Square Capital FAQ

What is Square Capital?

Square Capital provides access to funds to grow your business with no hidden fees or lengthy applications to fill out. Upon approval, funds are deposited as soon as the next business day so you can invest in your business immediately to increase inventory, purchase equipment, hire employees, and more. All loans through Square Capital are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.

How are my loan offers determined?

Loan eligibility is based on a variety of factors related to your business, including payment processing volume, account history, and payment frequency. To learn more, check out our blog post How to get Noticed by Square Capital.

Can I customize my offer amount?

Yes! You can adjust the loan amount to an offer that best fits your business. If you want to customize the amount offered, select “Customize your loan offer” in the Capital tab of your Square Dashboard. For more details, visit Get Started with Square Capital.

What is the repayment length of my loan?

Your loan must be fully repaid within 18 months.

How will I repay this loan?

A fixed percentage of your daily card sales will be automatically deducted to pay back the loan. This means repayment will match your business’s cash flows - you pay more when business is strong and less if things slow down. The total amount owed (loan amount plus total borrowing cost) never changes.

Can I change the fixed daily percentage?

Unfortunately, no. The percent of daily card sales used to repay your loan remains fixed until you have fully repaid the loan. This helps your business stay on track to pay on time.

Is there a minimum payment?

Yes, you’re required to pay at least 1/18 of your initial loan balance every 60 days so that you make consistent repayment progress.

What is my interest rate?

There are no ongoing interest charges. Instead, the total borrowing cost of your loan is just one fixed fee. Additionally, there are no application, origination, prepayment, or late fees.

Why do you need my EIN?

Square Capital and Celtic Bank use your EIN, ITIN or Tax ID to verify your business and process your Square Capital request.

Can I cancel my loan?

Yes. You may cancel it before a decision on your loan has been made or within two business days after funds have been deposited. Visit Navigating your Square Capital Dashboard for more details.

Can I change my loan amount after funds have been deposited?

Once you have selected an offer and funds have been deposited, we’re unable to change the loan amount. If you’d like to cancel your loan after it has been funded, you can do so within two business days. So long as you have a Square account, your account will continue to be automatically re-evaluated for eligibility. Please note, after cancelling your loan, a subsequent offer is not guaranteed.

Can I pay off my loan early?

Yes, you can submit prepayments any time at no additional cost. However, the total cost of your loan does not change by making prepayments. Visit Paying Back Your Loan Through Square Capital Early for more details.

Does Square provide pay-off statements?

At this time, we are unable to provide a payoff statement. However, you may sign into your Square dashboard to find your outstanding balance. For more information on locating your outstanding amount visit Navigating your Square Capital Dashboard.

I just made a prepayment, why did my offers disappear?

If you submitted a prepayment on your Square Dashboard, please know that it takes up to two weeks to confirm that the payment went through. You will be re-evaluated for a new offer after the debit has been confirmed. Please note, a subsequent offer is not guaranteed. Visit Paying Back Your Loan Through Square Capital Early for more information.

When will I be eligible for another loan?

Once you pay off a certain portion of your current loan, Square Capital will automatically re-evaluate your business’s loan eligibility. Please note, a subsequent offer is not guaranteed.
If you’re eligible to apply for another loan, you’ll be notified via email and you’ll be presented with customized loan offers through Square Capital in your Dashboard. Visit Becoming Eligible For Another Loan Through Square Capital to learn more.

When will I receive the funds?

Upon approval, funds will be deposited as soon as the next business day.

When does the loan repayment begin?

The repayment of the loan will begin on the Repayment Start Date outlined in your loan agreement. A fixed percentage of your daily card sales will be automatically deducted to pay back the loan. Capital payments are deducted as soon as a sales transaction is processed. For more information on how to view your loan agreement, please visit Navigating your Square Capital Dashboard.

For any other questions or additional help, please contact us.

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