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:
San Francisco #1473167
New York Branch #1897529
Salt Lake City Branch #2098774

State License View
Alabama Consumer Credit License (Mini-code) View License
Alabama Small Loan License View License
Alaska Small Loan Company License View License
Arizona Collection Agency License NMLS Consumer Access
Arizona Consumer Lender License NMLS Consumer Access
Arkansas Collection Agency License View License
California Financing Law License View License
Colorado Supervised Lender’s License View License
Connecticut Consumer Collection Agency License NMLS Consumer Access
Connecticut Small Loan Company License NMLS Consumer Access
Delaware Collection Agency View License
Delaware Licensed Lender License View License
District of Columbia Money Lender License NMLS Consumer Access
Florida Consumer Finance Company License View License
Georgia Installment Lender License NMLS Consumer Access
Idaho Collection Agency License NMLS Consumer Access
Idaho Payday Lender License NMLS Consumer Access
Idaho Regulated Lender License NMLS Consumer Access
Illinois Consumer Installment Loan License NMLS Consumer Access
Illinois Collection Agency License View License
Illinois City of Chicago Regulated Business License - Debt Collector View License
Indiana Collection Agency License NMLS Consumer Access
Indiana Loan License View License
Iowa Nonresident Regulated Loan License NMLS Consumer Access
Iowa Nonresident Regulated Loan Company Branch License NMLS Consumer Access
Kansas Consumer Credit Notification View License
Kansas Supervised Loan License NMLS Consumer Access
Kentucky Consumer Loan License NMLS Consumer Access
Louisiana Collection Agency View License
Louisiana Licensed Lender License NMLS Consumer Access
Maine Supervised Lender License View License
Maine Debt Collector License View License
Maine Loan Servicer View License
Maryland Collection Agency License NMLS Consumer Access
Maryland Consumer Loan License NMLS Consumer Access
Maryland Installment Loan License NMLS Consumer Access
Massachusetts Small Loan Company License NMLS Consumer Access
Massachusetts Third Party Loan Servicer Registration NMLS Consumer Access
Michigan Regulatory Loan License NMLS Consumer Access
Minnesota Regulated Loan Company License NMLS Consumer Access
Minnesota Collection Agency License View License
Missouri Consumer Credit Loan Company View License
Missouri Consumer Installment Lender License View License
Montana Consumer Loan License NMLS Consumer Access
Nevada Foreign Debt Collection Agency License View License
New Hampshire Small Loan Lender License NMLS Consumer Access
New Jersey Collection Agency Bond View License
New Jersey Consumer Lender License View License
New Mexico Small Loan Company License View License
New York Licensed Lender License NMLS Consumer Access
New York City of Buffalo, Debt Collection Agency License View License
New York City of Yonkers, Debt Collection Agency License View License
New York New York City, Debt Collection Agency License View License
North Carolina Collection Agency License View License
North Dakota Collection Agency License NMLS Consumer Access
North Dakota Money Broker License NMLS Consumer Access
Ohio Consumer Installment Loan License NMLS Consumer Access
Ohio General Loan Law Certificate of Registration NMLS Consumer Access
Ohio Small Loan License NMLS Consumer Access
Oklahoma Supervised Lender License View License
Oregon Consumer Finance License NMLS Consumer Access
Oregon Collection Agency License NMLS Consumer Access
Pennsylvania Consumer Discount Company License View License
Rhode Island Debt Collector Registration NMLS Consumer Access
Rhode Island Lender License NMLS Consumer Access
Rhode Island Loan Broker License NMLS Consumer Access
South Carolina Supervised Loan License View License
South Dakota Money Lender License NMLS Consumer Access
Tennessee Industrial Loan and Thrift License NMLS Consumer Access
Tennessee Collection Service License View License
Texas Regulated Lender License View License
Utah Consumer Credit Code Notification View License
Utah Collection Agency Foreign View License
Vermont Lender License NMLS Consumer Access
Vermont Loan Solicitation License NMLS Consumer Access
Washington Consumer Loan Company License NMLS Consumer Access
Washington Collection Agency View License
West Virgina Collection Agency Tax View License
Wisconsin Loan Company License NMLS Consumer Access
Wyoming Supervised Lender License NMLS Consumer Access

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

Square Capital, LLC is headquartered at 1455 Market Street, 8th Floor, San Francisco, CA 94103.

Commercial Programs:

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

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.

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.

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%. The flat fee is waived for customers who receive $300 or more in direct deposits to their Cash App Account each month.

Fee Example:
Term Loan Amount Finance Fee APR
32 days $55 $2.75 57%

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:
Term Loan Amount Repayment Finance Fee APR
6 weeks $200 $50 down, and $50 every two weeks $0 0%

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.

3 Monthly Payments 6 Monthly Payments 12 Monthly Payments
$711.69 per month $365.45 per month $189.51 per month
$2,135.08 total cost $2,192.70 total cost $2,274.07 total cost
10% APR 15% APR 15% APR

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. For more information on eligibility and program information, visit here.

Fee Examples

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

Amount Financed Payment Schedule Expected Interest (Finance Charge) Repayment Amount APR
$2,100.00 3 month term: 2 monthly payments of $705.00 and 1 payment of $704.00 $14.00 $2,114.00 4.00%
$2,100.00 6 month term: 5 monthly payments of $365.00 and 1 payment of $361.44 $86.44 $2,186.44 14.00%
$2,100.00 12 month term: 11 monthly payments of $199.00 and 1 payment of $193.23 $282.23 $2,382.23 24.00%

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