Your business is welcome to pay back its loan early at no additional cost. Please note that the total cost of your loan does not change by making prepayments. If you choose to fully repay your loan, Square Capital will debit your linked bank account for the full outstanding balance. If you’d like to pay a portion back early, you can specify the amount.
Prepay Your Square Capital Loan
You can prepay your loan through your Square Dashboard in four easy steps. Note that all the numbers below are for illustrative purposes only. Here’s how:
- Log into the Capital tab of your online Square Dashboard.
- Click Actions > Make a Payment in the upper right of the screen.
Specify a partial payment amount you would like to make, or if you want to pay the current balance in full.
Review and confirm your payment.
That’s it. And remember, there are never any additional fees for paying your loan back early.
Please note that if you fully prepay your loan, your business’s loan eligibility will at that point be re-evaluated by Square Capital. This evaluation will take approximately two weeks, during which time you will not have any loan offers visible in your Square Dashboard. If any loan offer appeared in your Square Dashboard prior to paying off your loan, it may not be visible during the period your business is being re-evaluated.
If your business becomes eligible for another loan offer, you’ll be notified by email and your loan offers will appear in the Capital tab of your online Square Dashboard.
If you need additional assistance, contact the Square Capital team.
Note: The ability to make prepayments is not available on most plans (MCAs) accepted prior to March 24th, 2016. If the option to make a prepayment is not available in your Square Dashboard, please refer to your current Square Capital agreement (section 3.2) for terms of prepayment. Your current Capital agreement is viewable from the Actions button in the Capital section of your online Square Dashboard.