[Resolved] Square Loans Payment Reporting

[Regina_B]

We’re investigating an issue related to Square Loans payment reporting that has been impacting some sellers with loans through Square Loans who use our Business Banking card. 

For affected sellers, loan payments made through daily card sales are being displayed in their Square Loans Dashboards as a single "Pending Square Loans Payment." We can confirm that this is solely a reporting issue and that loan payments made through sellers’ daily card sales are being applied to their loan balances as usual. 

Our engineering team is working to resolve the issue and we will post updates here as soon as additional updates are available. There’s no action needed on your part at this time. We understand that this is not ideal and we apologize for any inconvenience. 

This does not impact the Square Loans repayment rate, which will continue to be applied to your daily card sales until your loan is paid in full.

[RB12]

I’ve been paying back my loan and for the past week it says “pending” when does this go through? I want to be re-evaluated for a new loan, but it doesn’t seem I can if it’s not processing correctly. 

[ashc]

Hi @RB12!

I moved your post here for visibility into this issue.

It looks like our engineers are aware of it and working on a fix.

This also won't affect your eligibility for a new one so no worries there! Thanks for your patience as we work through this. 

[RB12]

My payment still states pending. Are you sure this is not counting against my loan payment or if I’m able to get a new loan? It’s been over a week, that’s a long time for a payment not to be posted🤷‍♀️

[ashc]

Hello again @RB12!

We have confirmed with the Loans team it will not affect your ability to get a new loan. 

[Kasey8783]

All of my information I’m receiving from square loans about my remaining balance is incorrect. For example, my email I receive every day telling me my balance left on my loan after my payment; the balance is incorrect. Also I have a pending payment on my dashboard that’s isn’t showing the correct number, and it’s been pending for a few weeks now. The only number that is correct is the percentage and the remaining balance that shows on my dashboard. The emails square loans send me are incorrect and the pending payment that shows on my dashboard is incorrect. How can I get this fixed? Does anyone know how I can get in touch with a real person from square? Also is this affecting my loan offers?

[katieand]

Hi @Kasey8783 - I moved your post over here since it looks like you're experiencing this known issue. Our team is working on fixing this now and should have a resolution soon. The incorrect information you're seeing is only affecting reporting and does not affect your balance/payments or eligibility. Sorry about this and we'll keep you updated as we learn more from our team. 

[Kasey8783]

Thanks so much 

[RB12]

@Kasey8783 

I too have been having all these issues for the past few weeks. If you talk to a person they say the same thing that you are told on here. There must be a glitch in the system somewhere is what I am getting from all this. 

[Hairazor]

This reply was created from merging an existing thread: Loan payments

My dashboard and daily statement  have an $800 discrepancy. While I know the dashboard is correct, I don’t know how to go about getting this corrected. I am participating the pilot processing program, but I am concerned how to get this issue resolved. I am a single employee, so this is detrimental to my business. 

[JanetK]

Hi @Hairazor ,

Thank you for bringing this to our attention! Our engineers are still in midst of trying to fix an issue with Loans payment reporting. Feel free to follow this thread for more information about this. 

We hope to get this fixed soon too, please bear with us in the meanwhile!  

[Hairazor]

Thanks so much!! I was in a panic. I recalled seeing an email about “pending payments” but I don’t believe it was in regards to this. I appreciate your help and hopefully  you’ll get a few less phone calls! 

[Regina_B · Accepted solution]

Hi everyone, this issue has been resolved! 🎉! Thank you so much for your patience! 

[RB12]

Thank you!! All my issues look like they are fixed and normal! ❤️

[piratetaxi]

Last daily payment processed was on the 27th of May. Since then the amount pending has increased with each sale but it still remains in pending status. Will it be resolved soon?

[Katiegironda]

Following as I am experiencing the same thing. 

My pending payment increases everyday and it now at $1500. 

My manual payments went through fine.

[sweetcacao]

I am having the same issue.  Payment shows pending since May 28. 

[Regina_B]

Hey @piratetaxi  @sweetcacao and @Katiegironda ! Our engineers are aware of this issue that, in some instances, the Loans Dashboard is not updating your most recent payments for reporting purposes and are working to resolve it. I can confirm this is strictly tied to reporting and that your loan repayment is still being applied to sales. To view a detailed breakdown of your loan payments, you can go to the Deposits tab on your Square Dashboard.

If you have any additional questions, please let me know. Thanks for your patience on this!

[Katiegironda]

Thank you for letting me know! 

[piratetaxi]

It's been almost 4 weeks... Will the pending status effect the possibility of getting a new loan offer? 

[Katiegironda]

No. Mine says pending at $3000 and I just got a new loan offer today at 84% paid off.