Residence: Borrowing is not available in all US states, but Cash App doesn’t specify which states are excluded. Their agreement does include loan terms for certain states, which may indicate that borrowing is (or will be) available in these locations: California, Iowa, Kansas, Massachusetts, Missouri, New Jersey, New York, Rhode Island, Vermont, Ohio, Washington, Wisconsin, and Utah. [2] X Research source Having an active Cash Card: While there’s no indication that having a Cash Card automatically qualifies you to borrow from Cash App, activating and using your Cash Card will improve your chances. Cash App usage: Cash App doesn’t specify how your usage affects your loan eligibility, but they do say it’s a factor. Credit history: While they don’t list a target credit score or any other criteria, this does indicate that having a poor credit history might prevent you from borrowing from Cash App.
Still, if Borrow isn’t available in your state, there is no way to activate the feature regardless of how you use Cash App.
You can borrow money from Cash App for a flat 5% fee. You’ll pay back your loan in 4 weekly installments. If you don’t pay back the loan in full after 4 weeks, Cash App grants you a 1-week grace period. If you still carry a balance after that, a 1. 25% finance charge is added per week until you’ve paid the remainder.
When you take out a loan, you’ll have 3 payment options. You can repay as you receive cash in Cash App (10% of each deposit into your account), make a payment every week for 4 weeks, or pay the full balance all at once. If you don’t make a payment by your scheduled payment date, Cash App will automatically deduct the amount from your Cash App balance. If there’s not enough in your balance to cover the payment, they’ll deduct the amount from your linked debit card or bank account.
If you don’t see this option, you are not yet eligible to borrow from Cash App.
Your borrowing limit is affected by many factors, including whether you repay your loans on time, how much money you deposit into or keep in Cash App, and your recent credit history.
As you get cash: Each time you get money in Cash App, a 10% of the deposit will be set aside to pay back your loan. [5] X Research source 4 weekly payments: You’ll pay the amount listed on the date listed each week for 4 weeks. All at once: You’ll pay the full balance at once on or before the date listed. If you haven’t paid the loan back by the listed date, the full amount will be deducted from your Cash App balance. If there’s not enough in your balance to cover the amount, Cash App will deduct the amount from your linked debit card automatically. [6] X Research source
A summary of your loan details will appear, along with your due date. You can tap Done on this screen to return to Cash App.
A summary of your loan details will appear, along with your due date. You can tap Done on this screen to return to Cash App.
You can pay back your loan early, but all finance charges (including the 5% fee and 1. 25% additional fee for late payments) are non-refundable. [7] X Research source
If you chose to pay the loan back all at once, you can tap Repay Early to pay the amount in full now.
