Taking too much money of my money to pay loan

[Kgardea]

I had two clients pay today and my next payment for my loan wasn’t due until March 31 and after clients paid Square automatically took over $600 without my acknowledgment. Cannot afford for them to take out that amount of money without letting me know first

[ryanwanner · Accepted solution]

@Kgardea You mentioned that your next payment isn’t due until the end of next month. With the traditional loan product, you pay a percentage of sales each day even after the minimum for the month is met. The goal is to pay down the loan as quickly as possible, not just the minimum. Unfortunately there is no way to pause repayments. 

That said, @Abby_M mentioned in another thread that there are beta loan programs out there that may change what I just said. Your best bet would be to reach out to customer support. They can dig into your account more than we can in a public forum. 

thanks for the ping @Twpchair !

[Twpchair]

They take a % of your daily sales every time you receive a payment they take the % you agreed upon depending if you took the full amount to a lesser amount. They do not take it out when your minimum payment is due. Is this one of your first loans? I've been with square for 13 years now and a retail furniture owner and swipe every day and every night they take their % and the rest is deposited. Do you do invoices vs more swiping? @ryanwanner have you ever heard of anything like this? 

[ryanwanner · Accepted solution]

@Kgardea You mentioned that your next payment isn’t due until the end of next month. With the traditional loan product, you pay a percentage of sales each day even after the minimum for the month is met. The goal is to pay down the loan as quickly as possible, not just the minimum. Unfortunately there is no way to pause repayments. 

That said, @Abby_M mentioned in another thread that there are beta loan programs out there that may change what I just said. Your best bet would be to reach out to customer support. They can dig into your account more than we can in a public forum. 

thanks for the ping @Twpchair !

[Twpchair]

You are welcome! I was reading through the beta site and came across the talks about it but I had no idea how, what, or if even. I just know the rules now. Thank you again! 

[_Violet]

Thank you for sharing your Square Loans expertise here @ryanwanner and @Twpchair ❤️

[Twpchair]

See I do jump on Beta 😆 and read and test. Nod like I totally agree on the F3-345ok formula to turn on the computer remotely!!!!😁😁😁 I did remember getting tagged in a conversation about the above though and how confusion could occur or no?? It shouldn't be 1 issue if you read what you are signing. But, thanks again, and @_Violet 

[Abby_M · Accepted solution]

Hi @Kgardea 

Thanks for taking the time to reach out to us, we appreciate you providing that information.

One of our team members has sent an email providing more insights about your loan repayment.

Please contact us directly, our Square Loans line is open between 8am-5pm PT Monday-Friday if you want to give us a call.