Looking to see if anyone has had a similar experience with Square Loans.
I received a $21,000 loan offer on one of my Square business accounts and applied a little over a month ago. The application was declined because I still had a small remaining Square loan of about $1,700 on a separate business account under the same owner.
That $1,700 loan has since been completely paid off, but my main business still hasn’t received another loan offer. The eligibility page continues to show that my prior loan application/decline is affecting eligibility.
Since then, my processing has continued to increase significantly:
Previous $21K offer came after approximately $47K in processing
Currently at approximately $110K+ processed
Approximately $59K processed in the most recent month
Monthly and yearly processing volume both show Good
- The other Square loan is now 100% paid off for over a month.
Has anyone been declined specifically because of a loan on another Square business account and then received another offer after paying it off?
How long did it take for the prior application/decline to stop affecting your eligibility - 30, 60, 90 days, or longer?
I’m mainly trying to determine whether there is a typical waiting period after this type of decline, since the original reason for the decline has been resolved, thinking of switching and processing via stripe since this process is taking such a while to re offer via square.
