What's the difference between the old and new Square Capital?

[jampff]

I paid back a Square Capital advance last year, and now am considering accepting my option to take another one. It seems that it has changed, however... Last year, it said explicitly Square Capital is NOT a loan. Now, I see that it is considered a loan...? Also, now a bank is involved. I'm a little nervous about what exactly is different. Is there a written compare/contrast list between the old and new Square Capital that I can read to understand exactly what has changed?

[George]

Great question! When Square Capital was first introduced, it was a merchant cash advance (MCA). The MCA was the fastest route for us to get you capital and help you grow your businesses.

Now, the Capital loan product has the same benefits: no application, funds are deposited in your bank account as soon as the next business day, and repayment occurs as a fixed percentage of your daily card sales and the total amount owed never changes.

A couple extra tidbits: your personal credit score be never be adversely affected by your Square Capital request and loans through Square Capital have an early repayment option, giving you more repayment flexibility with no penalty.

You also asked about the bank's involvement. All Square Capital loans are issued by Celtic Bank, a Utah-chartered industrial bank. Their involvement doesn't change the Square Capital benefits you enjoy. This support article for more information.

Hope that helps explain things! And I'm happy to answer more questions as they arise.