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Need quick cash? Cash App's Borrow feature lets eligible users access short-term loans ranging from $20 to $200.
How to Borrow Money from Cash App: Complete Guide [2024]
This guide explores everything you need to know about borrowing money through Cash App, including eligibility requirements, fees, and repayment terms.
Eligibility Requirements for Cash App Borrow
Before attempting to borrow money from Cash App, make sure you meet these basic requirements:
- Active Cash App account for at least 3 months
- Regular deposits of at least $1,000 per month
- Activated Cash App Card
- Good standing account with no violations
- Location in an eligible state where the feature is available
How to Check if You Have Access to Cash App Borrow
- Open Cash App on your phone
- Tap on your Cash App balance
- Look for "Borrow" in the banking section
- If you see it, you're eligible to apply
- If not, you'll need to continue building your account history
Step-by-Step Guide to Borrowing Money from Cash App
1. Access the Borrow Feature
Open Cash App and tap your balance, then look for the "Borrow" option in the banking section.
2. Check Your Borrowing Limit
Cash App will show you how much you can borrow (up to $200 maximum).
3. Choose Your Amount
Select how much you want to borrow within your approved limit.
4. Review Terms
Carefully read the loan terms, including the 5% flat fee and 4-week repayment period.
5. Accept and Receive Funds
Confirm your acceptance of the terms, and the money will be instantly deposited into your Cash App balance.
Costs and Repayment Terms
Cash App Borrow charges a flat 5% fee on the borrowed amount. For example:
- Borrowing $100 = $5 fee
- Borrowing $200 = $10 fee
You'll need to repay the loan within 4 weeks. For alternative lending options, consider checking out these apps like Earnin or exploring buy now, pay later apps.
Tips for Responsible Borrowing
Before using Cash App Borrow, consider these financial best practices:
- Only borrow what you can afford to repay
- Read all terms and conditions carefully
- Set up automatic payments to avoid late fees
- Consider alternatives like traditional bank loans for larger amounts
Frequently Asked Questions About Cash App Borrow
How much can you borrow from Cash App?
Cash App allows eligible users to borrow between $20 and $200. The exact amount you can borrow depends on your account history, regular deposits, and usage patterns.
How long do you have to pay back a Cash App loan?
Cash App loans must be repaid within 4 weeks (28 days) of borrowing. You can make payments any time during this period, and setting up automatic payments is recommended to avoid missing the deadline.
What are the fees for Cash App Borrow?
Cash App charges a flat 5% fee on all borrowed amounts. For example, if you borrow $100, you'll pay a $5 fee, making your total repayment $105. There are no additional hidden fees unless you miss your payment deadline.
What happens if you don't pay back your Cash App loan?
Failing to repay your Cash App loan by the deadline can result in late fees, negative impact on your ability to borrow in the future, and potential reporting to credit bureaus. It's important to only borrow what you can afford to repay on time.
