Square loan denial for "violation of terms"

BmBeanery · ‎12-28-2023

Hello!

Has anyone recently had their loan denied for "violation of terms"?

We recently learned that some policies have changed (I think in November) regarding adding a CC transaction fee to any purchase. When we discovered the new policy, we immediately updated everything on our end within minutes and the review was satisfactory according to square. Unfortunately we happened to apply for our loan the SAME day, about 4 hours prior. It ended up being the reason for denial, and I am hoping someone has had a reonsideration from underwriting after a denial. This would be our 4th or 5th loan, with impeccable cash flow and repayment history with square.

Stacelyn24 · ‎01-16-2024

Oh no!!! I know that can be frustrating. First, make sure that you were denied for the reason you're thinking. It could be that maybe your processing had went down in transactions or maybe there was a charge back on file. I'll leave a link below where you can read some information on possible reasons why you could have been denied. If you don't find what you're looking for please call Square Support and perhaps they can shine a little more light on the situation. Hope this helps a little.

https://squareup.com/help/us/en/article/5953-declined-square-capital