Square to Expand Beyond Business Loans to Consumer Loans

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Square is making the leap from business loans to consumer loans, according to the WSJ. The company, which already makes loans to its payment processing clients, will now begin offering loans to the customers of those clients. The WSJ reports that the loans will be available in six states including California, New York and Florida. They also used a wedding photographer and a veterinarian as examples of services that consumers may wish to finance.

Square Capital head Jacqueline Reses is quoted as saying that there are no plans to get into car loans or mortgages.

Last modified: June 27, 2017

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