Capital offer denied by square because prior loan was paid off with prepayment?

Hi,

I was offered square capital today, and was denied because "A review of your account indicating recent uncharacteristic payment card processing activity." Does this mean because I prepaid my loan that I was denied capital? This would have been my 4th or 5th advance with you guys, and every one of them has been paid off, and I've always been in good standings with you guys. Can someone please shed some light to me as I have denied. I've been with you guys for almost 5 years, and have never had issues like this before. I sure hope it can be resolved because I truly did enjoy working with yall...

 

Thanks,

Nicole

Message 1 of 6 (169 Views)
5 Replies

Re: Capital offer denied by square because prior loan was paid off with prepayment?

Hi @coley536,

 

Thanks for writing in. I wanted to shed some light on this situation:

If a manual payment is used to pay towards your outstanding loan balance, it may take up to one week for your account to be reevaluated for a new loan offer through Square Capital. Once the payment has been successfully processed, you will be notified directly on your Square Dashboard and via email if you become eligible for a new loan.

 

The reason why we do this is because you are making a payment via a bank account, and we want to make sure that the ACH clears. We apologize for the confusion, but we really do appreciate your patience. Your feedback is extremely helpful. 

Message 2 of 6 (130 Views)
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Re: Capital offer denied by square because prior loan was paid off with prepayment?

It'll make two weeks on Friday since I made that last payment. Can you please tell me in this case why I still recieved that message. 

 

Thanks,

Nicole

Message 3 of 6 (117 Views)

Re: Capital offer denied by square because prior loan was paid off with prepayment?

Hey @coley536

 

I'm looking into your account now. Due to the sensitive nature of the information, I will email you directly via a secure channel. You'll hear from me within the hour! Thanks for your patience.

Message 4 of 6 (112 Views)

Re: Capital offer denied by square because prior loan was paid off with prepayment?

Hi, I am also at almost two weeks.  Can you check on mine? 

Message 5 of 6 (19 Views)

Re: Capital offer denied by square because prior loan was paid off with prepayment?

Hi @maggio!

 

Thanks for getting in touch. A Capital team member will get in touch with you shortly via email for security purposes. You'll hear from us soon. 

 

Message 6 of 6 (11 Views)