I got a loan offer, but was then denied.

[HT-PB]

I got a loan offer from square on 1/17/25 for $63,100, and accepted that day, but was denied two days later on 1/19/25. My wife and I have gotten a dozen square loans over the years and were never denied previously. The reason given was that I had another account with a loan associated with my EIN, and that account had lessening sales and processing. I had actually closed that other business a couple month prior, but was still ahead on the minimum payments and didn't have another payment due for at least another month or two. In any case, I quickly paid off that loan (it had originally been for $3200, but there was only $1250 left to pay). My thought was that this would get rid of the obstacle and that Square would process my loan application. I haven't received an update from Square though and am wondering:

What typically happens in these situations?

Also, is there anything I can do to get Square to relook at my application now that the reason for denying it has been resolved?

[Twpchair]

In the Square dashboard did you go in and hit business closed or notify Square that it was closing but the other one is going strong? Unfortunately, until they get that final payment 7-10 business days on their end roughly. Then the other business would go back into the algorithm again. No guarantee when it will pick you off. But on Monday my first call would be to square! Just paying it off doesn't get rid of the EIN out of your profile you can do it in the dashboard and make sure it's the right one I have seen others just hit deactivate and take them all! But square needs to know that EIN and no longer open and you paid the loan off. 

[HT-PB]

Thank you very much for replying. I'm grateful for the advice and direction. When I closed the location in November '24, I went into the dashboard and marked it as "inactive." I just went back in and tried to "deactivate" it, but when I clicked through the deactivate feature it seemed to only allow me to use it for all my locations (including the one that's still open). I might be missing something though, so please lmk if there's anything else you think I can do on the dashboard.

I had called Square on Tuesday 1/20/25, right after I saw they denied the application and right after I paid off the other loan in full. They were super nice but entirely unhelpful. They said there was nothing whatsoever they could do. They said they couldn't give me any advice at all. No tentative timeline. Nothing. They said it was all up to the algorithm and they were powerless. It was kind of surreal. I almost wondered why they had anybody over there at Square Capital answering the phones.

I'm going to call Square back tomorrow though, per your advice, and tell them the account is inactive and see if they can mark this info on their end or do anything that might help me. I'm a bit worried I'll just end up getting the same super nice but entirely unhelpful runaround I got last week...but I guess there's no harm in trying again.

Thanks again very much for replying and for the advice. And please lmk if you have any further thoughts.

[GlitzyCow]

Was the thread from 2024 closed? It won’t let me reply.