Why Won’t Cash App Let Me Borrow? Find Reasons
Cash App’s Borrow feature lets you loan small amounts of money. But what if you cannot see this feature? If Cash App doesn’t let you borrow, it means you fall short of the eligibility. Additionally, proper usage of the app, good credit history, and similar factors make using the Borrow feature possible.
If you are wondering why won’t Cash App let you borrow, this article will put you at ease. You will find out exactly what is preventing you from accessing the feature.
What Is the Borrow Functionality
The Cash App lets its verified users avail themselves of short-term loans. This group of people can avail themselves of loans of up to $200, provided they pay it in four weeks. The loan also incurs a 5% fee. If you cannot repay the amount you have borrowed, you will incur a 1.25% late fee every week till you repay the amount in its entirety.
The loan can be as small as $20. This loan is only for household or personal purposes. The app allows you to set up automatic payments to repay the loan.
How to Borrow Money From Cash App
Using the Cash App Borrow feature is very simple. Access the application and use these steps.
- Find the ‘Borrow’ tab. It can be present in the Banking or the home screen.
- If you cannot find this option, the feature isn’t available for you.
- But if you can find it, tap the ‘Unlock’ option.
- The app will find the amount you can borrow through the app.
- This amount will be in the range $20 to $200.
- You can request an amount anywhere in this limit.
- Finally, review the agreement of the loan and tap ‘Accept.’
In Which State Is the Borrow Feature Available?
This feature is not available in every state in the US. Some states whose Cash App users can locate the feature on their app are:
- California
- Idaho
- Kansas
- Louisiana
- Alabama
- Georgia
- Illinois
- Iowa
- Indiana
- Michigan
- Missouri
- Ohio
- Mississippi
- North Carolina
- Virginia
- Texas
- Tennessee
- Utah
- Wisconsin
Why You Cannot Borrow Money from Cash App?
Cash App’s Borrow feature is not available to all users, and there are several reasons why you might not be able to borrow money through the app. Here are some common reasons:
The Borrow feature is only for certain select customers. If you don’t use Cash App regularly to deposit money or pay bills, the app will not consider you eligible for this feature.
To determine your eligibility, check for these parameters:
1. You don’t meet the eligibility requirements
You must be at least 18 years old to use Cash App. Also, you should have a habit of regularly depositing money into Cash App. It’s also crucial to reside in a state where Cash App’s Borrow feature is available. The list of these states is mentioned above. Lastly, ensure that you have an activated Cash Card and a good credit history.
2. Technical issues
Sometimes, the Borrow feature might not appear due to technical glitches. For instance, Cash App may be down due to a server error. In such cases, contacting Cash App support can help resolve the issue.
3. Unverified account
Your account on Cash App should be verified. Provide necessary details such as your full name, date of birth, and the last four digits of your Social Security Number for account verification. Also, ensure that you don’t have any negative balance on your account or have not violated any Terms of Service.
Final Words
The Borrow feature in the Cash App is perfect for smaller loans that you can repay in a month. But you cannot do much if it doesn’t show in your app. Look into the causes mentioned above and ensure to use the app frequently. If you are able to use Cash App Borrow, carefully review the loan terms and then make the right choice.
Frequently Asked Questions
1. How do I unlock the Cash App borrow?
Update your Cash App and fully verify your account. Now, re-open the app and navigate to the “Banking” section. Look for the “Borrow” option.
2. Why is my Cash App borrow suspended?
Cash App suspends the Borrow feature if you have an outstanding loan obligation. This feature will also fail to work if there is an unusual activity on your Cash App account.
3. Can you borrow $400 from Cash App?
You cannot borrow $400 at a single time using the Cash App. The borrow limit is $200, so you need to apply for a loan twice.
4. Why is my Cash App borrow unavailable?
Check whether you have an updated app and that you live in the U.S. states where the feature is available. If these conditions are true, contact Cash App support.
