Are you someone looking for ways to get loan on Cash App?
Are you asking ‘How do I borrow money from Cash App?’ everywhere on the forums?
Well, if yes, you are at the right place. Here, we will be mentioning the entire procedure to get a loan from Cash App along with the details for eligibility criteria.
So, without any further ado, let us dive right into the details.
How to get loan from Cash App?
Cash app is probably the most popular peer-to-peer payment platform for users across the USA. The app sports many features; users can transfer money to other users without linking their bank account, deposit checks using a mobile device, invest in Bitcoin & stocks, and whatnot.
One of these features that Cash App introduced in August 2020 is the Cash App Borrow Money feature. As the name suggests, users can quickly get loan from Cash App using the feature if they satisfy the eligibility criteria.
According to the official announcement by Square, the owner of Cash App, users can get loan from Cash App of any amount ranging from $20 to $200. And the amount has to be returned to Cash App within four weeks.
But, that’s not all, you will be charged some fees as well. You are supposed to pay a flat fee of 5% for a month. And that’s how the Annual Percentage Rate for this scheme turns out to be 60%. That is a high APR, but it is lower than that of the average payday loan.
Moreover, you will be charged 1.25% interest each week (non-compounding) after the end of the grace period. Cash App provides you a grace period, that is, one more chance for the users who could not pay back the borrowed amount.
The feature was released last year, in 2020. And according to the company, they were rolling the feature for 1000 Cash App users in the US. And it was expected that the company would be releasing the update for all users across the USA.
But, the Cash App Borrow Money feature was not a success, and the company rolled back the feature. That’s why you cannot get a loan from Cash App as of July 2021, but the feature may arrive back in the future.
How to borrow money from Cash App
If you have been wondering, ‘how do I borrow money from Cash App,’ you are in the right place. Here, you will find a step-by-step guide to borrowing money from Cash App.
We will be providing some additional details along with the steps. So, make sure to check them out for more insight.
STEP 1 – Open Cash App
First of all, open the Cash App on your device. You can choose any mobile device to use.
Before proceeding, make sure to update the app. To do this, visit the respective app store on your Android or iOS device and search for the app there. Select update button is available.
STEP 2 – Select More Options
After opening the app, you will find yourself on the home page of the Cash App. It is the iconic bright green page, where you will also see the numeric pad.
At the bottom left corner of the same page, you will see an amount written or a bank icon. Click on it to continue.
STEP 3 – Select Unlock button
On the more options page, select Unlock button.
The options can be seen below the Deposits & Transfers option. Select it to continue with the procedure.
In the same tab, you will be able to see the maximum amount you can borrow. The threshold would be different for different users. It depends on some circumstances. We will talk about that after mentioning all the steps.
STEP 4 – Select Continue Button
If you are eligible, you will see a Continue button. Click on it to proceed.
Also, we will be mentioning the eligibility criteria after completing this part of the guide. So, stay tuned.
STEP 5 – Enter the Amount
Finally, after going through the instruction, you will need to select the amount you want to borrow from Cash App.
And the maximum amount that can be borrowed using the feature can vary from users to users. We will be talking about this in the next section.
STEP 6 – Read User Agreement and TnC
And finally, after entering the required amount, Cash App will ask you to agree to the TnC and User Agreement. Read both documents carefully before confirming the final step.
You can check out the User Agreement here.
And that’s it.
You have now learned the procedure for how to borrow money on Cash App. The steps involved are very easy to implement.
One must go through the User-Agreement and Terms & Conditions very carefully.
Eligibility Criteria to get loan from Cash App –
Cash App doesn’t allow every user on the platform to borrow money. One needs to fulfill the eligibility criteria, where the company checks the potential of getting back the money, even if there is a delay in the completion of the procedure.
Check out the criteria below. The details mentioned here are subjected to change, one must crosscheck it from the official CashApp website once.
- User must be active on Cash App.
- User must deposit at least $1000 to unlock the borrow feature.
- No 5% fees if a user deposits $300 or more monthly.
- To increase the borrow amount, the user must deposit more than $1000 in Cash App.
How to get the Borrow Feature on Cash App
Square-owned Cash App introduced the Borrow Feature last year. The company first tested the feature for 1000 users only. With the feature, Cash App lets only eligible users get a loan ranging from $20 to $200, depending upon their history with the Cash App.
Well, the borrowed amount has to be paid to the Cash App before the end of 4 weeks period. And if failed to do so, users are given a second chance where they are given a grace period. And only after users will be charged 1.25% interest each week (non-compounding).
Even if you pay back the amount in 4 weeks, you will have to pay a flat fee of 5% (per month). That’s a 60% APR.
To get the Borrow Feature on Cash App, you will need to satisfy the eligibility criteria (mentioned above). And according to the official announcement by Square, users need to be active on your account, keep making transactions, and avoid involving in suspicious activities.
If you are searching for the answers to the question – ‘how do you get the borrow feature on Cash App,’ then let us tell you that you cannot get the Borrow Feature on Cash App now. The app introduced the feature in 2020 and tested it with 1000 users. But, because of some reasons, the feature didn’t make it through the testing phase, and the company decided to disable it.
That’s is why the app might have shown you a message – ‘Your limited-time access to Cash App borrow has ended. Be sure to make any outstanding repayments. We will notify you if you are eligible for Cash App Borrow in the feature.’
How to get Cash App Borrow Money?
Cash App doesn’t support the Borrow Money feature anymore. Square, the owner of Cash App, released the features in beta testing with around 1000 users in August 2020. But, later on, the company revoked the support to get loan on Cash App.
And as of now, you cannot get loan from Cash App. The feature might get introduced again on the platform, but it is not available as of now.
Does Cash App let you borrow money?
Square introduced the Cash App Borrow Money in August 2020 as a test feature. And it rolled out to mere 1000 users at that time. The feature allowed some eligible users to get a loan on Cash App for four weeks by paying 5% of the amount financed.
The amount allowed for the loan was between $20 to $200, depending upon the history of Cash App usage by the users. And if someone doesn’t use the platform much, they wouldn’t get the option to apply for loan on Cash App.
Cut to now; the Cash App doesn’t let you Borrow Money anymore. Square rolled back the feature to offer loan to the users. We are not aware of the reasons for the action, but we will update this article once we get some solid information.
There is also a probability of Cash App releasing loan feature in the near future as almost all popular payment apps have this feature available for quite some time. Square, the owner of the Cash App payment app, might release the feature sometime later. Stay tuned; we will let you know.
Bohdan Reshetniak is an engineer by education and a blogger by profession. Over the last several years, he has written tons of different articles on Social media, technology, finance, and other apps. He also has several years of experience in investing in cryptocurrencies, funds, and stocks.