How To Borrow Money From Cash App: Your Simplified Steps (2024)

Cash App, a popular mobile payment service, offers a feature called "Borrow" that allows eligible users to instantly access small loans. This can be a convenient option for covering unexpected expenses or short-term cash flow gaps. However, it's crucial to understand the process and terms before you dive in.

In this simplified guide, I'll show you how to conveniently borrow money from Cash App, including its eligibility requirements and repayment terms.

Can You Borrow Money From Cash App?

Yes, you can borrow money from Cash App through their Cash App Borrow feature. However, it's important to note that not everyone is eligible to use this feature. Eligibility depends on factors such as your credit history, credit score, state of residence, and how often you use Cash App.

Eligibility Requirements for Cash App Borrow

Before you can borrow money from Cash App, it's important to check if you meet the eligibility requirements. Availability and eligibility criteria may vary, but here are some common eligibility requirements to consider when looking to borrow money from Cash App.

Account activity: Cash App may require a certain level of account activity to be eligible for borrowing.
Cash flow: Regular deposits, such as direct deposits, can increase your chances of being eligible.
Credit history: While Cash App does not publicly detail credit check requirements, having a good credit history may improve your eligibility.
Account status: Your Cash App account must be in good standing with a history of active use.
Location: You must be a resident of the United States.
Age: You must be at least 18 years old.
Verification: You need to have a verified Cash App account, which includes verifying your identity using your full name, date of birth, and the last four digits of your Social Security Number.

How To Borrow Money From Cash App

To borrow money from Cash App, follow these simple steps:

Step 1: Check Eligibility

Before you can borrow money from the Cash App, you need to check if you're eligible for the Cash App Borrow feature. Eligibility depends on factors such as your credit history, state of residence, usage of Cash App, and whether you have an activated Cash Card.

Step 2: Open Cash App and Navigate to "Banking"

Open the Cash App on your mobile device and navigate to the "Banking" section. If necessary, tap on the home screen icon to access the "Banking" header.

Step 3: Look for the "Borrow" Option

Check for the word "Borrow" within the "Banking" section. If you see the "Borrow" option, it means you can take out a Cash App loan.

Step 4: Tap on "Borrow"

Tap on the "Borrow" option to proceed with the loan application process.

Step 5: Unlock the Borrow Feature

Tap on "Unlock" to activate the Cash App Borrow feature.

Step 6: Select Loan Amount

Cash App will display the amount you're eligible to borrow. Select the desired loan amount from the options provided.

Step 7: Choose a Repayment Plan

Next, select your preferred repayment plan. Cash App offers different repayment options to suit your needs.

Step 8: Read the User Agreement

Before proceeding, it's important to read and understand the user agreement. Make sure you are aware of the terms and conditions of the loan.

Step 9: Accept the Loan

If you agree to the terms and conditions, accept the Cash App Borrow loan. By accepting, you are committing to pay the loan within the specified timeframe.

How to Borrow Money from Cash App on Android

To borrow money from Cash App on Android, follow these steps:

Open the Cash App on your Android device.
Tap on the "Money" tab at the bottom of the screen.
Scroll down and select the "Borrow" option.
If you have access to Cash App Borrow, you will see the option to "Unlock" the feature. Tap on it.
Choose the amount you want to borrow, up to $200.
Select a repayment option that suits you.
Tap "Next" to review the loan details.
Read and accept the terms and conditions by tapping "Borrow Instantly".
A summary of the loan details will be displayed. Review it and tap "Done".
The borrowed money will be added to your Cash App balance immediately.

How to Borrow Money from Cash App on iPhone

To borrow money from Cash App on iPhone, follow these steps:

Open the Cash App on your iPhone.
Tap on the profile icon at the top-left corner of the screen.
Scroll down and select the "Cash" option.
Tap on the "Borrow" option.
If you don't see the "Borrow" option, it may not be available to you at the moment. Cash App Borrow is currently only available to a limited number of users.
If you have access to the "Borrow" feature, you can select the amount you want to borrow.
Choose a repayment option that suits you.
Review the loan details, including the interest rate and fees.
Once you are satisfied with the terms, tap on the "Borrow Instantly" button.
A summary of the loan details will be displayed. Review it carefully.
If everything looks good, tap on the "Done" button.
The borrowed money will be added to your Cash App balance immediately.

How to Borrow $200 from Cash App

To borrow $200 from Cash App, you need to meet certain eligibility requirements. Here are the steps to borrow money from Cash App:

Open the Cash App on your mobile device.
Tap on the home screen icon to navigate to the "Banking" section.
Look for the word "Borrow" in the menu. If you see it, you are eligible to borrow money from Cash App.
Tap on "Borrow" to proceed.
Tap on "Unlock" to activate the Borrow feature.
Cash App will inform you of the maximum amount you can borrow. Select $200 as the loan amount.
Choose your preferred repayment plan.
Read and understand the user agreement.
Accept the Cash App Borrow loan terms and conditions.

It's important to note that Cash App charges a flat 5% fee for the loan, which must be paid back over four weeks to avoid a 1.25% finance charge.

Cash App Fees and Repayment Terms

Now you know about Cash App Borrow, let's discuss its repayment terms.

Cash App charges a flat 5% fee for the loan, which must be paid back over four weeks to avoid a 1.25% finance charge.
Loan amounts range from $20 to $200.
If you miss the repayment deadline, a 1.25% finance charge will be applied.
Delayed payments may impact your credit score.

How Soon Can You Borrow Money From Cash App After Payment?

After making a payment on Cash App, you can borrow money again as soon as you meet the eligibility criteria and your account is in good standing. Here are the steps to borrow money from Cash App and the requirements you need to meet:

1. Check Eligibility

Before borrowing money from Cash App, you need to ensure that you meet the eligibility criteria. These criteria typically include having a Cash App account in good standing, a steady source of income, a history of using Cash App regularly and being at least 18 years old.

2. Apply for a Loan

Once you have confirmed your eligibility, you can apply for a loan through the Cash App. To do this, follow these steps:

Open the Cash App on your mobile device.
Navigate to the "Banking" section in the Cash App header.
Look for the "Borrow" option.
Tap on "Borrow" and unlock the borrow feature if necessary.
Select the loan amount you need and choose a repayment plan.
Review the user agreement and accept the loan terms.
Fulfill all the required conditions to complete the loan process.

Repayment

Once you receive the borrowed money, you will have a specific period to repay it. Typically, you have four weeks to repay the loan amount, along with a 5% fee and 1.25% interest charged weekly. To repay the borrowed money, follow these steps:

Open the Cash App on your mobile device.
Go to the "My Cash" tab.
Select the "Cash App Loans" option.
Tap on the "Repayment" option.
Enter the amount you want to repay and follow the prompts to complete the payment.

Why Can't I Borrow Money From Cash App?

There could be several reasons why you are unable to borrow money from Cash App. Here are some possible reasons:

Poor Credit Score: If you have a credit score lower than 580, which is considered poor, you may not be eligible to enable the Cash App loan feature.
Inactive Cash Card: If your Cash Card is not activated, the Borrow functionality may not be visible. Make sure to activate your Cash Card to access the borrowing feature.
State Restrictions: The Cash App Borrow feature is not available in all states. It is currently available in specific states, such as New Jersey, California, Rhode Island, Ohio, Missouri, Kansas, Utah, Washington, Massachusetts, New York, Iowa, Wisconsin, and Vermont.
Infrequent Cash App Usage: If you rarely use your Cash App or do not frequently transfer or deposit money into your account, you may not be eligible for the loan feature. Regular usage and deposits are often required to access the Borrow feature.

It's important to note that these are general reasons and individual circ*mstances may vary. If you have specific concerns or questions about your eligibility for borrowing money from Cash App, it is recommended to contact Cash App customer support for further assistance.

Alternative Borrowing Options

If you're not eligible for Cash App Borrow or need alternative options, consider the following:

Cash advances on credit cards: Check if your credit card offers cash advance options, but be aware of associated fees and higher interest rates.
Cash advance apps: Explore cash advance apps that provide small advances on your next paycheck, but compare fees before choosing one.
Personal loans: Some lenders offer quick approval and funding, even for individuals with poor credit. Be mindful of APR and any additional fees.

Conclusion

Borrowing money from Cash App can be a convenient option if you meet the eligibility requirements. Follow the step-by-step guide outlined above to borrow money through Cash App Borrow. Remember to carefully review the terms and conditions, repayment plan, and fees associated with the loan. If Cash App Borrow is unavailable, consider alternative borrowing options that suit your needs.