Leaving square with loan

mho0808a — Sat, 20 Sep 2025 12:21:17 GMT

I currently have a square loan that I am 70 percent paid on and am considering leaving square for a different processor.

if I’m understanding from the FAQ page square will just withdraw my minimum due out of my linked account ? Is there any penalties for not having cards processed while you have a loan out ?

anyone with similar experience ?

Re: Leaving square with loan

TheRealChipA — Fri, 30 Aug 2024 19:04:58 GMT

Hey @mho0808a. Every situation is different. Here is a link with direct contacts to the Loan folks. I know folks with seasonal businesses who, during the off season, just paid the minimums every 60 days. Since you’ve stated publicly that you are considering leaving Square for another processor, however, you’ll need to reach out and see if they will make arrangements since you’ve also stated that you won’t be processing cards with Square. That’s very different than being a seasonal business, and so I wouldn’t assume anything since our loan contracts state that Square can — at its discretion — call any loan immediately due and payable. Good luck.

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Leaving square with loan

Re: Leaving square with loan