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Loan Maturity FAQ

You may be at risk of not fully paying your loan off by loan maturity. Here is more information about what happens, and how we can help!

What is loan maturity?

Loan maturity refers to the date on which your outstanding loan balance must be paid in full. You can find the maturity date of your loan in the summary box at the top of your loan agreement. The maturity date is 18 months after your loan origination date.

Businesses that maintain consistent card processing typically repay their loans through daily card sales before the maturity date. Businesses that experience a reduction in card sales may have an outstanding loan balance due at maturity. Keep in mind, making only your minimum payment of 1/18th of the initial loan balance every 60 days will leave half of your loan balance due on your maturity date.

Where can I find more information about my loan maturity date?

Per your loan agreement, the entire loan balance is required to be repaid within 18 months from your loan origination date. Please take a look at your loan agreement for further details.

Will I be notified before my loan matures?

We will send you email reminders in the months prior to your loan maturity date. If you foresee any issues with paying your loan balance by this date, please reach out to us directly.

My loan has matured, can I just keep paying the minimum payment?

No, you are unable to continue making minimum payments because your loan has matured and the outstanding balance is due in full. If you do not pay your entire loan balance on the maturity date, we may increase the repayment rate applied to your daily card sales and initiate a debit from your Square-linked bank account for the remaining loan balance.

My loan is maturing, will a fixed percentage of daily card sales still be applied to my loan balance?

Yes, you will continue to make loan payments from your Square card sales until your balance has been paid in full. Once your loan has been repaid, the fixed percentage of your daily card sales will no longer be applied to your loan.

I cannot pay the full outstanding balance all at once, what are my options?

If you are unable to pay the full outstanding balance, please contact us prior to your loan maturity date so we can get a better understanding of your situation. We may be able to provide an alternative repayment option to accommodate your circumstances.

My bank account has been debited at loan maturity, what will happen?

If the debit for the outstanding loan balance settles successfully, your loan will be paid in full. Please note, it may take up to five business days for your debit to settle.

If the pending debit fails, we will reach out to you to discuss alternative repayment options.

Additional questions? Give our Payment Solution Team a call at 844-387-2368.

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