Have you heard of the Cash App borrow feature? Whatever your stand may be on it, here is a simplified guide to provide you with the necessary information about this loan feature on Cash App.
As much as money is essential to many daily activities, it has become the relentless pursuit of the Cash App team not only to provide improved ways of sending and receiving money but also to provide an avenue whereby users can get easy access to loans.
The Cash App borrow feature is one of a kind, aside from the various features like receiving paychecks. It allows direct access to loans from Cash App.
Kindly find out below some of the most asked questions about the Cash App borrow option.
What Is The Cash App Borrow Money Feature
The Cash App borrow money feature is a money lending tool on Cash App that allows registered users access to borrow funds as and when needed.
Just like any other loan system, some parameters must be satisfied before loan approval. Also, the Cash App borrow option comes with a limit of $200.
Once your loan has been approved by the Cash App Team and received by you, you are mandated to keep the terms of service to avoid any penalty fee for late payment.
In the repayment of the amount you borrowed, you are obliged to pay under a suitable loan repayment scheme that suits you.
All amounts borrowed on Cash App come with an interest rate.
How To Use Cash App Borrow Money Feature
Here are the steps you must follow to use Cash App borrow money option:
1. Open Cash App from your smartphone
2. On the home interface, click on the “Cash App Balance” icon in the lower-left corner.
3. This will open a new window; choose “Banking” from the listed options.
4. From the Banking menu, navigate and click on “Borrow” to continue.
5. Proceed and click on “Unlock.”
6. After unlocking, your borrowing limit will be displayed on your screen.
7. Kindly choose how much you want to borrow to continue.
8. Next, read and accept user agreement terms.
9. Lastly, confirm your loan acceptance.
Who Is Eligible To Use Cash App Borrow Money
- Applicant should be at least 18 years
- Also, an applicant must be a resident of the U.S.
Requirements For Cash Borrow Money Feature
- Full name as it appears on your ID card
- Date of birth
- Mailing and residential address
- A valid email address
- A registered U.S. mobile number
- Income and employment information
- Social Security Number (SSN)
- Agreement to Cash App Loan terms and conditions
Here is where we will end on the Cash App borrow money feature.