I have processed over 200k in sales with Square in the last 8 months. However they have not offered me any working capital loans. All of my eligibility factors are green in my account, except for “past loan applications”. However, the last loan I applied for as in 2023, which was 3 years ago. It has been stuck that way ever since. Has one else experienced all green factors except past loan applications being stuck for years as impacting their eligibility? As a small business it makes a difference. Seriously considering switching over as working capital is a major factor.
HI @BabaGanoush19 and welcome to the Square community. I have seen a few past posts from other sellers with "prior application". Most seemed to get a new offer after 2-3 years from the ones that I saw. What was the reasoning for denial on your first loan application?
@BabaGanoush19 I'm going to echo @Minion's question here. There are many reasons for past loan denials. If the reason for yours had nothing to do with revenue -- but say it was something about your business structure, ownership, etc -- and that hasn't been resolved or changed, then that could be the reason for you being "stuck." Since most all card processors like Square use the same eligibility requirements for approving loans, switching would probably not help much at all in cases like that.
Also, for clarification, you say that you "have processed over 200k in sales with Square in the last 8 months." Is that all card processing and, if not, what is the percentage of that which is not card processing? And, how much has your card processing volume (only) grown over the last 2-3 years since that denial?
Hi @BabaGanoush19!
Thanks for your post!
Being declined for a Square loan in the past may impact your eligibility. Loan offers are based on a variety of other factors.
We do not have a specific timeframe for when another loan offer may be available. If your status changes, you’ll get an invitation email and be notified directly on your Square Dashboard.
To learn more about Square Loan eligibility, visit our Support Center.
If you have any other questions, please feel free to contact us directly!
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