Hey @Acorley588. First, did you call the Loan Department directly using one of the contact avenues in this help document? I’m surprised that you weren’t sent there to begin with, but things happen, I guess.
I’ve paid off one early. It’s as easy as going to your loan page on your online dashboard, selecting your current loan and then clicking the blue “make a payment” button at the top. You are always welcome to make extra payments in addition to your automated payments that happen every time you process a card transaction.
Keep in mind a few things. Extra payments can take 7-10 business days (I believe) to fully process and be posted to your account. Paying off a loan early does not mean that you will get a new loan offer. If you do, it will not be until after your extra payments have fully processed, and any existing loan offers will be withdrawn temporarily. Also, since Square does not charge interest but rather a loan fee, there are no financial benefits to paying it off early. None of that loan fee will be refunded, as is that case for most all card processors who offer loans. The fee is the fee.
I hope all of that helps. If you need to know anything else, don’t hesitate to post here. I’ll see it.
Chip A.
Square Expert & Innovator and member of the Square Champions group. (But NOT a Square employee, just a seller like you)
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