Can I Be Reassessed for a Loan After a Returned Payment?

[STLCoffee]

I was denied a loan because of a returned payment on an existing loan at another location on my account. I am in the middle of changing bank accounts and didn't realize that payment was being taken from the account I am leaving. Once I realized it I made the payment immediately and the next payment as well.  Could I be reassessed for a loan from that location again?

Thank you,

STLCoffee

The title of this thread has been edited from the original by a Community Moderator to help with searching threads. 

[VanKalkerFarms]

That isn't something we can help you with here, but calling in could help get you to someone as this is a site where other Square users help and we don't have access to any account information.  The Square loans are very complicated and run 99.99% on an algorithm so it would take someone changing a parameter or a flag on your account and I am not sure if they can but that is your best option.

[STLCoffee]

Thank you for the response.  I will try to contact them.

[RobynR · Accepted solution]

Hey @STLCoffee,

Thanks for becoming a new member of the Community. 

Like @VanKalkerFarms says above, Square Loan assessments are based on multiple factors, including payment history, account activity, and overall business performance. Even though you've corrected the missed payment, it may take some time before you're eligible for another loan offer.

While Square doesn’t manually reassess loan eligibility upon request, loan offers are automatically reviewed, so continuing regular transactions and maintaining a positive payment history may improve your chances in the future.

You can check for offers anytime from your Square Dashboard > Loans section.

Let us know if you have any other questions!