Loan Fee?

Slj77 · ‎10-07-2023

Is the “loan fee” listed on a Square loan offer an application fee or does Square only take that fee if the loan is approved?

Minion · ‎10-08-2023

Hi @Slj77

That fee for a Square Loan would only need to be paid back if it were part of an approved loan. No need to worry about any payments if your loan offer is not approved. Hope that helps

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

eatMoroccan3119 · ‎10-09-2023

What were you offered? what is your average sales/month? Just curious

I was averaging about 90-95k / month and was offered 90k loan. We took it and it is 86% paid back now.

Currently we are averaging about 85-90k the past few months. Wonder when we will get our next offer and how much it will be . Interesting how this is determined. My friend is averaging 40-50k/month but he was offered over 100k. I don't get it

Sammie_C · ‎10-11-2023

Hi @Slj77!

Thanks so much for your post!

You pay one flat loan fee to borrow the loan once it is approved. The loan fee is the difference between the total owed amount and the initial loan amount. The loan fee will never change, regardless of how quickly or slowly the loan is repaid.

Let us know if you have any other questions!

Sammie_C
Square Loans 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.