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Square Loan Eligibility - External Bank account

 [The title of this thread has been edited from the original: SQUARE LOAN/CHECKING ACCOUNT]

Does square look at your link bank account to be eligible for square loan?

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Super Seller

Square uses the info it has on what you have processed thru Square and when and how often etc.  It is not based on external info.

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Square Community Moderator

Hi @rzrshop

 

Thank you for your question and being part of the community. 

 

For Square Loan eligibility, we automatically look at many factors about your business that we already have access to, including the payments you process through Square and your history working with us. Keep in mind that for current payment processing, we evaluate the card payments you process on your Square account. Currently we are not able to utilize payments processed through a third party, Cash App, cash/check payments or external bank accounts.

 

If you’re eligible for a new loan, you’ll be notified directly on your Square Dashboard and via email.To learn more about Square Loan eligibility, visit our Support Center.

 

If you have any questions, please free to contact us.

Cameron
The Square Banking Team
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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.
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