Posted by When an emergency strikes and you need instant money, the option of borrowing it is what appeals the most. That is exactly what the Cash App allows you to do. You can borrow money for those times when you cannot afford to pay yourself and cannot delay the payment. Knowing how to borrow money from Cash App allows you to obtain fast loans of up to $200.
The Cash App Borrow feature charges a flat 5% fee for the loan, which you can repay over a month. Read on to learn how to use this feature and quickly borrow cash to fulfill emergency obligations.
What Is a Cash App Borrow?
Cash App Borrow is a loan product that Block offers via its Cash App platform. When you use this feature, your account receives the required cash amount. Your account gets credited with payments automatically every week on a set repayment date.
Some features of Cash App Borrow include the following:
- Customers can get a solution to their small financial emergencies.
- The loan amount begins from $20 and goes up to $200.
- You get a month plus some one-week grace time to repay the loan.
- If you don’t repay the loan entirely after the grace period ends, you’ll be charged a 1.25 % finance charge a week on the remaining amount.
- In case you enrolled in automatic payments and don’t pay the loan amount by your due date, Cash App can take the loan balance from your debit card or Cash App balance.
Cash App Borrow: Borrow Money From Cash App
Now that you know how the Cash App Borrow works, learn how to use it. In only a few steps you can borrow a decent amount of money through it.
- Open Cash App.
- Sign into the app with your credentials.
- Now, tap your account balance. It is in the left corner.
- You will arrive at the ‘Banking’ section.
- Here, click ‘Borrow.’
NOTE: If you cannot view ‘Borrow,’ you do not qualify for using the Cash App borrow feature.
- After tapping ‘Borrow,’ click ‘Unlock.’
- You will be shown the money you can borrow.
- As mentioned before, it will be between $20 to $200.
- Select a repayment plan.
- After that, review the loan agreement and agree to it.
That’s it; you now know how to borrow money from Cash on your iPhone.
If You Aren’t Eligible to Borrow Money -What to Do?
Those who are not eligible to borrow money using Cash App will not see the ‘Borrow’ heading. This can be because of your credit history and score, your place of residence, and the frequency with which you use Cash App. It also depends if or not your cash card is activated.
If you cannot borrow money from the Cash App because you are not eligible, go to ‘Support.’ Type ‘borrow’ in the search bar. You will find a complete explanation of the eligibility criteria. If you are not satisfied or have doubts, consult the support team of the app.
Things to Check if You Cannot Borrow Money from the Cash App
Certain factors can affect your ability to borrow money from Cash App. Check out the following things.
- Find whether Cash App Borrow is available in your state. Currently, this feature is available in the following states:
- California
- Idaho
- Georgia
- Alabama
- Iowa
- Indiana
- Kansas
- Illinois
- Ohio
- Mississippi
- Missouri
- Michigan
- Texas
- Tennessee
- Virginia
- Utah
- Wisconsin
- See whether your account is in a negative balance. In that case, you already owe money to Cash App and won’t be eligible for borrowing till you repay that amount.
- You use an older Cash App version.
- You aren’t a verified Cash App user.
- You have breached the terms and conditions of Cash App.
- There is some suspected activity on your account that has come to the notice of Cash App.
How to Qualify to Borrow Money from a Cash App
To qualify for borrowing money from Cash App, you must have a verified account with a positive balance. After that, request a loan with your preferred amount. It will only take a few days for the loan to get deposited into your account.
Remember that to take out a loan from the Cash App, you need to pay interest. So, ensure that you can afford these payments before you take out the loan. If you cannot pay the loan for some reason, the app can take action against you.
So, borrow if you are fully sure of your ability to repay the entire loan amount timely.
Final Thoughts
Hopefully, this article has given you the answer to the question of how to borrow money from Cash App. Ensure that you meet the qualifying factors to avail of the loan. If you need more information about borrowing money using the app, feel free to connect with us via cryptocashapp.
Related Resources:
- How to Delete Cash App History
- Where Can I Load My Cash App Card Quickly?
- Cash App Not Working – Use These Fixes Now!
- How to Borrow Money From Cashapp
Frequently Asked Questions
1. Open the Cash App and click the ‘Cash Card’ tab.
2. After that, click the ‘Borrow’ button.
3. Now, choose the amount you wish to borrow.
4. After that, click the ‘Confirm’ button.
5. Now you can see your repayment schedule.
6. Use the app to make payments.
7. Click the ‘Make a payment’ button.
8. Now input the amount you want to pay.
9. You can also configure automatic payments which will give you payment reminders regularly.
10. Cash App will automatically deduct the amount from your account.
You can improve your chances of availing of a Cash App loan by making regular deposits. If you deposit an amount of $1000 monthly into your Cash App account, you’ll significantly increase your chances of getting a Cash App loan.
The Cash App borrow feature is a good way to borrow an amount up to $200. You get immediate funds without the need to visit your bank or credit union. However, it is not a viable solution for long-term loans. You must pay it back within four weeks otherwise you’ll get extra interest charges.