements where I can I have a bank account where I can show that I made a payment on it this month does that help this is so important can you please put me in touch with someone where I can just talk to someone in person cuz it's difficult to really understand what's being needed when I get the emails from Square because they're kind of ambiguous thank you so much for your consideration I hope you had a great holidays again square is the best ever/

[Abby_M]

Hi @Shaphan 

Thank you for your kind words and sharing your thoughts! 

If you have questions about the form or are unsure what documentation to send, please visit our Information Requested for Square Loan Application FAQ.

Also to check which additional information we are requesting please Sign In into your  Square Dashboard 

To get in touch over the phone, give us a call!

Our Customer Support number is 855-897-1838

We’re available to speak Monday-Friday, between 7am-5pm PT.

Feel free to reach out to us directly if you have any additional questions!