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.

[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 

[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 

[jgmotz40]

Hello, We have many loans in the past that have all been paid off early and our most recent loan was paid off in less than a month. We always get a new loan offer just before our previous loan is paid off. This time we did not get an offer before or after it was paid in full. It has been about a week since the loan was paid off, is there a delay in a new offer for our business?

[Pnp2014]

I’m at 83% and was wondering will I receive an offer soon. Or do I have to pay it 100% off 

[Nancy__]

Hi @Pnp2014 ,

Thanks for taking the time to post. 

Ive reached out directly. 

Feel free to contact us for more support. 

[Smdinvestments]

I will like to know if you guys are not giving out loans anymore i got denied for a loan before I pay it off and no one can give a answer after a denial how long they can reconsider my account

[Kaspitzer26]

Wait, so they sent you an offer and they still denied you? Or is there a way to actually ask for a loan? I didn’t think there was, but I would love if there is!

[Nchairsalon]

hello i responded to a loan invitation on Thursday at around 5: 30 pm. how long is the turnaround time thank you

[Nancy__ · Accepted solution]

@Nchairsalon 

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.

Feel free to contact us directly for any additional questions. 

[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.