FinTech Square is piloting service which will offer small, short term loans.
In Brief:
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Users of Square’s P2P payment solution, Cash App, will be able to borrow up to $200 for up to four weeks.
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Square will charge a flat fee of five per cent.
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The feature is currently being tested with about 1000 customers.
What does this mean?
Square says it is continually testing new features on its Cash App platform. It has already added elements such as a card and investing option. Square itself offers small business loans through another platform.
