Cash App, developed by Block, Inc. (formerly Square Inc.), has evolved far beyond its initial purpose of peer-to-peer money transfers. Today, it offers several financial services including direct deposits, debit cards, stock and Bitcoin investments, and even small personal loans. If you’re looking to borrow money from Cash App, you’re not alone. With the rising cost of living, more users are exploring this feature to help manage short-term financial gaps.
In this article, we’ll walk you through everything you need to know about Cash App’s “Borrow” feature, including eligibility criteria, how to access it, how much you can borrow, repayment terms, and potential alternatives.
What Is Cash App Borrow?
Cash App Borrow is a short-term loan feature that allows eligible users to borrow small amounts of money—typically between $20 and $200. The feature is designed for quick cash access with simple terms, ideal for emergency expenses or short-term financial needs.
The loan is repaid within four weeks, either manually or automatically, with a small interest fee. However, not all users have access to the Borrow feature. Availability depends on several factors, including your Cash App usage, credit score, and deposit history.
Who Is Eligible to Use Cash App Borrow?
Cash App Borrow is not available to all users. It’s currently offered to a limited number of users as part of a beta testing program. Here are the key criteria that might affect your eligibility:
- State of Residence: Borrow is only available in certain U.S. states.
- Account Activity: Regular use of Cash App, including peer-to-peer transfers, direct deposits, and investments.
- Deposit History: Users with a consistent record of direct deposits are more likely to get access.
- Creditworthiness: Your credit score and financial behavior may influence availability.
- App Version: Ensure your app is up to date, as older versions may not show new features.
Unfortunately, there is no direct way to request access—Cash App determines eligibility automatically.
How to Check If You Can Borrow Money on Cash App
To find out if you have the Borrow feature enabled, follow these steps:
- Open Cash App on your mobile device.
- Tap the Banking or Money tab (icon at the bottom left).
- Look for an option that says “Borrow” or “Borrow Money.”
- If available, tap on it to see how much you’re eligible to borrow.
- Tap Unlock or Next to proceed with the loan terms and conditions.
If you don’t see the Borrow option, your account currently doesn’t qualify. Keep using Cash App actively and update your app regularly to improve your chances.
How Much Money Can You Borrow?
As of now, the Borrow feature typically allows users to borrow between $20 and $200. The specific amount available to you depends on your account profile, usage patterns, and transaction history.
Here’s a breakdown of typical loan tiers:
- $20
- $50
- $100
- $200
You can choose the amount you wish to borrow up to your approved limit. However, keep in mind that you can only have one loan at a time.
What Are the Interest Rates and Fees?
Cash App Borrow is designed as a short-term loan with a flat fee structure. The typical interest rate is 5% over a four-week term.
For example:
- If you borrow $100, you will repay $105 in total.
- There is a 1-week grace period after the due date before additional late fees apply.
- Late repayment can lead to additional fees and possibly limit your access to future Cash App features.
Compared to payday loans or overdraft fees, Cash App Borrow offers a relatively affordable and transparent borrowing option.
How to Repay Your Cash App Loan
There are two main ways to repay your loan:
1. Automatic Repayment
Cash App will automatically deduct the repayment amount (loan + interest) from your Cash App balance or linked bank account on the due date.
2. Manual Repayment
You can also repay early by following these steps:
- Open Cash App
- Tap the Borrow section
- Tap Repay Early
- Choose the amount and complete the payment
Early repayment won’t reduce the flat interest fee but can help you avoid potential late fees.
Pros and Cons of Cash App Borrow
✅ Pros:
- Fast access to emergency funds
- Easy to use within the Cash App ecosystem
- Lower cost than payday lenders
- No hard credit check (for now)
❌ Cons:
- Limited availability
- Small loan amounts
- Short repayment window
- Potential late fees if unpaid
Alternatives to Cash App Borrow
If you don’t have access to Cash App Borrow, consider the following alternatives:
- Chime SpotMe: Offers overdraft protection up to $200 for eligible users.
- Earnin App: Get early access to your paycheck with no fees (tips optional).
- Dave App: Short-term advances up to $500 with low fees.
- Brigit: Offers small advances with financial planning tools.
- Credit Unions or Local Banks: Some offer small-dollar loans with favorable terms.
Always read the terms and conditions before using any lending platform.
Tips to Improve Eligibility for Cash App Borrow
To boost your chances of getting access to Cash App Borrow, try the following:
- Set up direct deposit for your paycheck or benefits.
- Use Cash App regularly for transactions and payments.
- Maintain a positive balance in your Cash App account.
- Avoid violating Cash App’s terms of service.
- Keep your app updated to the latest version.
While there’s no guarantee, active and responsible usage often leads to increased feature access over time.
Conclusion
Borrowing money from Cash App is a convenient option for those who need quick cash and meet the eligibility requirements. With its simple interface and transparent repayment terms, it’s a user-friendly solution for short-term financial needs. However, the feature is not available to everyone, so it’s important to explore other options if you don’t yet qualify.
Stay active on Cash App, set up direct deposit, and maintain good financial behavior to improve your chances of gaining access to this useful feature in the future.