Solved: Declined For Cash Advances - Page 2

Axwoman · ‎03-28-2022

The title of this thread has been edited from the original: "Cash Advances"

Why am I denied a loan, although I have had two every year for 4 years from square due to cash advances? Square makes money on that too yet they deny me a loan due to cash advances of my own money, although also I have tripled my sales over the years.

SoCoMissionBch · ‎07-21-2022

Your issue my friend is much bigger than an issue with Square itself. I believe it is actually a blanket card processing industry policy and in some cases a law perhaps that you can not use your own cards at a business you have any vested interest in or control over. The reason for this is simple. #1 Money laundering. #2 Fraud. If you use your card at your own store, what's to stop you from taking say a 500$ swipe at the store with your personal AMEX card and then collecting the cash via instant transfer? It's an illegal cash advance as far as I know. It's not a "big Brother" issue as another person commented. It's all part of that magnetic strip/chip built into the card. It contains a huge amount of data about you, your account, and your personal identifying info. I assume the companies have systems to automatically check cards that are swiped for any similarities in information to the data you provided them when setting up your merchant account. This I would guess is how they knew you were using your card at your own store. Big no no. If you want something from your own store, the best bet is to use cash to buy it or have a friend buy it with their card and pay them back. This is my understanding, not the square policy I am referring to but I think it's pretty close to how they do it as well.

View Best Answer >

thorne816 · ‎10-10-2022

Yes I ran a 20% off sale to get out that loan. I model all my inventory at least 10 styles a day. Then 2 weeks after paid off another loan.

ChampsEdge13 · ‎01-18-2023

So you're saying any existing loan has to be paid before they offer again after the cash advance denial? I would really hate to switch to another processor because I need the funding.

Smdinvestments · ‎01-18-2023

Even if you pay it off they won’t approve you

thorne816 · ‎01-19-2023

Exactly, payoff then I got another one 2 weeks later

BradKy · ‎10-10-2022

No one ever spoke to me about it. They are accusing me of a card that is one of my clients. They have all the wrong info.

Smdinvestments · ‎10-10-2022

I understand am a llc as well i Invoice everything is really messed up they punish business when we have three good loans Pay with them with a lot of fees but I already started to look for other options as you can put your eggs in on basket I like the ease of taking the money from my sales but if they algorithm says you did something wrong they don’t even lookat your history with them ! what a shame.

ss13 · ‎12-27-2022

I am going through the same thing. Have they approved you for a new offer yet?

ss13 · ‎12-27-2022

I am going through the same thing. Have they approved you for a new offer yet?

hookedoncomics · ‎12-17-2022

2 1/2 months and still have the denial hanging over my account

Magik5tattoo · ‎12-17-2022

Just keep processing and growing your business, you will get another offer.

ChampsEdge13 · ‎01-18-2023

Hey, do you still have a balance o your old loan? I'm dealing with the same thing. It's been about 2 months for me also. I still owe a balance tho. I'm wondering if I have to pay off my current loan first.

thorne816 · ‎01-18-2023

I paid it off then got new one 2 weeks later

Nancy__ · ‎08-26-2022

Hi @Bradky,

Thanks for reaching out!

Since this is account specific, i've reached out to you via email.

Nancy__
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

Square, the Square logo, Square Financial Services, Square Capital, and others are trademarks of Square, Inc. and/or its subsidiaries. Square Financial Services, Inc. is a wholly owned subsidiary of Square, Inc. All loans are issued by Square Financial Services, Inc. a Utah-Chartered Industrial Bank. Member FDIC. Actual fee depends upon payment card processing history, loan amount and other eligibility factors. A minimum payment of 1/18th of the initial loan balance is required every 60 days and full loan repayment is required within 18 months. Loan eligibility is not guaranteed. All loans are subject to credit approval.

SoCoMissionBch · ‎07-21-2022

yes. we just got our 3rd and were at about 70%. early July 2022. I think it is a super complicated algorithm that generates offers and is based on minute details about you, your business, habits, volume, and type of sales you make. Sit tight, your offer will come in due time I'm sure. Good Luck.

SoCoMissionBch · ‎07-21-2022

Not our experience. We are on our 3rd loan with the last one being offered when the previous loan was at around 70% paid. The new offer was over double the previous offer, approval was the day of or the next day after we applied and it was funded the following day or two. Our current loan was funded about a week ago give or take. Super easy and fast, at least it has been for us.

thorne816 · ‎05-16-2022

You must want me to cancel my account. If I made 150K and im denied for $100 dollars I will move to shopify. I used square for years but it is not worth using anymore.

vickie_ · ‎05-18-2022

Hi @thorne816,

Thank you for reaching out with your concerns. Our team has followed up with you over email since this is an account specific concern.

Vickie
Square Loans Team
Sign in and click Mark as Best Answer if my reply answers your question.

This is a service email from Square Financial Services, Inc., a wholly owned subsidiary of Block, Inc. All loans are issued by Square Financial Services, Inc, a Utah-Chartered Industrial Bank, Members FDIC.

thorne816 · ‎07-05-2022

Did you ever get a new offer. I have like 200 more dollars to pay and no offer. This is crazy cause I need to get ready for back to school rush.

ss13 · ‎12-27-2022

Did they finally give you a new offer?

Eighty · ‎08-31-2022

I’ve been with square for over 4 years. Processing grows annually and took multiple loans. All paid in full and never missed a payment. I used my credit card to pay down my loan with them. The transaction history is there to prove it and they denied my loan application because of that. They said it was cash advance and still took the money. Im very disappointed as I also paid down the loan with some of my own money as well. They pretty much told me they can’t approve at this time and said best wishes. I tried speaking to multiple people and couldn’t get any information or consideration.

ss13 · ‎12-27-2022

I am going through something similar. Were you able to qualify again?