How to Borrow Money from Cash App – An Easy Process

Cash App is a great way to cover your small household expenses. But what if a situation arises wherein you need a small amount of money? In such unexpected scenarios, you can leverage the Borrow feature of this app. Many people ask how to borrow money from Cash App.

The Borrow feature in this app allows eligible users to borrow up to $200. This loan functionality has a 5+ interest rate and is intended for personal purposes. However, not everyone can view this feature. It is available to certain select individuals only. If you are curious about knowing this feature more, read on about it.

What Is the Borrow Functionality

The Cash App lets its verified users avail themselves of short-term loans. This group of people can avail themselves of loans of up to $200, provided they pay it in four weeks. The loan also incurs a 5% fee. If you cannot repay the amount you have borrowed, you will incur a 1.25% late fee every week till you repay the amount in its entirety.

The loan can be as small as $20. This loan is only for household or personal purposes. The app allows you to set up automatic payments to repay the loan.

How to Borrow Money From Cash App

Using the Cash App Borrow feature is very simple. Access the application and use these steps.

 

●     Find the ‘Borrow’ tab. It can be present in the Banking or the home screen.

●     If you cannot find this option, the feature isn’t available for you.

●     But if you can find it, tap the ‘Unlock’ option.

●     The app will find the amount you can borrow through the app.

●     This amount will be in the range $20 to $200.

●     You can request an amount anywhere in this limit.

●     Finally, review the agreement of the loan and tap ‘Accept.’

 

In Which State Is the Borrow Feature Available?

This feature is not available in every state in the US. Some states whose Cash App users can locate the feature on their app are:

●     California

●     Idaho

●     Kansas

●     Louisiana

●     Alabama

●     Georgia

●     Illinois

●     Iowa

●     Indiana

●     Michigan

●     Missouri

●     Ohio

●     Mississippi

●     North Carolina

●     Virginia

●     Texas

●     Tennessee

●     Utah

●     Wisconsin

How Do You Repay Money That You Borrowed from Cash App

If you use the Borrow feature on the app, you will also need to be aware of the repayment schedule. Fortunately, the company has made it extremely straightforward to repay the loan. It can be done through autopay, manually, and by mail.

●     Autopay: Using this method, you can configure automatic payments. Recurring incremental payments can be set up over a month’s period. If you don’t find that feasible, opt for a lump sum payment.

●     Manual: If the auto-pay method to repay borrowed money does not appeal to you, use the method to pay manually. You can make such payments via the Cash App before your due date arrives.

●     By mail: This is another way to repay the money. You can write a check. Then look at the address on your statement. Send the check to this address. If you are using this method, you must ensure that the Cash App receives money by 4 PM C.T.

POINT TO NOTE: Try not to become a defaulter after taking the loan. If you default on the amount you have borrowed, the outstanding balance will be removed from your Cash App account balance. Apart from that, defaulters will also find that interest is building up on their balance. This will not go away till you pay off the loan.

How to Determine Your Eligibility for Borrowing from Cash App

The Borrow feature is only for certain select customers. If you don’t use Cash App regularly to deposit money or pay bills, the app will not consider you eligible for this feature.

To determine your eligibility, check for these parameters:

●     Your deposit history on the application

●     Your residence

●     Whether or not your Cash Card is activated.

●     Your transaction history or your credit history.

Final Words

The Borrow feature in the Cash App is perfect for smaller loans that you can repay in a month. Some examples include paying household bills, urgent care bills, or unexpected car repairs. Carefully review the loan terms and then make the right choice.

Ref blog: https://www.linkedin.com/pulse/how-borrow-money-from-cash-app-easy-process-daiwik-hayden/

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