Square Capital, LLC Licenses

Nationwide Multistate Licensing System #1473167. For NMLS Consumer Access, click here.

State License
Alabama View License (Consumer Credit)
Alabama View License (Small Loan)
Arizona View License
California View License
Colorado View License
Illinois NMLS Consumer Access
Kentucky View License
Louisiana View License
Michigan View License
New Jersey View License
Ohio View License (General Loan)
Ohio View License (Small Loan)
Oregon View License
Pennsylvania View License
South Carolina View License
South Carolina View License (www.squareup.com/capital)
South Carolina View License (www.squareinstallments.com)
Tennessee View License
Utah View License
Washington View License

Square Capital, LLC is licensed to do business at 1455 Market Street, 8th Floor, San Francisco, CA 94103.

Program Change Update:

*On Tuesday, July 9, 2019 Square Capital, LLC’s consumer Installments program transitioned to a bank partner. All loan applications received prior to July 9, 2019 will be reviewed and if approved, will be originated by Square Capital, LLC.

All loan applications received on and after July 9, 2019 will be issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, located in Salt Lake City, UT. Merchant is an independent third party from Celtic Bank, Square, Inc., and Square Capital, LLC. Loans are subject to credit approval. Square Installments is only available to U.S. citizens or permanent residents who are at least 18 years old who make purchases at select Square businesses. Square Installments is currently not available in Hawaii or West Virginia. Visit here for eligibility and program information.
*

Square Installments Loan Fee

Fee examples and loan program information prior to and after July 9, 2019 below.

After July 9, 2019

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.

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.

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.

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.

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.

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 for select participating merchants.