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A Comprehensive Guide On How To Borrow Money From Cash App!

By Contserco 05,Jan, 23

 

Finding How to borrow money from cash app? Luckily, we have you covered!

The cash app loan option is available for users now. However, not for all!

Why?

We have defined it clearly ahead.

Let’s continue to know if is it possible to take the loan on the cash app. If yes, then how?

What is cash app? 

The cash app is a nation-specific payment application, launched in 2013. It is useful for a common online payment app user, helping not only transact money but, it is useful for investing purposes: buying & selling stocks and Bitcoin. Additionally, to help users with their financial needs in an emergency, it has launched its Loan feature; available for a few.

‘Loan Feature’ is launched with the purpose of providing instant help to the needy ones, in affordable interest rates: flat 5%.

Get to know more ahead!

How Cash App Borrow Works

The cash app loan feature rolled out to some specific users; who are dear to the cash app. Well, this means, those who have accumulated decent cash app history, have used their account for regular deposits, and have not been involved in any detective act on the app, are eligible to take advantage of this feature.

Here are some takeaways from the Cash App Loan Feature:

  • Loan amount limit: from $20 to $200
  • Time to repay amount: 4 weeks.
  • Grace period: an additional one week time as leverage when users couldn’t repay in the given time.
  • After grace period:25% charge will be applied.
  • Fee charged: Flat 5%.

Can You Borrow Money From Cash App? 

The cash app borrows money feature is not available for all that exist on the app. However, it depends on various parameters whether you should be allowed to take a loan, or whether you fit the criteria or not.

Here’s what you need to become eligible for a cash app loan:

Eligibility Criteria: 

  • You should have decent cash app history.
  • Your account should receive a monthly deposit; paychecks through Direct Deposit.
  • You must be active onto the cash app account.
  • Have good credit history for your account.
  • Stay away from false acts on the cash app.
  • And, you should have a cash card, for sure.

Is Cash App Borrow Safe?

Absolutely it is! Cash app boasts of its security features and the cash app loan feature is no different here. You will have the utmost security while using the cash app loan feature.

Though the money on the cash app is not FDIC-insured, still, the app promises to be equipped with all the security needed for keeping the users’ data safe.

Also, for the last few years, it has proved so by weeding out unwanted acts, trials, and intending to harm the cash app norms.

Therefore, it is safe enough to remain in touch with the cash app for your financial needs.

How To Borrow Money on Cash App 

The given list of steps will help you in taking a loan from the cash app.

Step 1: Launch the App on device. 

After opening the cash app, log in to your account.

Step 2: Choose ‘Cash App balance’ option

From here, click the cash app balance to have you launched on the Banking tab.

Step 3: Tap ‘Borrow’

The loan feature is not available for all; it’s needed to check if it’s available to you or not. If so, click on it.

Step 4: click ‘Unlock’ option.

After you have seen the borrow on your account, it’s time to unlock the feature. Tapping the Unlock will unveil the loan limit: from $20 to $200.

Step 5: Select Repayment plan 

From multiple, you will need to select the plan you are comfortable repaying with.

Step 6: Tap Agree & Accept 

Lastly, go through the loan agreement and then tap ‘Agree & Accept.’

Why can’t I borrow money from Cash App? 

If you don’t see the ‘Borrow’ option in your cash app account, this means you’re not eligible for the loan feature. Hence, you would need to choose a different source to fulfill your need.

But, if the ‘Borrow’ feature is not available, it could be due to other reasons:

  • The cash app Borrow money option has not been rolled out in your locality yet.
  • You are not up to the eligibility criteria.

Now, it is necessary to find out other sources for the loan purpose. Here’re they.

Alternative medium to borrow money except for cash app

After you have found out that there is no borrowing option on the cash app, you can take help from other sources available to help in a hurry. However, these sources might be high fee charging.

Other options for taking loans are:

  • Personal loan

It’s a nicer medium to choose for the money you need. There are many legit personal loan providers that let you receive the money within a few business days.

Besides, it is a must to be aware of the APR rates and the fees for these loan providers. It helps you to remain safe in the future.

  • Cash advance option

There are many apps you can find, that provide cash advances. However, they ask for higher fee charges. Also, you can get cash advances on credit scores with 3-5 percentage fees.

Some of the famous cash advance options are:

  • Moneyline
  • Earning
  • Chime, etc.

Lastly! 

The dedicated blog: How to borrow money from cash app has answered all the questions regarding cash app loans. Also, if you think there’s anything we missed, you can tell us. Additionally, follow the given steps to avoid mistakes in the cash app borrow feature.