Written by Grace Green
In Cash Advance
On December 31, 2022
Wondering how to borrow money from Cash App? Well, the truth is most people can’t right now, but there are still plenty of other apps to borrow money from if you need a spotloan.
Cash App has been keeping Cash App Borrow very much on the down low, but there is a way to find out if you’re eligible. Here’s how to borrow money from Cash App:
Step 1. Open Cash App on your mobile phone
Step 2. Click on your balance (this should take you to the “Banking” page)
Step 3. If you see a header that says “Borrow,” you’re eligible for Cash App Borrow.
⚠️ Here’s the important part. If you don’t see “Borrow” but you get a notification from outside the app saying you’re eligible for a Cash App loan, it’s a scam. (If the borrow feature is available, skip to step 5)
Step 4. If you’re not eligible, you can head to “support” for more info. Just type “Borrow” in the search bar, and you’ll get a proper explanation of Cash App’s eligibility requirements. You can also chat with their support team.
Step 5. Select loan amount
Step 6. Choose A repayment plan
Step 7. Read the user agreement
Step 8. Accept the loan
Cash App. From its name, it wouldn’t be totally wild to presume that this is some kind of app you can… borrow cash from.
The reality is less straightforward. So, can you borrow money from Cash App? Well, Cash App does have a Borrow Feature. But. Cash App Borrow is still in the testing phase, so it’s not available to most people.
The Cash App's feature allows some users to borrow up to $200 for emergencies. Eligibility depends on things like your state of residence and your credit history.
Cash App’s main function remains as a good old peer-to-peer payment service that allows users to send money to each other (think Venmo). It also has some other cool features too, like Cash App Invest, where users can invest in stocks.
The Cash App Borrow feature is a type of short-term loan offered through the Cash App platform. This is how it works:
If you’re eligible you can take out a loan for $20 to $200.
You then have four weeks to pay back the loaned amount plus a 5% flat fee.
This 5% fee translates to a 60% APR overall. This is a good deal compared to payday loans, which typically come with an average close to 400% APR. However, it’s way higher than personal loans, which legally can’t top 36% in most states.
What you get with Cash App Borrow:
💰 Maximum loan: $200
💰 Term: 4 weeks
💰 Cost: 5% flat fee
💰 Fees: on top of the 5% flat fee, Cash App Borrow has a 1.25% late fee per week
The factors Cash App takes into account when working out your eligibility are things like your state of residence and credit score. Don’t worry, if you’re not eligible, it might just be that Cash App has rolled back the Borrow feature in your state.
If you’re working with a less-than-great credit score, there are plenty of other apps to borrow money from out there.
You’ve got options, but the Cash App isn’t it. If you see anything offering "$100 free Cash App money," it’s a scam. And you might still be curious about how to borrow money from Cash App, but since they don't really offer this feature to everyone yet, there are other options available.
There are some ways to make money on Cash App, which we cover in our article. This includes rewards programs like Cash App Boost, where you can make money back on purchases.
But if you need to get cash now, the most free money Cash App offers is their $5 referral fee.
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Big love. Cleo 🤎
*Source: Centre for Responsible Lending, Annual Percentage Rates on $400 Single-Payment Payday Loans in the United States
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