Frequently Asked Questions

Square Money are fully transparent and provide uncomplicated short term loan solutions. So, here is a list of the most common questions we get asked to help you decide if you wish to take out a loan with Square Money.

How do I qualify for a Square Money loan?

First of all you need to be a UK resident and at least 18 years of age. You must also have been in full-time employment for at least 90 days, receive a regular salary or pay cheque paid into the same bank account as a valid debit card entered in your application.

How much can I borrow?

You can borrow any amount between £200 and £750. We offer a maximum £300 loan to new borrowers.

Would bad credit history affect my loan decision?

We look at your financial status as it stands now and consider your ability to repay your loan on the date you set and agree too.

How do I repay my loan?

We collect the Loan repayment by a simple debit card transaction on the repayment date you set.

How much do you charge?

There is no fee for taking out a Square Money loan and we do not charge you for making faster payments to your account. You only pay interest.

Financial regulations state that we have to show annual cost – or APR. In truth, we actually charge a simple interest rate of 1%. To better understand our charges, here is an example. Say you take a loan of £200 for 18 days, it would only cost you £2 per day. That's a final payment of £236.

If you default on the loan repayment a default fee of £30 will be added to the outstanding amount.

Is it possible to rollover and extend a loan?

We take lending responsibly and ask that our customers are responsible borrowers and make their payment on the day they agreed. However we appreciate that circumstances change and that our customers sometimes require loan extensions.

However, this is at the absolute discretion of Square Money and only if the customer repays the interest charges for the original Loan period.

When will I get the money in my bank account?

We do not charge you for faster payments to your account so all our customers usually get their money within 2 hours but this can be as fast as 10-15 minutes.

What information do you need from me?

To ensure your application process with Square Money is smooth we recommend you pull together the following before you start your application.

  • Your personal details: full name, current address, contact phone numbers and email address
  • Your work and income details
  • Your bank account and debit card details.

When will I need to repay the loan?

The date you make repayment is entirely up to you within our 31 day loan period.

This is also agreed with you in the pre-contract information and Fixed Sum Loan Agreement, which you will receive during the application process.

In line with the terms of the agreement, repayment of the Loan will be collected from your debit card, entered by you in the Secure payment page as part of your application.

As a responsible borrower, it is your responsibility to ensure that there are sufficient funds in your account to cover the collection on the repayment date.

Pay day loan FAQs

Why do you charge 2303% Interest?

Financial regulations state that we have to show annual cost – or APR. In truth, we actually charge a simple interest rate of 1%. To better understand our charges, here is an example. Say you take a loan of £200 for 18 days, it would only cost you £2 per day.

Why is APR so high?

APR stands for Annual Percentage Rate. APR is the cost of credit expressed as an annual percentage. To determine the monthly periodic rate, divide the APR by 12 months. To determine a daily periodic rate, divide the APR by 365 days

APR can be a confusing way to explain the cost of a 30-day loan, especially since APR is meant to describe the cost of a loan borrowed over an entire year. Remember, UK law requires us to list the APR simply for the fact that it’s a financial product. So when you see our APR and cringe at the number of digits, remember that though the APR listed is high, the actual cost of a cash advance isn’t so high, and may well be cheaper than the alternatives, like overdrawing your current account without authorisation.

What do financial experts think about companies like Square Money?


“Over a short term APRs are often irrelevant, after all if you borrowed £20 and paid someone back and bought them a pint (£3) the next week, that sounds pretty reasonable. Yet if you were to take it as a loan, and compound it, it’d signify a 143,000% APR”
Martin Lewis, Money Saving Expert


We are regulated by the Office of Fair Trading (OFT) and are a member of the British Cheque Clearing Association (BCCA), the UK’s leading trade association for the consumer credit industry.


Is your service only used by vulnerable people who have no credit options, or are financially illiterate and don’t know what they will end up paying?

Square Money is only for responsible borrowers. At all stages of the process we make it very clear that you need to be able to afford to pay us back on the agreed date. We also make it very visible, throughout the whole application, how much money you will owe at the end of the agreements.

Combine this transparency with the 8,000 pieces of data we use to process a decision - and the fact that our customers are all fully banked, have a regular income, own mobile phones, and generally have access to mainstream credit alternatives - and you can see that Square Money make very selective lending decisions for both first-time and returning applications.


Are you just another pay day lender?

There are many differences between Square Money and traditional payday lenders.

Our customers decide how much they want to borrow using the slider on our website. They can then decide when they want to repay – up to 31 days. This is not tied to a payday or an applicant’s salary. We charge no fees and are very transparent on the interest you pay. At all stages of the application process you can clearly see how much you are borrowing, when you agree to pay, what the interest charge is per day, and also the total amount to be paid back on the agreed date


Do you put people in to a situation where they have financial difficulties?

We are responsible lenders. Our customers are responsible borrowers. So our aim is to only help those with a cash crisis, and not to get them further in to strife.

To aid this we do not continually extend (‘roll’) loans and have set a maximum of three extensions. The difference between an extension and a roll, is that you can ask for another 24 hours (or any term up to a month) with Square Money, rather than automatically rolling your balance for another full term. We also re-credit check anyone requesting an extension and never guarantee to approve them. We are also very strict on allowing extensions.


We approve less than 10% of loans for extensions and only about 1% are extended three times, but sometimes people do need a little extra time. Customers must always settle any outstanding interest first, so their balances cannot spiral.


What is a responsible borrower?

A responsible borrower is someone who knows they are in financial difficulties and needs help but know they can also make their payment on the date that they choose.

We don’t want people to get in to further financial problems so we work hard to make sure we only lend to those who can repay.

If things do go wrong, we always try to contact the customer and help them with a repayment plan.


If we can’t contact someone or agree a sensible repayment plan, our policy is to freeze all balances after a maximum of 60 days - ensuring the balance can never spiral out of control.


How can you offer instant decisions, and offer cash, without talking to the person. Is that responsible?

Over 8,000 pieces of data is used to make fast decisions with Square Money. We also reject almost two thirds of first loan applications. That means we don’t lend to everyone and most people repay us on time or early.

We also incorporate a number of anti-money laundering and anti-fraud measures into the verification processes, to minimise any criminal or fraudulent use of our system.


Why should people use you and not get a low-interest credit card?

Square Money offer finance for a specific amount of money over a specific period of time to help people get out of financial troubles. We are not here to provide people with a continuing line of credit or make it easy for them to spend and potentially get in to more trouble.

Where can I get free and independent debt advice?

If you do find yourself in difficulties repaying your short term loan with Square Money, then please contact us and we will help in any way we can. However, if you do need debt advice then try one of the following:

Citizens Advice (England & Wales) (Scotland) (Northern Ireland).

National Debtline
If you live in England, Wales or Scotland phone 0808 808 4000 or visit

If you live in Northern Ireland phone 0800 917 4607 or visit

Money Advice Service
Phone 0300 500 5000 or visit

Money Advice Scotland
To find contact details for debt advice in your local council area, phone 0141 572 0237 or visit

Member centres offer debt advice to the public, some providing specialist advice for minority ethnic and refugee communities and people with disabilities. For further information phone 0207 469 5700.

Other useful organisations

Community Legal Advice
If you qualify for legal aid phone 0845 345 4 345 for free advice or visit

Consumer Credit Counselling Service
For debt advice throughout the UK phone 0800 138 1111 or visit

You choose...

Amount Required
Required Period
26 days

You'll square up...

£ which is £ per day
Total cost of borrowing: £*

Representative APR 2303%
*See representative example

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
Ok, first the basics... Back
Basic details
First Name
Last Name
Mobile Phone
Loan Amount £
I have read and accept Square Money's
Terms and Conditions and   Privacy Policy
Free faster payment to your bank account 24/7.

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
Thanks for that.

Now we just need a few more details about you.
You will also need tell us about your employer
and give us some bank and card information.

We'll then let you know our decision instantly.
Your money could be in your bank within 15 minutes...
Full details
Please complete the form below
First Name
Middle Name(s)
Last Name
Email Address
Retype Email
Home Phone
Mobile Phone
Date of Birth
You must be over 18

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
Address details
Building Name
Address Line 1
Address Line 2
Address Line 3
Find address Find Address
Moved In
Residential Status
Tell us where you live... Back

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
Employment details
Employment Status
Employment Length
Payday Frequency
Your Next Pay Date
Following Pay Date
Employers Name
Job Title
Monthly take-home salary £
Employers Phone
Employers Postcode Find address Find Address
Address Line 1
Address Line 2
Address Line 3
Do you receive your salary directly into your bank account?
...and now where you work! Back

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
Debit Card details
Card Type
Name on Card
Card Number
Start Date
Expiry Date
Issue Number
Security Code
(What is a security code?)
We need this to take your payment only. Back

You chose # for #. You'll square up on # with #

Total cost of borrowing is £*, which is £ per day
And finally your bank information. Back
Bank details
Bank Name
Account Type
Account Holder's Name
Account Number
Sort Code
Retype Sort Code

Full Loan application - Click CONTINUE to proceed and to get an instant loan decision


Please ensure that you have read and agree our Website Terms and Conditions and our Privacy Policy which explains how we use the personal information you have provided to us.

You cannot be offered a loan unless you tick the relevant boxes above to agree our Website Terms and Conditions (the "Terms") and our Privacy Policy.


You understand that credit reference agencies may be used to make loan decisions and for the prevention of fraud and money laundering. We are required by law to assess your creditworthiness before entering into any credit agreement with you or increasing the amount of credit offered and the information you provide will be used for these purposes.

Payday lending of this type is a short-term product, designed to provide you with a cash advance until your next pay day and alleviate temporary cash flow problems. We offer loans of between 15 and 45 days in duration which is typical of a payday loan. The total cost of credit is £30 per £100 borrowed for a 30 day Loan duration.


Payday Lending is an expensive form of credit which is unsuitable for supporting sustained borrowing over longer periods, and would be expensive as a means of longer term borrowing.


In certain circumstances, you may be permitted to 'renew' or 'roll over' your loan for a fee and delay payment for a further agreed period of time if we are satisfied that this is in line without responsible lending obligations. This will mean extending the length of your loan and mean you end up paying more than you originally anticipated.


Secure Loan Application


1. We reserve the right to decline your application form for any reason.

2. If we decide not to proceed to offer you a loan on the basis of information provided to us by a credit reference agency (CRA) or fraud prevention agency (FPA) we will inform you of this when we decline you and provide you with details of the relevant agency.

3. When you have ticked the boxes to confirm that you have accepted our Privacy Policy and our Terms and have completed the application form, we will either approve or decline the advance of the loan amount to you.

4. If the advance of credit is approved and you receive the email confirmation attaching the loan agreement, the loan agreement will be entered into by both parties and will come into force when you sign it.

5. Your obligations under the loan agreement commence on the day that we enter into the loan agreement with you (i.e. the date on which you sign it).

6. Delays, which may result from systems or other closures of the business, our credit approval process, the processing schedule of your bank, the untimely receipt of pay receipts (if such pay slips are required), processing errors, "acts of God" and/or "acts of terror" may cause the delay of payment of the loan amount and we will not be liable for any direct or indirect consequential losses to you.

7. When you apply for a product or service you confirm that all the information you have given is true and complete. When you apply for a product or service you authorise us to check the following records about you and others (see below); a) our own; b) those at CRAs and with FPAs.We will make checks such as; assessing this application for credit and we may also make periodic searches at CRAs and FPAs to manage your account with us. If you inform us that you have a spouse or financial associate, then you are authorising us to link your records together so you must be sure that you have their agreement to disclose information about them. CRAs also link your records together and these links will remain on your and their files until such time as you or your partner successfully files for a disassociation with the CRAs to break that link. Further details of the way in which the personal data that you provide to us will be used by us can be located in our Privacy Policy.

8. Your obligations under this Loan Agreement are unsecured.


Click CONTINUE to proceed and to get an instant loan decision.



Borrow Responsibly