Approved for a loan. Not deposited. Paying for it.

[WHYB]

I received an approval for a loan to be deposited into my square account. After realizing i never received my money but payments were going to the loan i contacted support. They said they could not fund my loan to the account. (My square account) that they would cancel it and that i would be refunded the money. I just received a payment from a client and part of it was applied to the loan which i never received. You can only speak to the phone support. When i called they sent me to email support. And email support basically lied. What is going on??? 

[VanKalkerFarms]

That is an interesting twist of an issue.  Here in Seller Community there isn't anything we can do to help as we are just other users that can't see your account.  Phone or email is the only way you are going to get this solved.  Gather up all the evidence you have of when you applied, when you were approved, when you started getting a percent taken out, etc to lay out the timeline and lay it out for the support.  I know it can be frustrating but remain calm.

I have never heard of a loan being approved but not deposited in all the years here so this is a first.

[MayaP · Accepted solution]

Hi @WHYB thank you for reaching out and sharing your concerns. I’m so sorry for the confusion around your loan offer—I can understand how frustrating and upsetting this must be.

As @VanKalkerFarms  mentioned, we’re unable to review account-specific details here in the Seller Community. However, I strongly encourage you to gather all the relevant information and contact our Square Capital Team, who will be able to look into this further.

You can reach them at 1-855-700-6000, Monday through Friday, from 8 AM to 5 PM PST. I truly hope this gets resolved for you quickly, and we’re here to support you however we can.

---

[WHYB]

I have called and continue to be transferred over and over again to the same department. My money is being taken every time i am paid and i still have received no help. It is actually scary. Every time i get a representative they send me right back to the same area which is loans and i apparently need banking. 

[VanKalkerFarms]

@WHYB I really hope this gets to the right person soon.  I can't imagine the frustration with getting a loan, then not getting it, but them taking percentages out like you did.  Communication has always been what I beieve to be Square's largest issue.  I know a lot of it comes back to wanting tracability via email, but so often it seems you are just shouting into the void, and that is not what you want when your business is on the line. 

@MayaP @isabelle can we please try to get this to the right person in Square to get this straightened out.

[MayaP]

Hi @WHYB, I understand it’s been a while since you’ve been waiting for support, and I truly appreciate your patience. I see that Bryan from our support team emailed you on January 13, 2025, with additional information. Please check that email, and if you have any further questions, you can reply directly to him. Of course, if you need anything else, feel free to tag me here.

[Amc3]

Is it resolved? This is happening to me now

[MayaP]

Good morning @Amc3 I’m sorry to hear about the challenges you’re facing with your loan offer. As noted earlier, our ability to assist with these inquiries is limited, so I recommend reaching out directly to our Capital Team for further assistance. They can be reached at 1-855-700-6000, Monday through Friday, from 8 AM to 5 PM PST. If you continue to experience any issues, please don’t hesitate to let me know.

[Amc3]

Yes I have been for 5 days calling and emailing you all.

[MayaP]

Thanks for your patience @Amc3. I see you’ve been in touch with Sky from Square Capital via email. I’ve followed up with them to request an update, and I’ll be sure to share any updates I receive on my end. I understand how frustrating this situation can be and truly appreciate your continued cooperation.

[marielmt]

Hi @Amc3 !

Sorry to hear about the trouble you’re having, we appreciate you letting us know.

We have sent you an email follow up in regards to this.

Thanks for your patience with us through this process!

[Amc3]

So I was told your team would release funds today! But I’m waiting on a confirmation email something. 

[Amc3]

Nothing yet smh this is ridiculous . And I know you’re business hours are about to end

[MayaP]

I completely understand your frustration and sincerely apologize for the delay, @Amc3. Have you been able to access your funds yet?

[Javi2544]

Same is happening to me currently.  Provided the info needed last week and would really like some sort of escalation. When I call it I just get the "it will take 1 to 3 business days" speal and it is very frustrating when you are getting deducted for money that has not been received.

[marielmt]

Hi @Javi2544

Sorry to hear about the trouble you’re having, we appreciate you letting us know.

I have followed up directly with you by email.

Don’t hesitate to contact us directly if you have further questions or concerns.

[Javi2544]

Hello,

I am having an interesting situation. I was approved for a new loan, our 5th I believe. The account that was supposed to be used is the same one used every other time but I was aked to provide a statement from the account that shows either the business name or my own. I did but the document was not accepted.

I called sypport and apparently I put my name in the "doing business as" section of the application.  Our business account only show my business name. I have my personal account also linked and verified already and was told to switch it to that account and resend the documents for my personal account.

I want to make sure this is the correct process because each time I have called the call mysteriously disconnects and I am left unsure if this will resolve the issue.

As of 1/22/2025 the loan is being paid for but I have not received the funds. Would really like to make sure I followed the correct process to receive the funds no later than this week as we are now paying for money not yet deposited.

Thanks in advance.

Javier Carbajales 

[MayaP]

Hello @Javi2544,

Thank you for reaching out. I completely understand your concern. I see that you were in touch with our team a few days ago, and it appears the hold may be related to your bank account. However, I’m escalating this to our team for confirmation. As soon as I have an update, I’ll be sure to let you know.

As mentioned earlier, our support for Square loan cases is limited, but I’ll do my best to assist you. Let me know if there’s anything else you need in the meantime.

[Javi2544]

Yes the account is the same account used on all previous loans so I was caught off guard when an issue was presented and was asked for additional documentation but was still not resolved. Switched to my personal account, which is also linked, and submitted the documents again hoping that will resolve whatever issue that occurred. 

[MayaP]

Hey @Javi2544, please see the reply from @marielmt above. 

If you need anything else, let us know.