Square Loans affected by other loans

Kiwismom

Does anyone know if having a loan out with other lenders affect future loan offers?

Papaya

Great question - I’d be happy to explain.

With your permission, Square Financial Services, Inc. may access and review your personal credit report to help improve our evaluation of your business for any future loan offers. Please note that applying for a Square Loan doesn’t affect your credit score and we won’t perform a hard credit pull.

If you would like to opt out of giving Square Financial Services, Inc. access to your personal credit score for the purposes of evaluating your business for future credit offers, please contact us.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Sky
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

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Minion

@Kiwismom wrote:
Does anyone know if having a loan out with other lenders affect future loan offers?

If they are all current and in good standing, then it shouldn't play a role in the eligibility of the loan no. IF they are past due/leins, hit your personal credit report then yes it could play a part in future offers. Maybe not for eligibility but possible get flagged and manual reviewed.

Dan
Square Champion
Check out Square support center for additional help.

"If you don't stand for something, you'll fall for anything"

Papaya

Hi @Kiwismom !

Great question - I’d be happy to explain.

With your permission, Square Financial Services, Inc. may access and review your personal credit report to help improve our evaluation of your business for any future loan offers. Please note that applying for a Square Loan doesn’t affect your credit score and we won’t perform a hard credit pull.

If you would like to opt out of giving Square Financial Services, Inc. access to your personal credit score for the purposes of evaluating your business for future credit offers, please contact us.

Hope that helps, please feel free to reach out to us directly if you have any other questions!

Sky
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

Kiwismom

Thank you