How to Borrow Money on Cash App in a Hassle-free Way

Cash App is a popular mobile app that facilitates borrowing money from family, friends, and colleagues. It lets users borrow up to $200 with easy repayment options. When you borrow money, your account is credited with the requisite amount of cash. This article will give you exact instructions on how to borrow money on Cash App.

How to Use the Cash App Borrow Feature?

It’s very easy to use the Borrow feature in the Cash App. In a few quick steps, you can get the appropriate amount of money you need.

● Launch the Cash App and sign in with your credentials.

● After that, tap on your account balance. It is present on the left part.

● Now you will be redirected to the ‘Banking’ section.

● If you cannot see the ‘Borrow’ heading, you don’t qualify for the Borrow feature from the Cash App currently.

● If you do see this feature, click ‘Unlock.’

● The Cash App will show you the sum you can borrow.

● This amount will always be anywhere between $20 to $200.

● Now select the repayment option you desire.

● Finally, review the loan agreement and accept it.

Some Things to Know About the Cash App Borrow Feature

● To borrow money, you should be a bank account holder.

● The borrower needs to be 18 years old or above.

● The loan amount cannot go above $5000.

● The interest rate on the amount is 12%.

● The loan repayment date gets adjusted automatically to your payday.

● You can make payments quarterly, monthly, bi-weekly, or weekly.

● In case of a missed or failed payment, your account will be penalized.

● The penalties begin at 25% APR and go to 500% APR.

Final Words

Using the Borrow feature in the Cash App, it is extremely simple to get a loan. But the loan amount cannot exceed $200. If you have any queries about using this feature, talk to a Cash App expert online.