Hi @KWF. Square does not charge interest. They charge a flat finance/loan fee. My current one was 13.9% for the life of the loan, no matter how long it takes me to pay it off. That’s pretty consistent with past loans, though somewhat higher probably due to the fact that the federal baseline lending rate has been going up for a year now.
For my current loan, if I paid it over 18 months (the max allowed) the approximate APR would be 9.3%. But APR is meaningless on flat fee loans. It is used as a reference only. As long as you pay the loan as agreed, you will pay no more, and no less, in fees.
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!
