Subsequent Square loan Eligibility

[_9modern]

[The title of this thread has been edited from the original: Hi! I have a question about subsequent square loans]

I've had a square account for some time, but only used it sparingly and not as my main merchant account. Recently, Square offered me a small loan. I accepted it, began to use Square as my main processor during that time, and paid the loan off in less than a month.

I was surprised to see that I am still ineligible for a subsequent square loan. I've never had my account under review, nor had chargebacks or anything of the sort.

My question is this...is it possible to be penalized for brining in too much revenue within a short period of time?

[Lovewell]

@_9modern Penalized by who? Square? What makes you think you possibly could be?

[_9modern]

hi,

My question is this...

Is it possible for Square to consider a business ineligible for a 2nd loan due to processing more money than usual. 

[Lovewell · Accepted solution]

@_9modern I have seen a lot of back and forth on the topic of loans and what qualifies an account to be eligible for loans or not. There doesn't seem to be a single answer to what qualifies an account or not, but a list of factors square takes into account when offering a loan to a business. So no, you won't be penalized for making too much money, but there are other factors that may determine whether or not you are offered a second loan.

Hope this helps!

[Lowkey229]

I need a square loan

[Nancy__]

Hey @Lowkey229 ,

Thanks for your post!

Square Loans are currently offered by invitation. While you are processing with Square, Square Financial Services automatically reviews your processing activity to evaluate loan offer eligibility. 

Learn more about Square loans with this article. 

Square Loan Eligibility FAQ 

Hope that helps, please feel free to reach out to us directly if you have any other questions!