Paying Back Your Loan Through Square Capital Early
Your business is welcome to pay back its loan early at no additional cost. You can choose to fully repay your loan or pay a portion back early. If you’d like to pay a portion back early, you can specify the amount. Please note that the total cost of your loan does not change by making prepayments.
When you make a prepayment, Square Capital may first apply any pending funds from your card sales and then debit any remaining balance from your linked bank account. Please note that we will only initiate a debit if the pending funds are not enough to cover the entire prepayment.
Prepay Your Loan Through Square Capital
You can prepay your loan through your Square Dashboard in four easy steps. Here’s how:
- Visit the Capital section of your Square Dashboard
- Click on Make a Payment
- 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 up to four business days, 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 see offer details in the Capital tab of your online Square Dashboard.
If you need additional assistance, contact the Square Capital team.
Note: Prepayments cannot be made on merchant cash advances. If you have a merchant cash advance, please contact us to discuss your repayment options.