Update:
A couple months ago I got a loan offer at 83% paid off. I applied then was denied so I did not get the loan. Square alleges my account is related to another Square account which has been deactivated.
My account is not linked nor associated with any other account. I called Square for weeks to plead my case and let them know the allegations were false. The first couple weeks nobody even answered the phone. Then when I finally got in touch with someone at the loan department they simply told me it was nothing they could do and I needed to contact someone else in a different department whom doesn’t have a phone number; they can only be reached via email.
So I reached out via email and it takes the 3-5 business days to respond so the process is now dragging on for over a month. I tell them the same thing that my account is not linked or associated with any other Square account and they tell me there is nothing they can do because the decision is final.
Ultimately my Square loan was denied due to false information and there’s nothing anyone can do about it. Based on this I’d never be eligible for another Square loan if they keep believing my Square account is linked to another account which it is not!
That’s bad business! I’ve been considering leaving Square for a different POS system. Combined with the fact nobody can give you any real updates on when you’ll get another loan and they can’t help you when something goes wrong with the application process once an offer is received, it’s almost pointless.
Thankfully my business doesn’t absolutely need the Square loan to survive but low rate funding is obviously beneficial. Unfortunately it’s so unpredictable.
This is very bad on Square’s behalf. I’d leave Square in a heartbeat.
