Are you looking for a way to borrow money from Cash App? If so, you're in the right place. In this article, we'll provide a step-by-step guide on how to activate the Borrow feature on Cash App and why it may not be available to some users. To get started, open the Cash app and tap your Cash App balance located in the lower left corner. Then, go to the “Banking” heading and search for the word “Borrow”.
If you see “Borrow”, you can apply for a Cash App loan. Tap “Borrow” and Cash App will tell you how much you can borrow. Similar to a traditional credit card application, a Cash App loan eligibility check can include your account balance, creditworthiness and expense activity along with many others. Those who maintain a good Cash App balance and receive payments through Cash App direct deposit all months are more likely to be approved for a loan.
It's important to note that the Cash app offers interest-free and tax-free loans. However, if you're late in making a payment in Cash App, late fees may apply. Additionally, Cash App will charge a flat 5% fee to borrow, along with another 1.25% per week after the loan grace period. If personal loans are out of reach because of your bad credit, a reliable Cash App loan could be a viable solution if managed correctly.
However, keep in mind that if you're not one of the 1000 users Square is testing short-term loans with, you still can't borrow money on the Cash app. If your first loan was not the maximum amount you can borrow, you can apply for another loan for the remaining amount. However, how much you can borrow money with and without an interest fee depends on how much you receive through Cash App direct deposit. If Cash App's borrowing money feature doesn't appear in your Cash App app, don't worry.
Due to some undisclosed reasons, Cash App seems to have reversed the plan to launch the Cash App lending feature. If you need more money than the maximum amount you can borrow, contact your bank to request a more standard loan. Now that you know how to activate Borrow on Cash App and why it may not be available to some users, you can make an informed decision about whether or not this is the right option for you.
