From being just a digital payment system, Cash App is now entering diverse financial spaces making it easier for the users to manage the funds they have. Apart from this, Cash App has also taken care of the needs of the users who have little or no funds to spend in an emergency situation, purchase something, or anything else. With the Cash App loan feature, eligible Cash App users can borrow money and use it to fulfill some meaningful purposes.
Today, in this write-up, we are going to have a look at the method to borrow money from Cash App and different aspects related to it.
What is Cash App’s Loan Feature?
If you think you can borrow $1,000 through the Cash App loan feature, then it’s a big no. this feature of Cash App is still undergoing testing owing to which Cash App only lets you borrow an amount between $20 to $200. For borrowing money, you need to first go through the Borrow Loan Agreement of Cash App and see if you are eligible. Once you get your loan request approved, you will need to pay it back within a week or so. Additionally, you will be charged a flat fee of 5% of the loan amount. In case you extend your loan period, you need to pay an additional fee of 1.25% on a weekly basis.
How to borrow money from Cash App?
- To borrow money, open the Cash App on your phone
- Provide your Cash App login username and password to get into your account
- Hit the Cash App balance tab present in the bottom left
- Tap on the “Banking” option from the menu
- Click on the “Borrow” tab and you will see how much amount you can borrow
- Tap on the “unlock” button for further proceedings
- Scroll down and choose the amount you want to borrow
- Confirm the amount selection and you will get your loan soon
How do I get The Borrow Feature on Cash App?
If you do not see the “Borrow” feature in the menu of Cash App, then you must understand that Cash App may not consider everyone to be an eligible customer to use the “Borrow” feature. By chance, if you consider yourself to be an eligible customer but still do not get to see or use the Cash App loan feature, then you are advised to read through the borrowing agreement given at Borrow Loan Agreement (cash.app) and see for yourself if you are eligible or not.
Has Cash App borrow ended?
According to some news spread on the internet, Cash App has discontinued it’s borrow feature. However, if you still want to confirm this, you can go to the “banking” tab of the Cash App. if you get to see this option, you can get your loan request approved whenever you find yourself in a financial crunch. On the other hand, many people still believe that this feature is no longer available for use and they are still trying to figure out the reason behind it.
Why can’t I borrow money from Cash App?
If you want a short-term Cash App loan but you could not seem to use its “Borrow” feature, then you must consider the fact that this feature has not been fully rolled out. Since this option is not available for everyone using Cash App, therefore, you could be probably the one who is not an eligible customer to use the borrow feature. But, Cash App is all preparing to get this feature available for everyone and make it a hassle-free process.
Some people are excluded from using the Cash App loan facility. According to some posts making rounds on the internet, the borrow feature is still under the testing process and is made available for select Cash App users. If you can’t use this facility, then you should not get disappointed because you cannot borrow a huge amount as a Cash App loan and if you can, then you may consider yourself lucky.