Square Capital, LLC Licenses

Nationwide Multistate Licensing System (NMLS)
Search for “Square Capital, LLC” on the Nationwide Multistate Licensing System NMLS Consumer Access.

NMLS IDs:
Oakland #1473167
Salt Lake City Branch #2098774

Square Capital, LLC is licensed and/or registered in all applicable states.

Square Capital, LLC is headquartered at 1955 Broadway, Suite 815, Oakland, CA 94612.

Commercial Programs:

Square Credit Card

Square Capital, LLC (“Square Capital”) acts as a service provider to Celtic Bank, a FDIC-insured, Utah chartered bank. Celtic Bank issues Square Credit Card, an open-end, revolving small business commercial credit account, to small business customers by leveraging the efficiencies of Square Capital’s existing technology platform and infrastructure for the marketing, onboarding and servicing of such credit cards. Celtic Bank is the lender and originating creditor for the program under the agreement and does so using its own funds. Square Capital, as a service provider to Celtic Bank, provides marketing and advertising services, application processing, cardholder documentation, and post-funding customer service. Square Capital purchases the receivables from an extension of credit issued by Celtic Bank on an account on the settlement day.

All potential commercial cardholders start as existing Block customers that use the Block Point-of-Sale system. Such customers are provided an opportunity to access credit originated by Celtic Bank.

Paycheck Protection Program (PPP)

SBA PPP

PPP Loans were originated by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, located in Salt Lake City, UT and were available through Square Capital from April 27, 2020 to July 8, 2020. Loan term is 5 years, with 1% annual interest assessed on any amounts that are not forgiven after the deferral period. The deferral period varies based on the date of forgiveness, but is a maximum of 16 months from origination. In order to receive a first round PPP loan, a business was required to establish, among other things, that they were in operation as of February 15, 2020. More information can be found on the SBA website here.

PPP Loans were underwritten and issued by Square Capital, LLC, a PPP lender licensed by the SBA and were available through Square Capital from January 29, 2021 to May 31, 2021. Loan term is 5 years, with 1% annual interest assessed on any amounts that are not forgiven after the deferral period. The deferral period varies based on the date of forgiveness, but is a maximum of 16 months from origination. In order to receive a second draw loan, a business must establish, among other things, that they are still in business, they were in operation as of February 15, 2020, had 25% decreased revenue in 2020 relative to 2019, and have used or will use their first draw PPP loan for authorized purposes. In order to receive a first draw loan, a business must establish, among other things, that they are still in business, and they were in operation as of February 15, 2020. More information can be found on the SBA website here.

Consumer Programs:

Notice

For New Mexico residents: Square Capital, LLC does not currently offer consumer loans in the state of New Mexico. Click here for a copy of the Consumer Information Brochure and here for a copy of Consumer Information – Common Terms and Definitions.

NEW MEXICO ONLY: TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE to Square Capital, LLC Operations, 1955 Broadway, Suite 815, Oakland, CA 94612.

New Mexico Only: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504.

To report any unresolved problems or complaints, contact the Division by telephone number (505) 476-4885 or visit the website: https://www.rld.nm.gov/financial-institutions/__

For South Carolina residents: Square Capital, LLC does not offer consumer loans in the state of South Carolina. Click here for a copy of the South Carolina Consumer Pamphlet.

Before signing any loan documents or otherwise committing to a loan, you may take copies of those documents away from the consumer lender’s place of business for review.

Borrow

Loans Issued by First Electronic Bank

Loans issued by First Electronic Bank, a Utah-chartered industrial bank, Member FDIC, located in Salt Lake City, UT. Average loan term is 30 days, and each loan is assessed a 5% flat fee of the loan amount, which results in an average annual percentage rate (APR) of 65%.

Fee Example:

Buy Now Pay Later

Loans issued by First Electronic Bank, a Utah-chartered industrial bank, Member FDIC, located in Salt Lake City, UT. Loan term is 6 weeks, and there are no interest or fees, which results in a 0% APR.

Fee Example:

Square Installments

Loans Issued by Celtic Bank*

*At this time, Square Installments is not available.

Loans issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, located in Salt Lake City, UT. Borrowers can choose to pay over 3, 6, or 12 months with fixed interest rates from 0-30%.* The interest rate and annual percentage rate (APR) are the same. The interest rate may vary based on credit history and other factors. Our 0% rate is available for qualifying applicants who select autopay and choose a 3-month term. Select Square businesses may offer 0% APR for longer terms based on individual credit.

A reduced APR is available when automatic payments are selected during the application process. APR is the only cost associated with Square Installments—no prepayment fees, deferred interest, or service fees. The interest rate never changes throughout the loan term. The product does not charge compound interest (interest charged on interest). Interest is only charged on the amount originally financed.

Fee Examples

Here’s an example of monthly payments for a $2,100 purchase.

The example above assumes that all payments made in full on the scheduled installment due dates.

Square Capital, LLC loans issued prior to July 9, 2019

Square Capital charges interest based on the loan amount and duration. Prospective borrowers have the option of selecting a loan term of 3, 6, or 12 months. Interest is calculated based on a fixed monthly rate (the advertised annual rate divided by 12) and is assessed daily against the loan’s outstanding principal balance.

All loans are issued by Square Capital, LLC, a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT, and NY. Loans are available to AZ, CA, CO, CT, FL, GA, IL, KY, LA, MA, MI, NC, NJ, NY, OR, PA, TN, TX, UT, VA, and WA residents only. Borrower must be a U.S. citizen or permanent resident and at least 18 years old. Loans are available for purchases of $250 to $10,000 and are payable in 3, 6, or 12 month installment options with minimum payments due each month. Available annual percentage rate (APR) ranges are from 0% to 24%. Maximum APR of 18% applies to CA, FL, TX, CO, MA and LA, 16% applies to GA, NY, and NC residents, and 12% to VA residents. 0% APR is only available for qualifying applicants electing 3-month installment option. All loans are subject to credit approval and the rate individual borrowers qualify to receive may vary based on individual credit history and other factors.

Fee Examples

Here’s an example of monthly payments for a $2,100 purchase.

*18 and 24 month loan term available in CA only through select participating merchants.