Solved: Square Capital in all states?

DaoDeJing · ‎09-23-2017

Reading through all of the FAQ and other pages and threads related to Square Capital, I noticed that it's not available to users in North Dakota. But is it available in all other U.S. states?

I seem to recall reading something at one point that it is only available in a subset of states, but cannot find that information again. Could someone clarify please? Thank you.

LaDora · ‎09-25-2017

Hi @DaoDeJing, 👋🏾

I would like to clarify that loans are issued in all states except North Dakota. The section you are referring to exists to address certain regulatory requirements in those states.

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VanKalkerFarms · ‎09-24-2017

on this page at the bottom, it says https://squareup.com/capital. It does appear that only North Dakota can't get Square Capital loans.

"Square Capital, LLC is a wholly owned subsidiary of Square, Inc., d/b/a Square Capital of California, LLC in FL, GA, MT and NY. All loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank. Member FDIC, located in Salt Lake City, UT. Loans are not issued to borrowers in ND. The individual authorized to act on behalf of the business must be a U.S. citizen or permanent resident and at least 18 years old. Valid U.S. bank account and Social Security number or Individual Taxpayer Identification Number are required. Actual fee depends upon payment card processing history and loan amount. All loans are subject to credit approval. Square Capital, LLC is a licensed servicer and debt collector in AK, AR, AZ, DE, ID, IL, IN, MN, NC, NJ, NY (Buffalo), OR, TN, UT, WA, WV. FW0417"

On an interesting side note, It looks like Square is looking to take Square Capital loans in-house after they have filed for Bank status with the FDIC.

http://www.cutimes.com/2017/09/19/square-big-name-in-fintech-files-for-bank-status

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
My Rise'n Roll Bakery Cedar Lake Facebook Page

DaoDeJing · ‎09-24-2017

Ah, that's what I was wondering about. This part:

"Square Capital, LLC is a licensed servicer and debt collector in AK, AR, AZ, DE, ID, IL, IN, MN, NC, NJ, NY (Buffalo), OR, TN, UT, WA, WV. FW0417"

I was worried because that's nowhere near the 49 states other than ND, so I was thinking that maybe this was the limited list of those they provide loans to. But now I think it's probably just a certain statement classifying Square as a certain entity which those states require certain lenders to be. Ug, gotta love financial regulatory messes. 😛

Also good to know about impending bank status. At least, I hope it's a good thing...

Thanks for all the info. Still, it'd be nice to see an explicit statement mentioning something like "Square Capital offers loans in (my state)".

VanKalkerFarms · ‎09-24-2017

I do believe that is correct about terminology used by specific states and that's why a few are called out independently.

Bob Van Kalker
My Van Kalker Farms Garden Center website
My Rise'n Roll Bakery Schererville Indiana Facebook Page
My Rise'n Roll Bakery Cedar Lake Facebook Page

LaDora · ‎09-25-2017

Hi @DaoDeJing, 👋🏾

I would like to clarify that loans are issued in all states except North Dakota. The section you are referring to exists to address certain regulatory requirements in those states.