How to Borrow Money from Cash App (2024)? Eligibility Required
How to Borrow Money from Cash App? Borrowing money from Cash App can be a quick and convenient option for small amounts, but it's important to understand the eligibility requirements and terms before proceeding. Here's a step-by-step guide:
Eligibility:
• You must be at least 18 years old.
• You must have a valid US bank account linked to your Cash App.
• You must have received at least $1,000 in direct deposits to your Cash App in the past three months.
• You must have a regular spending history on your Cash App.
How to borrow:
1. Open your Cash App: Look for the "Banking" tab or header.
2. Check for "Borrow": If you see "Borrow," you're eligible. If not, you may not meet the requirements yet.
3. Unlock Borrow (if needed): Tap "Borrow" and then "Unlock" to activate the feature. This may involve linking additional accounts or providing more information.
4. Select loan amount: Choose an amount between $20 and $200 (your maximum may be lower based on your history).
5. Choose repayment plan: Select a bi-weekly repayment schedule that fits your budget. You'll typically have four installments.
6. Review and accept terms: Read the loan agreement carefully and understand the fees and interest rate (typically 5%). Once you agree, the money will be instantly deposited into your Cash App balance.
Borrowing money from Cash App is not free. You will pay a 5% fee on the loan amount, plus service fees based on your repayment plan. Missing payments can incur late fees and negatively impact your credit score. Borrowing should only be used for emergencies or small, unexpected expenses.
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