Transferring square loans

[Wa5]

Hi! I have to make a new account with square, I’ve had my current account with them for 7 years and have been offered a loan I want to take relatively quickly. However, because of my name change that is on my EIN I need to create a new square account. Is it possible to qualify for the same loan with a new account being that it wouldn’t have the transaction history. Or if I were to take that loan could I transfer it to my new account?

thanks!

[Twpchair]

transferringownership of your Square Account for sellers who have had Square loans! You now may be eligible to transfer account ownership if you do not have an active Square loan or a pending loan application. If you recently paid off your loan. Are you transferring it to a relative or spouse? Others have mentioned opening a 2nd location to avoid loosing the offer. My best suggestion would be to call for clear clarification as everyone or situation could be different. Let me tag a Mod. @marielmt I am sure you will have to call in as this is personal information. She can at least get you to the right department. 

[marielmt]

Hi @Wa5!

We appreciate you letting us know about your situation.

When applying for a Square loan, we are required to ask for information about both you and your business for identity verification purposes. This means that we need to collect information from your business such as your EIN (if your business has one) as well as information about you such as your SSN (or ITIN), date of birth, and full name. 

You will be able to enter this information on the loan application.

To learn more about Square Loans, visit our Support Center.

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

[Abby_M]

Hi @Wa5 

Thanks for posting on the Seller Community.

When determining eligibility, each location or individual account is regularly evaluated for loan offers based on many different factors, including each location’s / account history with Square and its payment processing volume. Each offer will be tied directly to the card processing from each individual location/ account with a maximum of one loan offer per eligible location.

We are unable to transfer the Square loan to another account or location. As an alternative, you have the option of adding one or more of your business’s additional Square accounts/locations as a payer toward the loan. 

For additional information please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.