Solved: Re: 60 day minimum payment

Kbso11

Hey! Im in my loan repayment at about 75% and waiting for next offer but I’m curious as I meet my 60 day minimum weeks or a month early every time. As I continue to process does any of that go towards my next 60 day minimum? Or does it just start fresh the next set date? Thanks in advance! I appreciate the feedback and the loans. Always helpful.

TheRealChipA

@Kbso11 The 60-day minimum resets on the deadline date. Payments above that amount in a two-month period DO NOT roll forward to the new minimum. If it did, that would defeat the purpose of that minimum which is to keep us on track to have the entire loan paid off in no more than 18 months.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!

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Kbso11

I’m guessing that it is just the required amount to be current but after conversing with other co workers they had me confused.

TheRealChipA

@Kbso11 The 60-day minimum resets on the deadline date. Payments above that amount in a two-month period DO NOT roll forward to the new minimum. If it did, that would defeat the purpose of that minimum which is to keep us on track to have the entire loan paid off in no more than 18 months.

Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)

Was my post helpful? Take a moment to mark it as a solution. Marked solutions help other sellers find possible resolutions to similar problems. Also, if you find your solution elsewhere (say, through Support), it is helpful to come back to your post and tell us about it, then mark that as a Solution. Solutions are what this Community is all about!