COMPARISON
Banked.fyi vs Square Loans
An honest comparison to help you choose the right business funding partner for your needs.
✓ Unbiased Analysis✓ Real User Feedback✓ Updated December 2025
OVERVIEW
At a glance
B
Banked.fyi
RECOMMENDEDA modern business funding marketplace that connects you with 75+ lenders for the best rates and terms. Transparent pricing, fast approvals, and dedicated support.
Highlights
- No hard credit pull to check rates
- Access to 75+ lenders in one application
- Same-day funding available
- Transparent fee structure
- US-based support team
S
Square Loans
Est. 2014Square Loans (formerly Square Capital) offers business loans to Square sellers based on their payment processing history. Automatic daily repayment from sales.
Pros
- Competitive rates
- No credit check
- Fast funding
- Automatic repayment
Cons
- Invitation only
- Square sellers only
- Repayment tied to sales
FEATURES
Feature comparison
| Feature | Banked.fyi | Square Loans |
|---|---|---|
Soft Credit Pull to Check Rates See rates without impacting your credit score | ||
Same-Day Funding Get funds deposited the same day you apply | ||
Multiple Lender Options Compare offers from multiple lenders | ||
Bad Credit Accepted Options for credit scores below 600 | ||
No Collateral Required Unsecured funding options available | ||
Transparent Pricing Clear fee structure with no hidden costs | ||
Dedicated Advisor Personal support throughout the process | ||
Maximum Loan Amount Highest available funding | $5,000,000 | $250,000 |
Minimum Credit Score Credit requirements | All credit types | No minimum |
Time in Business Required Minimum operating history | 3 months | Active Square account |
APR Range Interest rate range | 7.5% - 45% | 10% - 16% |
Funding Speed How quickly you can get funded | Same day - 7 days | Next business day |
Rate Competitiveness How competitive are the offered rates | 4.5 | 5.0 |
Application Experience Ease and speed of the application process | 4.5 | 5.0 |
Customer Support Quality Responsiveness and helpfulness of support | 5.0 | 3.0 |
RATINGS
How they compare
Interest Rates
Banked.fyi
4.5
Square Loans
5.0
Funding Speed
Banked.fyi
4.5
Square Loans
5.0
Customer Service
Banked.fyi
5.0
Square Loans
3.0
Flexibility
Banked.fyi
5.0
Square Loans
3.0
Overall Experience
Banked.fyi
4.5
Square Loans
4.0
FAQs
Common questions
Is Banked.fyi better than Square Loans?+
Both options have their strengths. Banked.fyi is a lending marketplace that connects you with 75+ lenders, giving you more options to compare. Square Loans is a direct lender with competitive rates. The best choice depends on your specific needs, credit profile, and funding timeline.
What are the main differences between Banked.fyi and Square Loans?+
The key difference is that Banked.fyi provides access to 75+ lenders through one application, while Square Loans offers funding directly. Banked.fyi offers loan amounts up to $5M with funding as fast as 4 hours, while Square Loans offers up to $250,000 with funding in Next business day.
Which has better rates: Banked.fyi or Square Loans?+
Rates vary based on your business profile, credit score, and loan type. Banked.fyi's marketplace model often helps businesses find more competitive rates by comparing multiple lenders. Square Loans's rates range from 10% to 16%. We recommend checking both to see which offers better terms for your situation.
What credit score do I need for Square Loans?+
Square Loans typically requires a minimum credit score of No minimum. Banked.fyi works with all credit types and can connect you with lenders even if you have bad credit, giving you more options to explore.
How fast can I get funded with Square Loans vs Banked.fyi?+
Square Loans typically funds in Next business day. With Banked.fyi, depending on the lender match, you can receive funding as fast as 4 hours for certain products, though most loans fund within 1-7 days.
Does Square Loans do a hard credit pull?+
Square Loans uses a soft credit pull initially, similar to Banked.fyi. Banked.fyi never performs a hard credit pull when checking your rates—only when you choose to proceed with a specific lender.