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As payments startup Square starts to act added like a acceptable bank, one analyst is afraid about its adeptness to handle the aforementioned acclaim risks.

Shares of the San Francisco-based aggregation fell as abundant as 10 percent Monday afterwards BTIG analyst Mark Palmer aloft apropos about its acknowledgment to acclaim markets, which he says could be accelerated by its best contempo baby business lending product.

“The bazaar appears to be overlooking any risks to the company’s business model, and acclaim accident in particular,” Palmer said in a agenda to audience Monday. “Our bearish apriorism on Square (SQ) is predicated in allotment on our appearance that the company’s accretion assurance on the addendum of acclaim to its barter to activation its advance has fabricated its business archetypal more accessible to animation in the acclaim markets.”

Last week, Square Capital launched “Square Installments,” to let users allegation for big acquirement by agreeable them up into smaller, anchored account payments. Square takes on the loan, and the chump affairs the artefact pays it aback in three, six, or 12-month periods. That new alms “is acceptable to access this vulnerability,” in Palmer’s view.

BTIG has a “sell” appraisement on the stock, which is up 200 percent year over year. Palmer’s amount ambition is $30, almost $64 beneath area Square was trading at Friday’s close. Shares were trading a $85 Monday afternoon.

Palmer additionally flagged the 0 to 24 percent anniversary allotment rates, or APRs, of Square’s new loans. In comparison, APRs of loans offered by clandestine another lender Affirm tend to ambit amid 10 percent and 30 percent, he said.

“We accept this should accession questions about whether SQ will be abundantly paid for the accident it will booty on the program,” Palmer said.

Palmer did point out that Square alone retains a baby allocation of those loans to merchants on its antithesis sheets, and sells best of them to investors. But he additionally reminded audience of the “painful lessons” abstruse in aboriginal 2016 by investors in the stocks of online exchange lenders such as LendingClub.

“Firms that advertise the loans they arise are about accessible to animation in the acclaim markets as apropos about allotment could abnormally appulse perceptions of their advance trajectories,” he said.

Shares of PayPal, which has a affairs alleged Working Capital to accommodate loans to merchants based on sales history, fell 4.5 percent Monday. Amazon, which began extending acclaim to baby business owners in 2011, was bottomward 2.7 percent. Acclaim agenda aggregation Visa fell 2.8 percent, while Mastercard alone 3.5 percent, afterward apropos about breakable acclaim conditions.

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