Does Cash App Let You Borrow Money?
Yes, Cash App makes loans of $20 to $200, according to a 2020 TechCrunch article. Cash App tested the Borrow feature with a limited roll-out to 1,000 users. While the company hasn’t disclosed the status of that testing, the app does note that Borrow is still not available to all customers. Whether or not a particular customer can use the feature depends on:
- The state you live in
- Whether you have an activated Cash Card
- Your Cash App usage history
- Your credit history
TechCrunch noted that loans funded quickly and required you to pay them back in four weeks or less. But carrying a balance so long can add up — at the time the TechCrunch article was published, Cash App reportedly charged a 5% flat fee to borrow, plus another 1.25% per week after the grace period.
As long as you go into it knowing that a Cash App Borrow loan is best for quick repayment, the new tool — if it’s available to you — could be helpful when you’re short on cash.
A Better Way to Bank
Cash App Borrow Money 21 Views