Square Capital, LLC Licenses
Nationwide Multistate Licensing System (NMLS)
Search for “Square Capital, LLC” on the Nationwide Multistate Licensing System NMLS Consumer Access.
|Alabama||Consumer Credit License (Mini-code)||View License|
|Alabama||Small Loan License||View License|
|Alaska||Small Loan Company License||View License|
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|Arizona||Consumer Lender License||NMLS Consumer Access|
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|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|
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|Maryland||Collection Agency License||NMLS Consumer Access|
|Maryland||Consumer Loan License||NMLS Consumer Access|
|Maryland||Installment Loan License||NMLS Consumer Access|
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|Michigan||Regulatory Loan License||NMLS Consumer Access|
|Minnesota||Regulated Loan Company License||NMLS Consumer Access|
|Minnesota||Collection Agency License||View License|
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|Missouri||Consumer Installment Lender License||View License|
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|New York||Licensed Lender License||NMLS Consumer Access|
|New York||City of Buffalo, Debt Collection Agency License||View License|
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|New York||New York City, Debt Collection Agency License||View License|
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|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|
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|Oregon||Collection Agency License||NMLS Consumer Access|
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|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||Collection Agency Foreign||View License|
|Vermont||Lender License||NMLS Consumer Access|
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|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||Consumer 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.
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)
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.
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.
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%.
|Term||Loan Amount||Finance Fee||APR|
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.
|Term||Loan Amount||Repayment||Finance Fee||APR|
|6 weeks||$200||$50 down, and $50 every two weeks||$0||0%|
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.
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.
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.