November 2, 2022
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How to Borrow Money From Cash App

Wondering how to borrow money from Cash App in 2022? Well, the truth is most people can’t right now, but there's still plenty of other apps to borrow money from if you need a spotloan

Can you even borrow money from Cash App?

Cash App. From its name, it wouldn’t be totally wild to presume that this is some kind of app you can… borrow cash from.

The reality is less straightforward. Cash App does have a borrow feature. But. Cash App Borrow is still in the testing phase, so it’s not available to most people.

(If this is super disappointing because you need money now, Cleo can potentially spot you up to $100. Eligibility requirements apply.)

The feature allows some users to borrow up to $200 for emergencies. Eligibility depends on things like your state of residence and your credit history.

Cash App’s main function remains as a good old peer-to-peer payment service that allows users to send money to each other (think Venmo). It has some other cool features too, like Cash App Invest, where users can invest in stocks.

How the Cash App Borrow feature works

Cash App Borrow is a type of short-term loan offered through the Cash App platform. This is how it works:

If you’re eligible you can take out a loan from $20 to $200.

You then have four weeks to pay back the loaned amount plus a 5% flat fee.

This 5% fee translates to a 60% APR overall. This is a good deal compared to payday loans, which typically come with an average close to 400% APR. However, it’s way higher than personal loans, which legally can’t top 36% in most states.

What you get with Cash App Borrow:

💰 Maximum loan: $200

💰 Term: 4 weeks

💰 Cost: 5% flat fee

💰 Fees: on top of the 5% flat fee, Cash App Borrow has a 1.25% late fee per week

A screenshot of Cash App on the banking page

How to find out if you can borrow money from Cash App

Cash App has been keeping Cash App Borrow very much on the down low, but there is a way to find out if you’re eligible. Here’s how:

💵 Open Cash App on your mobile phone

💵 Click on your balance (this should take you to the “Banking” page)

💵 If you see a header that says “Borrow,” you’re eligible for Cash App Borrow

⚠️ Here’s the important part. If you don’t see “Borrow” but you get a notification from outside the app saying you’re eligible for a Cash App loan, it’s a scam. Stay well away my guy.

💵 If you’re not eligible, you can head to “support” for more info. Just type “Borrow” in the search bar, and you’ll get a proper explanation of Cash App’s eligibility requirements. You can also chat with their support team.

Why can’t I borrow money from Cash App?

The factors Cash App takes into account when working out your eligibility are things like your state of residence and credit score. Don’t worry, if you’re not eligible, it might just be that Cash App has rolled back the Borrow feature in your state.

If you’re working with a less-than-great credit score, there are plenty of other apps to borrow money from out there.

Where to get a cash advance if you’re not eligible for Cash App

So you’re not eligible to borrow money from Cash App, but you need help making it to your next payday. What we’re not gonna do right now: take out an extortionate payday loan.

Don’t worry, there are plenty of cash advance apps out there. And even better than Cash App Borrow, they don’t charge interest or require any credit checks. In fact, we wrote a whole guide on the top cash advance apps of 2022, where you can find the right one for you 💍

✨ Need of a quick spot? Cleo can offer up to $100 with no interest, no credit check or employment verification required. Download the app to find out how much you’re eligible for ✨**

How to get a cash advance from Cleo

As we mentioned, you can get a cash advance of up to $100** from our little money app, Cleo.

Our quick spot comes with a load of helpful features aimed at helping you eventually not need it. It’s also interest-free, and doesn’t require any credit checks or regular income (we see you freelancers 👁️👄👁️)

You also get access to a load of other cool features, like Roast Mode, if you need reading for filth on your unhinged Amazon spending sprees.

Want to know more? We have a whole article on how to get a Cleo cash advance.

Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.

Big love. Cleo 💙

** Eligibility requirements apply.

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