Square gets into the loan sharking business
So, the maximum loan amount of $200.00 will cost you a flat 5% fee ($10) if you repay the loan within the four-week term. After a one-week grace period, they tack on another 1.25% ($2.50) every week.
And the minimum $20.00 loan will cost you a $1.00 flat fee for four weeks if repaid on time. Otherwise, add an additional 25 cents per week after the grace period.
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You’ve never actually met a real loan shark, have you?
