Square Loan Eligibility FAQ
For eligible Square sellers, Square offers business loans to grow your clientele. You can check your business ’ s eligibility by going to the Loans pill of your Square Dashboard and keeping an eye on your e-mail inbox .
Numbers are for illustrative purposes only.
If you don ’ metric ton see an offer in your Square Dashboard, your occupation international relations and security network ’ t presently eligible to apply for a Square loan. But keep in mind that Square accounts are reviewed for eligibility regularly. offer eligibility is based on a variety show of factors related to your Square bill, including payment work book, account history, and requital frequency .
What happens now?
Keep processing with Square—and consider the eligibility factors below as you process! There ’ s no need to contact us or request an eligibility review. The review is automatic pistol, and we will let you know via your Square Dashboard and by e-mail if you are eligible for an offer— saving you time so you can focus on your business. Note: Square is unable to manually generate or predict offers ; all merchants must qualify based on eligibility criteria.
How is eligibility determined?
There are many factors that may affect your eligibility, and accounts are evaluated as a wholly. This means that meeting one or more eligibility factors doesn ’ triiodothyronine undertake that you ’ ll be eligible for a loan offer— your business needs to satisfy all criteria to be eligible .
Your business ’ sulfur Square process bulk is precisely one of many considerations used to determine eligibility. here are a few examples of the things that are considered when evaluating your business for an offer :
Square work book
In general, businesses that have processed at least $ 10,000 or more in a year are more probable to be eligible for an offer .
Square requital frequency
The frequency of poster payments you process through Square matters. If you consistently take payments, you ’ re more likely to get noticed. To us, a firm radiation pattern of taking payments shows that you have a healthy business .
Your customer mix
A good mix of newly and returning customers shows us that you ’ rhenium growing in different ways. You can use Square ’ mho analytics tools to understand your customer al-qaeda better .
A healthy, growing business
The size of your loanword offer is by and large shaped by how much you process through Square .
Why is my business not eligible for a loan right now?
A chargeback happens when a customer disputes a charge from your business and contacts the menu issuer to reverse it. Swiping chip credit cards is one way to increase your chargeback risk. Switch to a Square Reader or learn how to better monitor requital cards to prevent chargebacks .
Multiple Square accounts
If you have multiple Square accounts or locations with outstanding Square loans, make sure that they are all processing systematically and current with loan refund .
Your Square explanation is reviewed for fail debits due to insufficient funds. Please be mindful of the total of funds available in your coupled bank account to avoid fail debits.
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Prior loan applications
All Square loans are national to accredit approval. Being declined recently for a loanword may impact your eligibility .
To ensure the security of your score, Square sporadically reviews Square accounts. If your score has been under reappraisal recently, it may affect your eligibility as we evaluate accounts as a solid .
- Build your own contract with 12 free shrink templates that Square provides to avoid disputes .
- Connect and share with early merchants on our seller community forum .
- Take a glance at the clientele resource plaza for tips, advice and news program on how to start, run and grow your commercial enterprise .
Become Eligible for another Square Loan
Square accounts — including accounts with an active loan — are reviewed for eligibility on a daily basis. If your business is presently repaying a loan, you may become eligible for another crack. however, offers are not guaranteed and we are ineffective to predict when your business may receive another extend. Loan offer details, a well as the timing of eligibility, may differ from your current Square lend, as each loanword offer is unique and evaluated individually .
Please know that making an extra requital or paying off your loanword early will not increase your chances of getting another loan offer through Square. Eligibility for another offer is not guaranteed, careless of whether you prepay your current lend. besides, keep in take care that making a loan requital through the Square Dashboard will expire any existing loan offers .
What do I need to do ?
Keep doing business as usual. You do not need to contact us or provide any extra information to become eligible for a subsequent lend offer. We look at many factors about your clientele to assess your eligibility, including the payments you process through Square and your history working with us. There are no long forms or significant paperwork to fill out, which means you have more fourth dimension and resources to dedicate to running your commercial enterprise .
When will I become eligible for another loan ?
We can ’ triiodothyronine predict when your business will be eligible for another lend put up. Square will automatically reevaluate your business ’ mho offer eligibility, but there is no magic number for when another volunteer will be available. Remember each commercial enterprise is different and all accounts/locations are reviewed independently. Each loan offer is specific to the business and account evaluated for the propose .
We want to emphasize that we are unable to predict eligibility or extend amounts. additionally, we are unable to manually create offers. You will need to have an offer already available on your Square Dashboard to apply for a Square loanword.
How will I be notified ?
If your business is eligible for another Square loanword propose you ’ ll be notified by electronic mail and your loan put up will appear in the Loans tab of your on-line Square Dashboard. Remember to check your Square Dashboard, that is where we chiefly communicate with you about offers !
feather Loans are underwrite and issued by Square Financial Services, a Utah-Chartered Industrial Banks, Members FDIC .