Here is a brief guide for all who want to know how to borrow from the Cash App platform. Kindly read through and find out the requirements and other essentials regarding getting a loan from Cash App.
Among the various features available on the Cash App platform, it may not be surprising to find out from many that the Cash App borrow money feature is one of the exciting features, and of course, it ought to be.
The Cash App loan facility is available on its platform to verified account holders.
Essential to securing a loan from Cash App is knowing the requirements to help you know how you can borrow the money.
Let’s now proceed to how to get a loan from Cash App.
Table of Contents
How To Borrow From Cash App
The following are the steps to borrow money from Cash App:
1. Kindly launch the Cash App from your phone.
2. On the bottom left corner of the home interface, click on your Cash App balance.
3. Proceed and select “Banking” from the options
4. Kindly lookout and tap on the word “Borrow” from the Banking menu.
5. On the next page, click on “Unlock.”
6. Once you have clicked it, your borrowing limit will be displayed.
7. Read and consent to the user agreement page.
8. Finally, confirm loan acceptance.
Requirements To Get Cash App Loan
Below are the things you need to request for Cash App loan:
- Applicant should be 18 years or above.
- Should be a resident of the U.S.
- Personal information: this includes your full name, date of birth
- Contact information: mailing and residential address, phone number, and email
- Employment and Income details
- Your Social Security Number (SSN)
- Consent to the Cash App Loan Documents
What Is The Maximum Amount I Can Borrow From Cash App
The maximum amount you can borrow from Cash App stands at $200 at an instant. However, it starts as low as $20.
This means that you can request a loan starting from $20 to $200 anytime, provided you qualify and meet all the requirements attached.
What Is Cash App Loan Interest
An interest rate of 5% is attached to the borrowed amount within the specified time for payment.
This is not surprising since almost all loans come with an interest rate. Kindly note that if you fail to meet the deadline for payment, you incur extra fees.
How Long Does It Take To Pay Cash App Loan
Cash App has scheduled a four (4) weeks repayment plan for all amounts borrowed from its platform.
This loan repayment period is always part of the terms and conditions for the application.
You have various ways to do payments, either through the mail, automatic deduction, or manual electronic payment.
Let’s kindly end here on how to borrow from Cash App.