Cash App is one of the hottest financial apps that keep bringing the most sought-after features from time to time. Cash App loan feature is one of the recently launched features of Cash App. Now the eligible users can get an instant loan from Cash App. So, if you want to know how the Cash App loan feature works, keep reading!
What is the Cash App loan feature?
Recently, Cash App has launched the Cash App loan feature on its platform. This is a short-term & small loan (between $20 to $200) available for the eligible Cash App users. If you apply for Cash App loan money, you have to repay the amount within a four-week period plus a flat 5% fee. You may need to pay an additional fee if you fail to pay within the scheduled time period. Cash App has launched the Cash App loan feature successfully after its Beta version.
Cash App loan features:Maximum loan amount: $200 Loan term (period): 4 weeks Loan interest: 5% flat fee Additional late fees: Besides the 5% flat fee, Cash App loan has a 1.25% late fee per week Loan source: Cash App Application |
Is Cash App an instant Cash loan app?
Yes, you can get an instant loan from Cash App. And, you just need to make a few clicks to get the Cash App loan money. Also, Cash App demand is growing exponentially because of its easy UI, fast working, and secure ways.
Is there eligibility to get a Cash App loan?
Cash App has not specified any particular loan eligibility. However, there are certain factors which may prevent you from getting a loan on Cash App. Further, the below mentioned factors can help make you eligible for the loan:
- Should above 18 years of age
- Should maintain a regular and healthy transaction history
- Should be a verified user
- Have a good credit score by repaying on time
- Using Cash App card regularly
Can I get a Cash App loan Online?
Yes, you can get a Cash App loan from Cash App Online. However, Cash App offers a loan based on your eligibility, if you are not eligible, you can’t take a loan from Cash App.
How to check Cash App loan eligibility on the app
Follow the steps mentioned below to check your eligibility for Cash App loan:
- Open the Cash App
- Locate and tap the balance tab which takes you to the “Banking” option.
- Look for the word “Borrow” on this page, if you can see the word on your Cash App, you are eligible for the loan.
Note: if you are not eligible for the loan, Go to the “Support” page and type “Borrow” in the search bar to get a proper explanation.
What is the Cash App loan limit?
As aforesaid, Cash App has launched Cash App loan feature successfully but there is a limit. As of now, the users can take up to $200. The minimum loan amount is $20 and the maximum loan amount is $200. If you are eligible you can get any amount in-between.
How to get loan from Cash app
Before you proceed to get a loan, you need to check if you are eligible for the loan or not. We have already mentioned the steps on how to check your Cash App loan eligibility. These are: open Cash App > go to balance tab > Banking > under “Banking” check for the word “Borrow”> if it is there you can get Cash App loan.
Follow the further steps if you find the word “Borrow”
- Tap “Borrow”
- Tap “Unlock”
- Now, you can see the amount you can borrow from the Cash App. So, select an amount or enter it manually.
- Select your repayment schedule
- Read the loan terms & conditions
- Accept your Cash App loan by entering your PIN or touch ID.
What states allow the Cash App loan?
According to the Cash App loan agreement, the loan feature is not available in all states. However, it has not specified the states and you need to follow the above steps to find if you are eligible or not. Further, if you are searching for an authentic and safe Instant Cash loan app, Cash App should be your top choice.
Can I get Cash App loan on Android and iPhone?
Yes, you can get a loan on Android and iPhone devices. The steps to follow are almost the same on both devices.
Is it safe to get a loan from Cash App?
Yes, it is completely safe to get a loan from Cash App because Cash App is a highly secure and reliable instant Cash loan app.
Summary
Finally, we can say that Cash App is a safe app to get a short-term loan. Go through the loan terms and conditions before you borrow money from Cash App. Also, remember the interest fee Cash App charges and the late fee, if you fail to pay on time. Some users are not eligible for the Cash App loan because as of now, the loan feature is not available in all states.
