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NEW YORK (TheStreet) -- Square (SQ)  stock is up by 1.63% to $13.09 in early-morning trading on Monday, after the company announced that it will begin offering flexible loans through its "Square Capital" platform. 

The San Francisco-based payments technology company announced on Thursday that users of its lending platform would be able to receive flexible loan products.

Square Capital, which provides loans to small businesses, is transitioning to loan products rather than its previous system of providing a merchant cash advance, the company said in a statement. The loans will be issued by the Utah-based CelticBank, according to Square. 

However, online loan companies have recently been hurt by a volatile credit market, the Wall Street Journal reports.

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