Have the terms of the loan changed?

[stella221]

I run a restaurant,
It has paid 94% of its second loan in Square
When the first loan was 75% repaid, I was offered the second loan right away
I accepted.
However, even though I already paid 94% of my second loan, I don't have a third loan offer.

Everything is in excellent condition, what's the problem?

[lawnbrook · Accepted solution]

HI there @stella221 ,

The Square loan eligibility is automated and calculated internally. You may get some hints as to why you are currently ineligible in the Dashboard.

As an example I was being offered 77k loans before Christmas, and am currently ineligible. We shut down over the holiday and this has an effect on the calculations.

If you go into the loans section (under money) in the dashboard, you will see the loan status. You may be able to get more details there. For instance mine says:

Processing frequency

Needs work

The quantity and consistency of card payments processed with Square

which makes sense as we've had almost no transactions over the holiday.

If you took a break, this may well be the case in your situation.

I expect I'll start getting loan offers again in the coming weeks as we build up a consistent transaction flow.

Regards,

Bruce