Cash App has introduced a great new feature for selected users that lets them borrow cash from the app. Users can borrow up to $200 using the Cash App Borrow program if available in their region.
To get a loan on Cash App, tap on the “Cash App Balance” icon in the lower left corner. Then, tap on “Banking”. Start scrolling and look for the option that says “Borrow”, tap on it, and select “Unlock”. Enter the amount you want to borrow, enter your repayment plan, and proceed to accept the loan.
Whether Cash App Borrow is available to you or not depends on certain factors, as this program is still in testing. Therefore, it is not available to all Cash App users.
We are going to take a look at the factors that decide whether this option will be available to you or not at the end of this article. But first, let’s go through the step-by-step guide on using the Cash App Borrow program to get a loan from Cash App.
Get a Loan on Cash App
As mentioned earlier, the Cash App Borrow option is not available to all users, so the easiest way to check whether you are eligible or not is to check by trying to get a loan on Cash App. Whether you want to proceed from there is up to you.
Follow these steps to get a loan on Cash App.
Step #1: Go to “Check Cash App Balance”
Open the Cash App on your device and look for the “Cash App Balance” option in the lower-left corner of the app’s home screen. Tap on “Cash App Balance” to proceed.
Step #2: Go to “Banking”
Look for and tap on the “Banking” header in the “Cash App Balance” window.
Step #3: Select “Borrow”
In the “Banking” option, search for the “Borrow” option. If you can not find the “Borrow” button, you are not eligible to get a loan on Cash App.
You are eligible for a loan if you find a “Borrow” button inside the “Banking” header. Select “Borrow” and then tap on “Unlock” to proceed with the loan.
In the “Unlock” option, you can see how much you can borrow. Usually, it is between $20 and 200.
Step #4: Finalize the Loan
Follow the on-screen by inserting the amount you want to borrow and selecting your repayment plan. Then, proceed to accept the loan.
By following these simple steps, you can get a loan from the Cash App in case you urgently need to come up with a little cash, and there are no options.
Cash App Borrow Eligibility Factors
The program is still in testing, and many users wonder why they are not eligible for it while others are. Certain factors are taken into account before establishing whether a user can apply for a loan or not.
Bear in mind that these factors are not officially announced by the Cash App team but are gathered from various sources.
- This option is not available across all US states. So if you can not find the “Borrow” option inside the “Banking” header of Cash App, it might be because this feature has not been introduced in your state yet.
- Your Cash App credit history must be above a certain range to qualify for this program.
- Users with an active Cash App Cash Card are more likely to be eligible for the Cash App Borrow program.
- Cash App usage also affects which users are eligible for the Cash App Borrow program. So if you are a frequent user and fulfill the above requirements, you will most likely be eligible for the Cash App Borrow program.
If you are not eligible to get a loan from the Cash App, you do not need to worry, as the team is continuously trying to get this feature to all their users. When the feature is introduced in your state or when you become eligible for the Cash App Borrow feature, you will be notified in the app.
Cash App is a great mobile utility that enables users to share funds. It offers users a safe and secure gateway by protecting sensitive information from online threats.
Recently, Cash App introduced a new feature that is sure to make it more popular among users: the Cash App Borrow program. This program enables certain users to borrow up to $200 from Cash App.
But as this program is still in testing, it is not available to all Cash App users. By following the above method to get a loan, you will also be able to check whether you are among the eligible users or not.