Solved: Loan repayment refund

Hairbyliz · ‎02-17-2024

Hi seller community. I recently made a lump sum payment on my loan and it was processing for a few days. It has already taken out of my bank and now it says that there's a loan repayment refund processing. I am unsure of what that means

Sammie_C · ‎02-21-2024

Hi @Hairbyliz!

Thank you for your post!

Feel free to give us a call and we can take a look!

Our Customer Support number is 855-897-1838.

We’re available to speak Monday-Friday, between 7am-5pm PT. If there’s a long hold time, feel free to use the callback option – we’ll save your place in line and call you back when it’s your turn.

Let us know if you have any other questions!

Sammie_C
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.

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Minion · ‎02-17-2024

HI @Hairbyliz

Did you happen to have any sales still processing prior to the lump sum payment?

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

Hairbyliz · ‎02-17-2024

I did

Minion · ‎02-17-2024

@Hairbyliz wrote:
I did

Was the lump payment a payoff payment?

If so then I'd suspect that the refund amount would be the difference from the pending sales payment?

If it wasn't then I'm not sure what exactly that would mean.

Dan
Scorpion Coating Plus,LLC
Square Super Seller
Check out Square support center for additional help.

Sammie_C · ‎02-21-2024

Hi @Hairbyliz!

Thank you for your post!

Feel free to give us a call and we can take a look!

Our Customer Support number is 855-897-1838.

We’re available to speak Monday-Friday, between 7am-5pm PT. If there’s a long hold time, feel free to use the callback option – we’ll save your place in line and call you back when it’s your turn.

Let us know if you have any other questions!

Sammie_C
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.

theresef63 · ‎02-25-2024

I am experiencing the same issue. I made a lump sum prepayment, not a total payoff but a large sum over 10 days ago. The money has already been pulled out of my bank account. Now it shows repayment refund pending of all except what 1 days payment would have been. This makes no sense. I have been with square for many years and have had numerous loans and have never had an issue.

Summer2024 · ‎02-25-2024

Hi there, @theresef63! 👋

Like @Sammie_C has said above, the best route to go here is to reach out to our Loans Support Team. They will be able to take a much deeper look into this with you, as we do not have access to account specific details on the Seller Community.

Our Customer Support number is 855-897-1838.

We’re available to speak Monday-Friday, between 7am-5pm PT. If there’s a long hold time, feel free to use the callback option – we’ll save your place in line and call you back when it’s your turn.

Hope this helps!

Frankotear

Hi, did it resolve itself? If so how long?

Frankotear

@Hairbyliz @Did this get fixed? How long did it take?