To borrow money on Cash App, you need to use the app's built-in "Borrow" feature, which allows eligible users to take out short-term loans directly within the app. Here is how you can borrow money on Cash App:
Steps to Borrow Money on Cash App
- Check Eligibility
- Open Cash App and go to the “Balance” or “Banking” tab.
- Look for the “Borrow” option. If you don’t see it, you may not be eligible yet. Eligibility depends on factors such as your age (18+), frequent use of Cash App, having a Cash Card, your credit history, and your location (some states may not have the feature). Regular deposits and usage increase your chances of unlocking this feature
- Access the Borrow Feature
- Tap on “Borrow” if it appears.
- You will see your borrowing limit based on your account activity and creditworthiness.
- Select Loan Amount
- Choose the amount you want to borrow within your allowed limit (typically between $20 and $200)
- Review Loan Terms
- Carefully read the loan terms, repayment schedule, and any fees or interest. Cash App loans are usually short-term and must be repaid within about four weeks
- Confirm Personal Information
- You may need to enter your full Social Security number, Cash PIN, and confirm your legal name, address, and date of birth to verify your identity
- Confirm and Receive Funds
- Confirm your loan request. The borrowed amount will be deposited instantly into your Cash App balance for immediate use
Important Notes
- The loan must be repaid by the due date, and Cash App may automatically deduct the outstanding balance from your Cash App stored balance
- The borrow feature is not available to all users and is unlocked based on Cash App’s internal criteria, including account activity and credit evaluation
- If you are not eligible or need larger or longer-term loans, you might consider alternative payday loan or cash advance services
In summary, to borrow money on Cash App, you must have the borrow feature enabled on your account, select the amount you want to borrow, review and accept the loan terms, and then receive the funds instantly in your Cash App balance
