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How to borrow money from Cash App

Take care of emergency expenses with a quick loan,
By

Published onDecember 1, 2023

Cash App is becoming a very comprehensive mobile payments app. It can even help you out when you need a short-term loan! Today, we’ll show you how to borrow money from Cash App.

QUICK ANSWER

You can easily borrow money from Cash App. The service, Cash App Borrow, provides small four-week loans up to $200. To request a loan, go to Cash App > Money > Borrow > Unlock. Select the amount, choose a repayment option, hit Next, review the details, and select Borrow Instantly. You'll get a summary with all the loan details. You can hit Done, and your money will be in your balance immediately.

If you don't see the feature, it's because only a handful of users currently have access to Cash App Borrow. You may not qualify for a loan. Keep reading this guide to learn all the details, as you should also learn about fees, interest rates, and other information.


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Editor’s note: We used Cash App version 4.23.0, and a Google Pixel 7 running Android 14 to formulate these instructions. We also verified that the process is the same on iOS using an Apple iPhone 12 Mini running iOS 17.2. Some steps may change or look different depending on your device, software version, and app version.

How does Cash App Borrow work?

Cash App stock photo 9
Edgar Cervantes / Android Authority

Cash App has been keeping pretty quiet about its Borrow feature. You can’t find a landing page for it on the official website, and the few posts in the company’s help center are simple agreements without many concrete details. This is because the feature is still in development, and it’s not available to all users, so Cash App isn’t openly advertising it yet.

How much can I borrow from Cash App?

Those who can take advantage of Cash App Borrow can access small, short-term loans ranging between $20 to $200. Some claim this amount has increased for some users, but reports are few and not very solid. These loans must be paid back within four weeks.

Cash App Borrow fees

All loans come with a fee or interest payment, and Cash App Borrow is no exception. This service charges a 5% flat fee over your loan amount. This means that if you request $100, you will end up paying $105. This may not sound like much, but it equals a 60% APR, which is considered very high in the world of personal finance.

Money Stock Photo 2
Edgar Cervantes / Android Authority

What happens if I don’t pay my Cash App Borrow loan?

You will get a one-week grace period if you have to be late on your repayment, but Cash App will charge an extra weekly 1.25% late fee per week, after that.

What happens if I pay my Cash App Borrow loan early?

The good news is there is no early repayment penalty, and you can even reduce the fee if you pay before the due date. In the latest Borrow Loan Agreement from early 2021, Cash App mentions it will “refund pro rata any portion of the Finance Charge that exceeds 5% of the Amount Financed, proportional to the number of days remaining until the Final Due Date.”

Available Cash App Borrow repayment plans

Once you request a loan, you must pay it back in full within four weeks. The repayment plan can be set in multiple ways. Let’s go over them.

  • As you get cash: This option will take 10% off all deposits and direct it towards your loan payment.
  • 4 weekly payments: This sets equal weekly payments from your balance or linked debit card.
  • All at once: You can simply pay the whole amount by the due date, which will be specified in this option.

Who is eligible to borrow money on Cash App?

Cash App stock photo 1
Edgar Cervantes / Android Authority

Before we move on to show you how to borrow money from Cash App, we need to tell you this is a limited feature for now. You may not be able to get a loan from the app. And sadly, Cash App is also pretty secretive about how it determines eligibility. We know some factors are considered, though.

Cash App suggests you get a Cash Card to improve your chances of acceptance. This is Cash App’s debit card, and getting it also requires a verified account. You should also be a relatively active user and have a good credit history. More importantly, though, Cash App Borrow is not available in all USA states.

Sadly, Cash App is also keeping things hush about which states Cash App Borrow is available in. The only real clue about possible supported states comes from the Borrow Loan Agreement. It has some state notices towards the end of the document, which may indicate at least those states are supported.

Possibly supported US states:

  • California
  • Florida
  • Iowa
  • Kansas
  • Massachusetts
  • Missouri
  • New Jersey
  • New York
  • Ohio
  • Rhode Island
  • South Dakota
  • Vermont
  • Washington
  • Wisconsin
  • Utah

How to borrow money on Cash App?

Are you ready to borrow money on Cash App? Let’s show you how it’s done!

  1. Launch the Cash App.
  2. Tap on the Money tab. It looks like a little bank building.
  3. If you qualify, you should see a Borrow option. Tap on it, then hit Unlock.
  4. Pick how much you want to borrow, choose a repayment plan, and hit Next.
  5. Review the loan details and tap on Borrow Instantly.
  6. Hit Done.

That’s it! Your money should reach your account in no time.

Why can’t I borrow money from Cash App?

Cash App stock photo 6
Edgar Cervantes / Android Authority

We already mentioned some of the known eligibility requirements in a previous section. You may live in an unsupported state, not meet the credit score requirements, or not use the app enough for Cash App to consider you a good candidate. There are a few extra tips Cash App and the community suggest, though.

Improve your chances of unlocking Cash App Borrow:

  • Verify your account: This one is obvious. No creditor would like to let you borrow money if it’s not even sure of your identity, right?
  • Get the Cash Card: Cash App seems to like it when people sign up for the Cash Card, which is the service’s debit card.
  • Deposit money and use the app constantly: Cash App mentions your chances of approval increase if it sees you’re using the application constantly. You’re suggested to deposit at least $200 within a month, too.
  • Maintain a positive balance: This is another obvious one. No creditor likes to see your account constantly going negative.
  • Keep a healthy credit score: We’re not sure how good a credit score Cash App Borrow needs to approve you, but it is a factor.
  • Use direct deposit?: Some claim setting up direct deposit on your Cash App will improve the odds of qualifying to Borrow. It makes sense, as this also counts as account activity.

FAQs

It’s still unknown if Cash App will report loan activity to credit bureaus, but if it operates like most other quick loan providers, it probably won’t. That said, it’s likely to report if you default on the loan. This means that, while getting a loan might not help, chances are that not paying will hurt your credit score.

Most claim Cash App Borrow offers loans between $20 and $200. That said, some users online claim to have a higher limit. Sometimes above $400.

If you’re ready to pay your loan, either fully or partially, you can easily do it from the app. Just go to Cash App > Money > Borrow. Select the partial payment you want to make or hit Repay Early if available. Then you can process the payment by following the instructions.

While unlikely, Cash App may remove your access to Borrow. Think of the same factors that were considered for you to unlock the feature and see if anything has changed, to figure out a possible reason. Did your credit score go lower? Maybe your Cash Card is no longer active, or you stopped using Cash App as much. Are you paying too many loans late? It’s also known that some earlier users had a limited time to use the feature, and it was later removed for them. Your best bet is to contact Cash App support for reconsideration, or at least an explanation. You could also do some troubleshooting if you’re having issues with Cash App.