Square Loan Denied - How long before "Prior Application" Status Turns Good

[ulhorse]

I had a  loan offered in December 2023 after paying off my 24th loan through Square. The latest loan was denied (For the first time ever) and since then I have been ineligible for another. How long does it take for the Prior Loan Application to fall off my status as that is the only thing not in good standing, but it has now been over 7 months since the application. We have been with Square for over a decade and run over $1.2m a year through it.

Any info would be greatly appreciated.

[Stacelyn24]

Hi there!

Thank you for reaching out and for being a loyal Square customer for over a decade. I understand your concern regarding the loan eligibility.

Square uses a variety of factors to determine loan eligibility, and while the exact details aren't publicly disclosed, these can include your processing volume, account history, and overall business health. It can take some time for the prior loan application status to fall off, but typically, maintaining strong sales and a healthy account history can improve your chances over time.

Since it has been over seven months, you may want to reach out directly to Square's Capital Team for more specific guidance on your account and any actions you can take to improve your eligibility.

Hope this helps 🙂