There have recently been a lot of talks online about the cash app and how to borrow money from cash app
Here is the thing; The borrow-up feature has not been made accessible to all cash app users, which is why you might not be able to access it from your app.
However, some select users are able to access the borrow-up feature which might leave you wondering why yours isn’t activated.
Well, you do not need to be worried about it since the feature is relatively new. Over time, it will be accessible to more users. But first, we’ll look at how to borrow money from Cash app and what the terms are.
How to Borrow Money from Cash App
When you look at other payday loan apps or other lending platforms, they tend to lend based on your credit score. But for those that don’t use your credit score to determine this, the interest rates are always on the high side.
Cash App, for example, borrows you money; however, you are charged 5% extra of the total loan amount, which you have to pay back before the loan period expires.
Once the loan period is exceeded, you are automatically given a one-week pardon before the interest of 1.25% starts to accrue on the money you borrowed
That being said, let’s see how you can borrow money from the Cash App
- Launch the Cash App.
- Tap on your account balance.
- On the Banking section, look for “Borrow-up” and tap it
- If you are not seeing anything like that, you don’t have access to borrow-up yet.
- If you do, tap Unlock.
- Pick the amount you want to borrow.
- Choose how you will repay the loan.
- Accept the loan term and tap on the “Borrow instantly” button.
How to Unlock Borrow on Cash app
There is no need to force anything; if you are not eligible to borrow from the Cash app, you won’t see the “borrow” option, which leads you to where you need to select “unlock.”
However, if you can see the “borrow” option, here is how you can unlock loans on your Cash app account:
- Launch the Cash App.
- Tap on your account balance.
- On the Banking section, look for “Borrow” and tap it
- If you are not seeing anything like that, you don’t have access to borrow yet.
- If you do, tap Unlock.
Recommended: Why is my Payment Pending on Cash App
Why can’t I Borrow Money from Cash App?
Firstly, the borrowing feature is still new and in the testing stage, so you might have to be patient.
But one thing you need to understand is that the Cash App follows certain requirements to determine who can borrow for now.
Some of these requirements consist of your credit score and how regularly you make deposits and withdrawals from your Cash App account.
These are a few of the metrics used to determine who can borrow, How much you can borrow, etc.
How to Borrow Money from Cash App on iPhone
Follow the steps below to borrow money from your Cash app using your iPhone; follow the same process with other operating systems such as Android, etc.
Coupled with that, you need to be eligible to borrow to be able to access the “borrow” feature on your Cash App application.
If you are not sure about your eligibility, follow the steps below to see if you can borrow money from the Cash app using your iPhone.
- Launch the Cash App.
- Tap on your account balance.
- On the Banking section, look for “Borrow up to
- If you are not seeing anything like that, you don’t have access to borrow yet.
- If you do, tap Unlock.
- Pick the amount you want to borrow.
- Choose how you will repay the loan.
- Accept the loan term and tap on the “Borrow instantly” button.
How to Borrow Money from the Cash app on Android
The Cash app for Android works the same way that the Cash app for iPhone does. The only difference might be in the procedure if you are accessing the Cash App via a browser.
However, because you are using an Android device, you can borrow from your Cash App account by following these procedures
- Launch the Cash App.
- Tap on your account balance.
- On the Banking section, look for “Borrow up to
- If you are not seeing anything like that, you don’t have access to borrow yet.
- If you do, tap Unlock.
- Pick the amount you want to borrow.
- Choose how you will repay the loan.
- Accept the loan term and tap on the “Borrow instantly” button.
How to Borrow $200 from Cash App
If you are eligible to borrow money from your cash app application, you will be able to access the borrow feature, which will lead you to the amount you will be able to borrow as a first-time user.
This amount varies depending on how many payoffs you’ve made, but it is usually between $20 and $200 and other things, to begin with.
That being said, here is how you can borrow $200 from Cash App
- Launch the Cash App.
- Tap on your account balance.
- On the Banking section, look for “Borrow up to
- If you are not seeing anything like that, you don’t have access to the borrow feature yet.
- If you do, tap Unlock.
- Pick $200.
- Choose how you will repay the loan.
- Accept the loan term and tap on the “Borrow instantly” button.
Cash App borrow Limit
The borrowing limit for most Cash App users ranges from $20 to $200. However, this figure might vary based on the regular usage of such users.
Also, this limit is increased after a cash app user successfully clears a loan at the specified time.
Cash App Borrowing Ended
While following through the loan process, you could come across a scenario where everything just stops in the middle while trying to apply for a loan. It just doesn’t work.
In a scenario like this, there are a few things that might have caused these problems that you can adjust.
- Firstly, check if your balance is zero or negative.
- Your cash app isn’t verified.
- You are using an outdated version of the Cash app.
- The cash app has flagged your account.
If none of these can be ascribed to your account, then you might need to contact Cash App chat support for help.
Conclusion
One of the things you’ll come to notice after reading this article on “How to Borrow Money from Cash App” is that you might not be eligible to borrow money from Cash App due to its requirements. But since it is a new feature, there are still a lot of changes that will be made to accommodate more borrowers.
But for now, ensure your credit score is on point and you are making regular deposits to your Cash app account.