We’re here to help you get more flexibility when you buy from the stores you love. Square Installments is brought to you through Square Capital, a subsidiary of Square. You know Square as the little white credit card reader that plugs into a smartphone so your favorite food truck or boutique can accept payments on the go. Square is used by millions of small and large businesses across the U.S.

You’ll be applying for your monthly plan directly through Square Installments. You’ll also repay your plan through the Installments dashboard.

When you apply for Square Installments, we perform a soft credit check to verify your identity and determine if you are eligible. This soft credit check will not affect your credit score. If you meet this criteria and continue with the application process, then your Experian credit report will include an inquiry from Square Capital, which could affect your credit score.

We will let you know about these different steps as you go through the Square Installments experience.

You will never be charged a fee for a late payment. However, we do calculate interest based on your principal balance (how much of the original loan is left to pay off). So, if your payment is late and there is past due principal, interest will be charged against that larger amount.

Your interest rate will never change throughout the loan. And, unlike a credit card, we will never charge compound interest (i.e. interest charged on interest). Interest is only charged on the amount that you originally financed.