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.
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.
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.
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.