How to Borrow Money from Cash App: Step-by-Step Guide

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When you need to bridge a gap between paychecks or you encounter a surprise expense, you might need cash fast. Learn how to borrow money from Cash App — it’s fast, easy and straightforward. Learn the step-by-step directions and make sure you understand what you’re committing to by reviewing the repayment terms. Here’s how to get cash fast through a simple Cash App loan.

How to Borrow Money From Cash App in 7 Steps

The Cash App borrow feature is available to users. All you have to do is follow these simple steps for a fast cash infusion to help you make ends meet.

1. Open Cash App

Start by checking to see if you are eligible for a loan. The company uses several factors to determine your eligibility, including your credit score, credit history, location, use of Cash App and the Cash Card. 

2. Go to the Money Tab and Look for Borrow

If you see the borrow option within the Money tab, you are eligible for a loan. If not, there’s nothing you can do to make yourself eligible quickly to get this loan. Once you see the option, tap on borrow to proceed.

3. Unlock the Feature

Once you click on borrow, Cash App might prompt you to unlock the feature. If it does, you’ll need to follow the screen prompts. Some borrowers won’t see these prompts and can proceed normally.

4. Select Your Loan Value

Cash App provides loans of $20-$200. Select the loan amount that you need. Just be sure it’s an amount you can pay back within four weeks to avoid additional interest and penalties. It’s best to take only what you need to make it until your next paycheck or overcome your hardship than to go all out and take everything available to you.

5. Choose Your Repayment Option

Cash App will present you with options for how to repay your loan. Choose the one that is best for you based on your needs and preferences. Spend some time reviewing your finances before proceeding with your loan to ensure you can meet the commitments you make at this phase of the process.

6. Review Your Selections

Next, you’ll see a page that shows you what you’ve selected. This is your chance to pause and make changes if needed. Spend some time going over these selections. While the value is not very high, this is a loan so treat it as such and give it the time and consideration it deserves.

7. Accept the Terms and Conditions

The final step is to review the app’s terms and conditions. Don’t just sign this without considering the implications it could have on you. Read everything carefully and if you’re comfortable, tap accept to move forward. 

How to Borrow $200 From Cash App

You have several options for apps to borrow $200. Many require subscription fees and other financial commitments that are not ideal in most scenarios. But if you go to Cash App to borrow money, you’ll be committing to a flat 5% fee as long as you repay the money within 4 weeks.

If you need $200, you’ll select that as the loan amount once you reach step four shown above in how to get a Cash App loan. Failing to repay the loan plus the 5% fee within four weeks results in a 1.25% finance charge. That means that if you finance it for longer, you’ll pay more in interest.

Cash App Fees and Repayment Terms

While the process to acquire a loan of up to $200 is fast, you don’t want to complete the process until you know the fees and repayment terms you’re committing to. Use the information you see in the app for your specific circumstances. But here’s a look at what you can expect when borrowing from the app.

• Fee: Cash App charges a flat 5% fee on all loans. So if you take the full $200 available to you, you’ll be paying $10 in fees.
• Repayment period: The standard repayment period is four weeks to avoid additional interest and fees.
• Finance charge: Failing to repay the loan in the agreed-upon four weeks can lead to being charged a finance charge of 1.25%.
• Credit score implications: Failing to pay the loan off in full at the end of the four weeks can lead to damage to your credit score because it is a late payment.
• Linking a bank account: You can use your linked bank account to automatically deduct the loan amount once you have the funds. Just use the repay option within the app.

How Am I Eligible to Borrow Money From Cash App?

To be eligible to borrow money from Cash App, you’ll need to meet these criteria.

• Be at least 18 years of age
• Make regular deposits
• Have a credit score of 580 or higher
• Be a frequent user
• Live in an eligible state where the loan option is available
• Use the Cash Card

Why Don't I Have the Borrow Feature on Cash App?

If you don’t see the borrow feature on Cash App, you don’t meet the eligibility requirements. You might have insufficient transaction history, your credit score might be too low or you don’t have consistent income to support a loan.

Pros and Cons of Borrowing Money From Cash App

While the process of borrowing money from Cash App is fast and simple, you should be aware of the pros and cons before committing to a loan. Here’s a look at what you can expect.

Pros

• Fast access to cash
• Simple loan process
• Eligibility already determined before the application process as you won’t have to go through income verification
• Works with an account you already have to avoid opening new ones

Cons

• 5% fee to access loan
• Short four-week window to repay the funds
• Could harm your credit if you don’t repay quickly

Alternative to Borrowing Money From Cash App

If you aren’t eligible for a Cash App loan, consider one of these alternatives.

• Credit card cash advance: Some credit cards offer a cash advance. The fees for this service are often 3-5% of the advance amount. Check to see if your credit card offers this option.
• Get a personal loan: Personal loans are often fast to get approval on and can provide funds within a few business days. Some loans offer same-day funds. If you have bad credit, you might still qualify for one of these loans.
• Use a cash advance app: You have many options for cash advance apps including Brigit, EarnIn, Chime, Affirm and Varo Bank. Evaluate which one might be best for your needs to get cash fast while still getting good repayment terms to avoid doing harm to your credit score and finances.
• Money-making app: Consider using a money making app to earn the funds you’re short. When you need small amounts, you might be able to use an app to get those funds without a loan.

Access to Fast Cash

When you need cash fast, Cash App can be a great option. You’ll just need to meet the borrowing criteria. While you’ll pay a 5% fee on the amount you borrow, it can be cheaper than getting a personal loan from other providers.