How long are loans taking to be approved in 2023?

I got a loan offer and I accepted it, but it is still pending. What’s the turnover rate to get approved? In the past my loans have been approved in the same day, it has been 3 days and no response. 

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Hi @Jose22282.  You might already know this, but to clarify.  It can sometimes take up to 3-5 business days (excluding Saturday and Sunday) for loan approval after acceptance.  The factors that can delay this (that I know of) include the fact they might have sent out a lot of offers recently and are backlogged, your number might have come up randomly for a deeper review, and recent changes in your processing rates/volumes or other account data.  As long as it hasn’t been over 5 business days, there’s no need to fret, other than the obvious fact that you want your money now, which I understand! Ha.

 

If you’re sweating it, you can try calling the Loan Department.  Here’s a help document with their direct number as well as other information you might find helpful.  Note that that department runs on Pacific Time, 7am - 5pm.  Just give them a call, but if they are backlogged don’t be surprised if you have to leave a polite request for a call back.

 

I wish you all the best!

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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Hi @Jose22282.  You might already know this, but to clarify.  It can sometimes take up to 3-5 business days (excluding Saturday and Sunday) for loan approval after acceptance.  The factors that can delay this (that I know of) include the fact they might have sent out a lot of offers recently and are backlogged, your number might have come up randomly for a deeper review, and recent changes in your processing rates/volumes or other account data.  As long as it hasn’t been over 5 business days, there’s no need to fret, other than the obvious fact that you want your money now, which I understand! Ha.

 

If you’re sweating it, you can try calling the Loan Department.  Here’s a help document with their direct number as well as other information you might find helpful.  Note that that department runs on Pacific Time, 7am - 5pm.  Just give them a call, but if they are backlogged don’t be surprised if you have to leave a polite request for a call back.

 

I wish you all the best!

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!
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Just wanted to tell you thank you for giving me an answer. I know it’s been a long time but your answer was very helpful!

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