Loan Application Review Timeline Update

[vickie_]

Hi Seller Community,

The Square Loans team has recently received an increase in loan application volume, and our review team is doing their best to review them in a timely manner. Some applications may exceed 1-3 business days, but your application will be reviewed as soon as possible. Please wait for an update through email. We appreciate your patience and apologize for any inconvenience. Please visit our Support Center for more information about Square Loans.

[dea7nna]

I have, actually several times and I have been told to continue to wait. It has not been 14 days

[RJKoe]

This community thread has been very helpful to at least find that others are in the same situation as we find ourselves today.  We have been with square for 10 years, and have enjoyed the privileges of 13 loans.  All of them have been repaid within 9 months or less with absolutely no problems.  In the past, our approvals were fast and swift (within hours or less than 24 hours).  Our metrics are strong showing continued growth in processing volumes specifically doubling the size or our processing volumes year to date when compare to last year.  We were approved for a new loan over the weekend and have been waiting for an approval notice since.  We are on "business day" 4 and hope to hear soon.  Like others we depend on these programs to help us build our business.  If anyone can give us further details, please help.

[jules72]

Hey @RJKoe,

Thanks for taking the time to post. 

I have reached out to you directly via email to further assist you with your loan application. 

Please contact us directly if you have any other questions!

[Nchairsalon]

hello did you recieve  an approval and how long didnit take 

[Kbso11]

I see you are experiencing high amounts of applications. Does that mean the offers are on hold too? I keep processing and hoping to get another offer asap. Good standing in every area and 80% paid. 

[jules72]

Hi @Kbso11,

Appreciate you writing! 🙂

We have followed up with you about your application.

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

[Smdinvestments]

Hi Jules i will like to know too if this delay if affecting business offers too sm

at 73% of my loan paid expect to be at 80% by end of this month but wanted to ask if the hold up it’s causing offers I had other companies reach out but rather wait for square since you guys are who I process my sales but wanted to make sure cuz. I know my business grow it’s good but wanted to make dure if are there big delays in offers 

[eatMoroccan3119]

I was offer our 3rd Square Loan last Friday and I accepted , it is now awaiting review / approval. How long does it usually take for you guys?   I am on my 2nd business day and still no update. Usually it gets approved within 1 day.  Anxious haha. 

New loan offer came at perfect time as we have a solid marketing plan in place hehe

[eatMoroccan3119]

Is Square Capital review team/approval team facing backlogs? Usually we get approved within 1 business day but we are still waiting review/approval.... hopefully it all goes well. 

[Nancy__]

@eatMoroccan3119

Thanks for taking the time to reach out to us.

 You should receive a status update within 1–3 business days from the date you submitted your application.

Please contact us directly if you have any other questions.

[stacycakes]

About 2 months ago we received our second loan offer at about 60% paid. We've had a huge jump in sales due to holiday pre-orders (double)  and could really use another loan to help us expand and offer more items. I'm currently at 61% paid on the second loan. 

[Epiphany81]

Hi is there still a wait on responses to loan approval? Paid my last loan off with multiple new offers. Wanted to give another loan a chance it really helped the last update I made to my business.

[detaildr]

@jules72 Is there still a delay in the loan application process?  I usually get a reply in a few hours it been over 24 just wondering what to expect.  

[Nancy__]

@Detailer

Thanks for taking the time to post. 

You should receive a status update within 1–3 business days from the date you submitted your application.

If there is anything else we can help you with, please contact us directly!

[Smdinvestments]

Wondering if you ever heard back am almost a week that I applied this will. Be my four loan and really don’t understand the delay!!!  I keep getting that I will hear Back but I don’t !I though if we have Pay loans and in good standing don’t understand the delay !

[Nancy__]

Hello @Smdinvestments,

We appreciate you letting us know about your situation.

It looks like we have updated you directly. 

Please contact us directly if you have any other questions.

[Juancerritos23]

I got approved for $30k loan and the whole process was a breeze . Credit rating was at 819 thanks to a boost by Royalbladeworks credit repairs . This I think might be a factor for speedy approval. 

[Nchairsalon]

did you get a response. how long did it take 

[Kerryb19]

Hello, I have had a loan offer that I accepted and have been in pending status for 3 days. How long does it typically take to go from pending status for an approval? These funds could really help purchase more equipment for my DJ and entertainment business. 

[Adamscottsmith]

So we experienced a longer approval time on the second one they offered us, but the first one took about two weeks total. I think it was like five or six business days. 

[Kerryb19]

Thanks! My first offer was approved and in my account within 15min. Just wanted to make sure it wasn’t an issue since it’s now past the 3day timeframe they quote you on the website when applying. I appreciate you taking the time to respond. The information you provided me with was very helpful.