Want to know the steps on how to borrow money on Cash App? Well, stay reading to know all about the Cash App borrow feature. Firstly , you should note that all the Cash App users are not allowed to borrow money from Cash App at this time. The Cash App may avail this feature to all in the future but this time the users who can see the word “Borrow” in the app are eligible for borrowing. There are no specific eligibility criteria however, certain factors may restrict you from borrowing from Cash App for example you should be above 18 years. Keep reading to know how to borrow money on Cash App.
The eligible users can follow the steps as shown here to borrow money on Cash App: open the Cash App > go to Balance tab > select banking > look for the word “Borrow” > if it is there you can see the borrow amount > select the preset value or enter it > schedule repayment plan > read and agree with the service terms > accept the loan
What is the Cash App borrow feature?
Cash App has launched the Borrow feature on its platform however, it is not available in all states this time. The main features of Cash App borrow are:
Max. borrow amount: $200 (can borrow any amount between $20 to $200)
Borrow money (period): four weeks (one month)
Borrow interest rate : 5% flat fee
Additional late repayment fees: 1.25% late fee per week plus 5% fee
Borrow from: Cash App Application
Can all Cash App users borrow money on Cash App?
No, as of now, this feature is not available for all and in all US states. If you want to know whether you can borrow money from Cash App or not, follow the steps as shown above. Find the word “Borrow” inside the Banking option, if it is there, you can proceed to unlock the borrow money feature on the app.
What are prerequisites to borrow money from Cash App?
There are no specific prerequisites to borrow money from Cash App, however, you should be above 18 years of age. Also there are certain factors which can avail you of the borrow feature. These are:
- Verify your Cash App account
- Make regular purchasing using Cash App
- Have a healthy and regular transaction history
- Use Cash App card and other features
- Don’t overdraft Cash App (in some cases, the balance may go negative)
Steps on how to borrow money on cash app
If you want to borrow money on Cash App, these steps can help you out:
- Open the Cash App
- Scroll down and select Balance tab
- Click on the “banking” tab
- Find the “Borrow” word there, if it is there, you are eligible to borrow on the app
- Click on the Borrow button
- Click on ‘Unlock’ option
- Select a preset borrow amount or type manually
- Select or schedule a repayment plan
- Read all Cash app borrow terms
- Accept and get the loan by entering your PIN or touch ID
Can users borrow money on Cash App online?
Yes, they can borrow money on Cash App online by following the steps as shown above.
Cash App Borrow feature is available online on the app and from there only users can proceed to unlock the borrow feature.
Is Cash App Borrow safe to use online?
Yes, it is completely safe to use the feature as Cash App is very serious about its safety and security. There are millions of active Cash App users and it is a completely safe app to borrow money from.
Does the Cash App charge an additional fee if you fail to repay on time?
Yes, Cash App does charge an additional 1.25% fee every week if a borrower fails to repay on time. As you know from the Cash App borrow features, there is a flat 5% interest fee for the one month loan. If you fail to repay on time, you will be charged a 1.25% fee every week.
What prevents you from borrowing money on Cash App?
As mentioned above, there are many possible reasons why you are not eligible for borrowing money on Cash App. these are:
- You are not the US-resident
- Low credit score
- Below 18 years of age
These are some most possible reasons why you are not eligible for unlocking the Cash App borrow feature.
We hope the above post is useful for knowing how to borrow money on Cash App. Go through the post to know all about the Cash App borrow feature and how to use it. As mentioned earlier at this time, the borrow feature is not available for all users and in all states.