Cash App, a widely-used mobile payment service, not only facilitates money transfers but also offers a borrowing feature known as Cash App Borrow. If you find yourself in need of additional funds, this comprehensive guide will walk you through the process of borrowing money from Cash App.
Can You Borrow Money From Cash App?
Yes, Cash App provides a borrowing feature called Cash App Borrow, allowing users to borrow money. However, it’s essential to understand that not everyone qualifies for this feature. Eligibility hinges on factors such as credit history, credit score, state of residence, and the frequency of Cash App usage.
How To Borrow Money From Cash App
Follow these steps to borrow money from Cash App:
Step 1: Check Eligibility
Before attempting to borrow, ensure you are eligible for Cash App Borrow. Eligibility is contingent on factors like credit history, state of residence, Cash App usage, and the activation status of your Cash Card.
Step 2: Open the Cash App and Navigate to “Banking”
Launch the Cash App on your mobile device, and go to the “Banking” section. If needed, tap on the home screen icon to access the “Banking” header.
Step 3: Look for the “Borrow” Option
Check for the “Borrow” option within the “Banking” section. Its presence indicates your eligibility to take out a Cash App loan.
Step 4: Tap on “Borrow”
Initiate the loan application process by tapping on the “Borrow” option.
Step 5: Unlock the Borrow Feature
Activate the Cash App Borrow feature by tapping on “Unlock.”
Step 6: Select Loan Amount
Cash App will display the amount you’re eligible to borrow. Choose the desired loan amount from the provided options.
Step 7: Choose a Repayment Plan
Select your preferred repayment plan, as Cash App offers various options tailored to your needs.
Step 8: Read the User Agreement
Prior to proceeding, carefully read and comprehend the user agreement to ensure awareness of the loan’s terms and conditions.
Step 9: Accept the Loan
If you agree to the terms and conditions, accept the Cash App Borrow loan, committing to repay the loan within the specified timeframe.
See also: Why Can’t I Borrow Money From Cash App
How to Borrow Money from Cash App on Android
To borrow money from Cash App on Android, follow these steps:
1. Open the Cash App on your Android device.
2. Tap on the “Money” tab at the bottom of the screen.
3. Scroll down and select the “Borrow” option.
4. If Cash App Borrow is accessible, you’ll see the option to “Unlock” the feature. Tap on it.
5. Choose the amount to borrow, up to $200.
6. Select a repayment option.
7. Tap “Next” to review loan details.
8. Read and accept terms and conditions by tapping “Borrow Instantly.”
9. Review the loan details and tap “Done.”
How to Borrow Money from Cash App on iPhone
For iPhone users, the steps are as follows:
1. Open the Cash App on your iPhone.
2. Tap on the profile icon at the top-left corner.
3. Scroll down and select “Cash.”
4. Tap on “Borrow.”
5. If the “Borrow” option is visible, select the amount to borrow.
6. Choose a repayment option.
7. Review loan details, including interest and fees.
8. Tap “Borrow Instantly.”
9. Review loan details again and tap “Done.”
How to Borrow $200 from Cash App
To borrow $200 from Cash App:
1. Open the Cash App on your device.
2. Navigate to the “Banking” section.
3. Look for the “Borrow” option; if visible, you’re eligible.
4. Tap on “Borrow” to proceed.
5. Tap on “Unlock” to activate the Borrow feature.
6. Cash App will specify the maximum amount; select $200.
7. Choose a repayment plan.
8. Read and understand the user agreement.
9. Accept the Cash App Borrow terms and conditions.
Cash App imposes a flat 5% fee for the loan, repayable over four weeks to avoid a 1.25% weekly finance charge.
See also: How to Update Card on Cash App
Cash App Fees and Repayment Terms
a. Cash App charges a flat 5% fee for the loan, repayable over four weeks.
b. Loan amounts range from $20 to $200.
c. Missing the repayment deadline incurs a 1.25% finance charge.
d. Delayed payments may impact your credit score.
How Soon Can You Borrow Money From Cash App After Payment?
After making a payment on Cash App, eligibility for another loan depends on meeting the criteria and maintaining a good account standing. Follow these steps:
1. Check Eligibility: Ensure you meet the criteria, including having a Cash App account in good standing, a steady income source, regular Cash App usage, and being at least 18 years old.
2. Apply for a Loan: Confirm eligibility, apply for a loan through Cash App, and fulfil all required conditions.
Repayment:
Once you receive the borrowed money, repay it within the specified period. Follow these steps:
a. Open Cash App.
b. Go to the “My Cash” tab.
c. Select “Cash App Loans.”
d. Tap on “Repayment.”
e. Enter the repayment amount and follow prompts to complete payment.
Why Can’t I Borrow Money From Cash App?
Several reasons may contribute to being unable to borrow from Cash App:
1. Poor Credit Score: A credit score below 580 may render the Cash App loan feature inaccessible.
2. Inactive Cash Card: The Borrow feature may not be visible if your Cash Card is not activated.
3. State Restrictions: Cash App Borrow availability varies by state, with certain states currently supporting the feature.
4. Infrequent Cash App Usage: Limited or infrequent Cash App usage may affect eligibility for the loan feature.
Individual circumstances may vary, and users with concerns about eligibility should contact Cash App customer support for assistance.
Alternative Borrowing Options
If Cash App Borrow is unavailable or you seek alternatives, consider the following:
a. Cash advances on credit cards: Check if your credit card offers cash advance options, being mindful of associated fees and higher interest rates.
b. Cash advance apps: Explore apps providing small advances on your next paycheck, comparing fees before choosing.
c. Personal loans: Some lenders offer quick approval and funding, even for individuals with poor credit. Consider APR and additional fees.
Conclusion
Borrowing money from the Cash App can be convenient for eligible users. Follow the step-by-step guide, reviewing terms, conditions, and fees. If Cash App Borrow isn’t an option, explore alternative borrowing avenues that align with your needs.
See also: How to Borrow Money From Cash App
Originally posted on January 17, 2024 @ 8:10 am