Need some cash for household expenses while you wait for your next paycheck? Or maybe you have a personal expense but are short by less than $200.
Life is full of unexpected situations and sometimes we don’t have the money up front to pay for those needs. If you’re in a pinch for some quick funds and are a Cash App user, you may qualify for a small short-term loan through the app.
Learn more about the Cash App Borrow feature and how it works.
What Is Cash App Borrow?
Cash App allows eligible users the ability to borrow up to $200 through the app, which must be paid back within four weeks along with a flat 5% fee on the loan. Failure to repay the loan will incur a 1.25% late fee each week until the amount is repaid.
How to Borrow Money from Cash App
Cash App’s Borrow feature is easy to use for those with access to the loan feature.
Open Cash App.
Look for the word “Borrow.” This can be found on the home screen or on the Banking screen.
Select “Borrow” if it’s available. If you don’t see this option in the menu, this feature is not available to you.
Click “Unlock” to request a loan. The app will identify how much (between $20 and $200) you can borrow based on regular deposits you make through the app.
Enter the amount you need.
Read and accept the loan agreement.
How to Repay Money Borrowed From Cash App
Autopay: Set up automatic payments through the app. Users can set up recurring incremental payments over the course of the four-week repayment period or do a single lump sum payment.
Manual: Make manual payments through the app before the due date.
By mail: Write a check and send it by mail to the address listed on your statement. The payment must be received by the company by 4 p.m. CT to be credited the same day.
Cash App Borrow: How to Use Cash App’s Loan Feature
However, taking out a loan is always going to cost you because you’re paying interest. If you are able to borrow from a family member or friend, you likely won’t have to pay interest and may even have a more flexible repayment timeline. However, if you find yourself in a pinch, Cash App’s borrowing feature is a reasonable option for those who are eligible to use the service.
Cash App Borrow: How To Borrow Money on Cash App
Cash App charges a flat 5% fee for the loan that must be paid back over four weeks to avoid a 1.25% finance charge.
If you’re considering using Cash App Borrow, you should fully understand how it works and what it will cost you. Read on to find out what eligible Cash App users need to know about Borrow and how to access the feature if you decide it is the right option
Can You Borrow Money From Cash App?
It depends — not everyone can borrow money from Cash App. Whether or not you can use the feature depends on several things, including your credit history and score, the state where you reside, how often you use Cash App and whether you have an activated Cash Card.
How To Borrow Money on Cash App
You will need to check the app to determine if Cash App Borrow is available to you. Follow the steps below to find out if you can borrow money from Cash App, and if so, how to do it.
How Cash App Borrow Works
Through Cash App, you can borrow a maximum of $200. You have up to four weeks plus a grace period of one week to repay the loan plus a 5% flat fee.If you have not repaid the loan in full by the grace period, you will be charged a 1.25% finance charge per week on the outstanding balance. If you are enrolled in automatic payments and do not pay off the Cash App Borrow loan by your due date, Cash App may deduct the loan balance from your Cash App balance or debit card. Cash App may also suspend you from the platform until the loan and any finance charges are paid in full.
how to borrow money from cash app
Some personal loan providers have a quick approval process and can have funds to you in just a few business days or even the same business day if you are eligible. Those with poor credit might be eligible for a bad credit loan. Before borrowing, be aware of the loan APR and any origination or other fees.
A Cash App Borrow loan is only a good deal if you have no cheaper alternative borrowing options and you need the money for an emergency. Just be sure to pay off the loan before the grace period ends.
Loan amounts range from as little as $20 to $200.You will have four weeks to pay off your loan.A one-week grace period will apply if you cannot pay the money back in that four-week timeframe.If you miss the grace period, there will be a 1.25% finance charge.
How do you qualify for Cash App Borrow?
Cash App doesn’t disclose specific criteria. However, it does note that you must live in a state where Cash App Borrow is offered. Cash App also considers your credit and factors related to your Cash App usage in its decision to make the feature available. Sing up