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

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.

Program:

CashApp 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.

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 Example:

Paycheck Protection Program (PPP)

First Round PPP

First round PPP Loans were originated by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC, located in Salt Lake City, UT. First round PPP Loans 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.

Second Round PPP

Second round PPP Loans are underwritten and issued by Square Capital, LLC, a PPP lender licensed by the SBA. 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.

Square Installments

At this time, Square Installments is not available.

Loans Issued by Celtic Bank

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.

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.

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.

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