What is Cash App?
Cash app is a highly popular money transfer app launched in 2013 by the payment processor company: Square, Inc. With the Cash App, users are able to send money to each other through identifiers such as their phone number, email, or a unique “Cashtag” username. Another key feature of the platform includes the Cash App Card, which allows the users to transact outside of the app without having to wait to withdraw their funds from the platform. Through its ease of use, Cash App has become a very popular alternative to traditional banking, especially for young adults.
Can you borrow money from Cash App?
Actually, yes. In more recent times, the platform has actually begun to roll out a feature in which you may borrow directly from the app, for a flat 5% fee on the principal. It’s a very simple process too. Tell them how much you need, agree to terms, and then the money’s in your hands. They’ll even help you set up payments to get things squared away on a timely schedule.
How to borrow money on Cash App?
The first step is making sure you have a cash app account set up. If you don’t already, click here, fill out the form, and you’ll be on your way.
Once again, applying for a Cash app loan is a simple process. After giving you the run down on how things work, you will be prompted to connect your bank account to the platform. You will need to attach your account, whether it’s by account number or debit card, and ensure that you have funds in these accounts when the time comes to pay your loan back. Alternatively, if you do not wish to link an account to verify cashflow, Cash app will likely approve you if you have direct deposit set up with the app.
There are a few key parts that you need to understand when you take out a loan on the Cash App:
- You will be paying 5% on what you borrow in total.
- You will pay the platform back in full within 4 weeks.
- You may be subject to automatic drafts to repay the platform.
After you fully set up your account and agree to the terms, the funds should be instantly credited to your balance.
Repaying the borrowed money
You’ll be on a weekly payment schedule to repay your loan with Cash App. Every week, you will be drafted for a quarter of the payment owed, with interest. This will come from either the attached account you provided when inquiring for the loan, or from your Cash App balance. Make sure you have the appropriate funds available in either account, or you may suffer from late fees. Missing a payment on any loan is often a slippery slope to massive debt accumulation.
Does Cash App Borrow help your credit
At heart, Cash App is not a lending platform, though this may prove to be a profitable avenue for the company behind it. Cash App typically will not check your credit when you inquire for a loan, though your experience may vary. Also, while the platform reserves the right to pull from and report your borrowing activity to the major credit bureaus, this is an unlikely occurrence if you don’t miss any payments.
What is the Cash App Borrow limit?
Most users report that the platform starts by offering around $50 to borrowers. As you continue on with good transactional history, Cash App will allow you to borrow up to $400. Numbers may change over time, depending on how the borrowing transactions play out for the platform. This may also vary by location, with different restrictions. Bear in mind, Cash App Borrow is only available in 36 states. The platform does not specify its territorial list of availability, so if you find that borrowing from Cash App doesn’t appear as an option, it may not currently be available in your state.
Is Cash App Borrow Legit?
Yes. Without a doubt. Everything about Cash App Borrow is ran natively in the same app that you created your Cash App account in. There should be no fear or doubt when inquiring about borrowing within Cash App.
Click here to get started on Cash App Borrow.
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