Cash App Loan is Not for Everyone
There are many good reasons to use a Cash App mobile payment app. Fast direct deposit service, widely accepted Cash App debit card, and safe and simple user interface are three main features people love the most about the Cash App. In case you need one more reason to use a Cash App then it can be a newly added feature – Cash App loan or Cash App borrow money.
Just a few taps here and there on Cash App and you can get a loan of $20 to $200. Right? Wrong…! Being everything simple on Cash App doesn’t mean that the process of borrowing money from Cash App would also be simple.
The fact of the matter is, the Cash App loan feature is not available for everyone. With that being said, I mean, every person who uses Cash App should not think that he can get a small & short term loan on Cash App.
Who Can Get a Loan on Cash App?
As of now, according to the reports, the loan feature has been made visible to only limited users in the US. And any user who can see a borrow money tab means that he or she is eligible to apply for a loan on Cash App.
Now the question is – who can see a loan feature on their Cash App mobile application?
Well, in this matter, Cash App has not made anything clear till now. But when we reached the ground level, we discovered some similarities among all eligible users that we believe might have made them eligible to borrow money from the Cash App. The 'Borrow Money' feature is more likely to be visible to the Cash App users mentioned below:
1. Who have confirmed their identity on Cash App.
2. Who receive at least $200 through direct deposit on a regular basis.
3. Who sends, receives, and stores sufficient Cash App balance.
Cash App Loan Limit: Maximum Amount to Borrow from Cash App
How much one can borrow from a Cash App varies from person to person. For example, if your friend has been able to borrow $100 from Cash App it doesn’t mean that you also can get a loan of the same amount. You might get more or less or even nothing, depending upon your Cash App payment history.
In other words, we can say how efficiently you use your wallet is one of the key factors in deciding whether you would get a loan feature or not. As far as the maximum possible Cash App loan amount is concerned, note that the max limit is fixed at $200 by calling 1-877-906-3997. In case, you want to borrow money of more than $200 then consider using any other app like Earnin, Dave, or MoneyLion.
Cash App Loan Agreement, Terms, and Conditions
A loan is often linked to the long and hectic process of documentation and question & answer. And the inevitable requirement of a good credit score, salary proof, and a guarantor just further make the borrowing process more complex. Gladly, this is not the case with Cash App loans.
On the basis of our analysis we can say that Cash App has put in place a simple and straightforward method of getting a loan. Though the maximum loan amount from Cash App is not big, it is just $200. Still, there are some simple terms and conditions that you must keep in mind before or while applying for a loan on Cash App.
Just to help you understand the Cash App loan agreement, we have broken down the terms and conditions in the loan fee, repayment duration, and the number of instalments. Let’s understand them one by one.
Applicable Fee for Borrowing Money on Cash App
Cash App has chosen to be lenient and convenient in terms of applying fees to borrowers. In comparison to banks and their counterparts, Cash App charges a nominal flat fee of only 5%. It means, the APR or the annual cost of a Cash App loan including fees lies somewhere around 60% which is far better than Payday Loan.
Loan EMI & Payback Duration
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Cash App lets the users pay back the loan all-in-one payment or in EMIs. Speaking of EMIs, a borrower can set up a maximum of four weekly EMIs. For example, if you borrow money of $200 on Cash App then you can pay back $50 in each EMI per week. To ensure you don’t miss your EMI, you can enable the auto-debit feature. What if I miss a repayment? In that case, a late fee of 1.25% will be applicable. So, be careful.
Cash App Borrow Money Agreement
In case of failing to pay back any or all EMIs, Cash App reserves the right to charge the due amount from the Cash App balance. In the absence of sufficient balance in the wallet then Cash App can charge the leftover due amount with applicable late fee & interest from the linked debit card of a Cash App borrower. Cash App also reserves the right to take legal action against the defaulters.
How to Unlock Cash App Borrow Money Feature?
This is quite a legitimate question for those Cash App users who have been using Cash App as their personal payment app but still can’t see the borrow money button on the app. It is difficult to point out the exact reason why the borrow money feature is missing for some users. The reason might be different for different people. But we do have some tips and tricks that might help you to unlock the borrowed money on the Cash App. Have a look at them:
Confirm your identity on Cash App
Until and unless you confirm who you are on Cash App then how can you expect to get a loan from Cash App? So, consider verifying your account by sharing your SSN and other personal details.
Order a Cash App Card
A Cash App card is not just a matter of choice when it comes to doing more with Cash App. You need to order the one and activate it to increase your eligibility to unlock the borrow money feature on Cash App. Check out this link to learn how to activate a Cash App card.
Direct Deposit
Direct deposit is an electronic way to receive a payment from an employer, IRS, banks, Insurance companies, and federal agencies. When you use Cash App direct deposit to receive any kind of such payment then indirectly you increase your chances to get the loan feature on Cash App. Yes, the more you receive through direct deposit the more will be your chances to unlock a borrow feature on your Cash App. Receiving at least $200 through direct deposit is important to strengthen your edibility for getting a loan on Cash App.
Maintain Cash App Balance
Do you know that the bank benefits from the saved money in our account? In the same way, Cash App also benefits when we store the balance in our Cash App wallet. And when we do so on a regular basis then Cash App considers sharing the benefits in the form of letting you borrow money from Cash App. Good balance maintenance also enhances your credibility.
Important Note: Cash App keeps enabling the borrow money feature for more and more users. Might be possible that this feature already has been enabled on your wallet but you can’t see it due to having an old version of the Cash App mobile application. So, go to the App Store or Google Play Store and check if there is any update. If there is, download it.
Where to Find Cash App Loan Borrow Money Button
So, you are using Cash App, Cash App card, and its direct deposit services. On top of that, you have maintained a good Cash App balance but still wondering – why can’t I borrow money from Cash App? If there is anyone who can answer this question, that is Cash App customer service. Before you proceed to contact customer support, make sure you have confirmed that there is no Cash App borrow money feature by following these steps:
1. Login to your account.
2. Tap the Balance button.
3. Scroll down, you will find Borrow Money (if you are eligible).
4. Now tap Unlock.
5. The Cash App will show you how much balance you can borrow.
6. Then choose your Repayment option.
7. Accept the Terms and Conditions for Cash App borrowing money.
