I got an email saying I was preapproved for another loan because my current loan is 55% paid off

I got an email saying I was preapproved for another loan because my current loan is 55% paid off I got another pre approval for another but when I open my dashboard it says not eligible

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Square Champion

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Hey there @Slandry.  You should check the email header to be sure that email came from Square.  I’m not sure that anyone has ever gotten a new loan offer at 55%, especially right now.  Currently, sellers have been complaining that new offers are coming much later — say 90+% — and many have had to pay off their current loans and then wait for a while.  The lending market is extremely tight and Square is still being very conservative.  So, check your email header to be sure it came from a Squareup.com email address.  

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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Square Champion

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Hey there @Slandry.  You should check the email header to be sure that email came from Square.  I’m not sure that anyone has ever gotten a new loan offer at 55%, especially right now.  Currently, sellers have been complaining that new offers are coming much later — say 90+% — and many have had to pay off their current loans and then wait for a while.  The lending market is extremely tight and Square is still being very conservative.  So, check your email header to be sure it came from a Squareup.com email address.  

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
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Square Champion

@Slandry Oops.  I hit “reply” too soon.  If you determine that that email is not scam/junk, then you’ll have to wait until Monday and call the Loan Customer Service folks directly.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
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Square Community Moderator

Hi @Slandry!

 

Thank you for reaching out!

 

Hopefully your issue has been resolved, but if not, feel free to give us a call at 855-897-1838 between 7am-5pm PT Monday-Friday and we can take a look.

 

Let us now if you have any other questions as well!

Sammie_C
Community Moderator, US, Square
Sign in and click Mark as Best Answer if my reply answers your question :sparkles:
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