Square Loans Adds Monthly Payment Option, Tops $1B in Loans in Q2

Block’s Square Loan subsidiary is adding another business loan feature to its arsenal, a monthly payment option “to serve larger sellers who wanted more visibility into managing their cash flow.”

The company had a major quarter by making 119,000 loans for a total of $1.10 billion in originations. The company has consistently ranked among the top online small business lenders in the country.

Square Loans said that 25% of its fixed payment loan customers so far have been “mid-market sellers,” small businesses that process more than $500,000 in annual card payment volume.