I was offered a Square loan. How long before funds are transferred to my bank account?

[Allaroundpetcar]

[This post was updated by moderator in 2019 to reflect a name change - deposits are now called transfers.]

I was recently offered and accepted a Square loan but it’s been 24 hours and it hasn’t been funded or approved.  I’ve emailed the Loans team but haven’t heard yet.  In the past once I accepted the offered the funds were deposited.  Anyone??

[MMEventsLLC]

I applied and was approved it took about 2-3 hours for the approval. And I accepted the terms and conditions. The next day it was confirmed and sent to my bank account the following buisness day.

[Allaroundpetcar]

Thank you.   It’s my 6th loan and it’s been a full 24 hours.  It was offer on a Sunday so I hope that’s why the delay.  

[MMEventsLLC]

Hey! Since you have had more than one loan what is the normal turn around time for you to get another offer?

[Allaroundpetcar]

Prior to this loan, once accepted it was approved within a few hours.  But after doing some reading on the subject I see square uses a third party to approved or deny loans.  I suspect that is the hold up. 

[MMEventsLLC]

How long once paid off did they send you another offer? And did they approve you for a higher amount each time?

[Allaroundpetcar]

I paid back80% of the loan and the new offer was a bit higher.  But still no response to my acceptance.

[Danniella1]

Wow! 6 loans! That’s. Great!! How long did u take to pay them back??? Idk if I’ll do it again. It was a great option but.. I do t know... 

[katieand · Accepted solution]

Hi @Allaroundpetcar - In this article, it looks like your funds can be deposited as soon as the next business day once your approval goes through. Keep in mind that Loans business days are Monday-Friday.

If you just accepted an offer on Sunday, it will take the team some time during their business hours to go through the process. 

[Allaroundpetcar]

Thank you so much for your response. Jamie. 

[Allaroundpetcar]

It’s been a day and a half. Still no answer from the loan team 😞 

[Vmp1964]

I was asked to apply they asked for additional information I sent it 5 days ago haven't heard anything

[Modernknight]

When will I get the loan in my bamk?

Thank you 🙂

[EJ_]

Hi @Modernknight

I've moved your post over to this existing thread that touches on the time frames of receiving your funds. 

Upon approval, funds are deposited into your Square-linked bank account as soon as the next business day.