Square Loans

[westendoutdoors]

Hi,

Has anyone worked out the formula or knows of the formula for calculating how much you need to make to clear off a Square Loan?

For arguments sake, Square offers you 10k at a rate of 17.5% (plus fees), how much do you need to bring in to pay this back and then from this how much is 1% so you can work out how much to bring in to clear a Sqaure Loan and understand when it will go down.

Thank you

[Sineaid · Accepted solution]

Hi @westendoutdoors,

Thanks for your post, and apologies for the delay in getting back to you. 

As Square applies a fixed payback rate to loans, rather than an annual interest rate, the final balance owed will not change regardless of how quickly it’s repaid. 

Generally speaking, Square Loans are designed to be paid back within 12 months, and once accepted you’ll be able to track your repayment progress by logging in to the Loans tab of your Square Dashboard.

You’ll also receive a daily email showing a detailed payment summary, and your remaining balance.

If you haven’t already, I’d encourage you to check out our Loan Repayment article. It gives an overview of what to expect after you’ve accepted a loan offer, and provides some insight into the estimations we make prior to making a loan offer.

If you have any questions after taking a look, just let me know.