If you want to get a loan through Cash App, then it’s a few clicks away. Even the process of applying for a loan is also very effortless. A new tool is primarily designed for quick repayments where there is a requirement to pay off your debt in four weeks or less. When you know all the details of Cash App’s borrow feature, then it will help you a lot. In this article, you get to know how to apply for a loan by using your mobile app.
Can you borrow money from Cash App?
Yes, Cash App allows you to apply for a loan up to the limit of $200.Cash App’s borrow feature has become an outstanding option for many who are searching for interest and duty-free loans. Further, the app has a user–friendly interface that lets them know about your debt date so that you don’t have to pay late fees. Besides this, it has flexible payment options, which make it more appealing.
Requirements for Cash App loan application
When it concerns security purposes, you must ensure that you provide authentic personal and financial information before borrowing money from Cash App. If you want to take advantage of the borrow feature, then you must offer the following details
- Your full name
- Social security number
- A valid US billing address
- Date of birth
- Contact information
- Employment record and income information
How to apply for a loan from Cash App?
Once your personal information is updated, you are eligible to apply for a loan by using Cash App on your mobile itself. If you want to add more funds to your Cash App balance, it will take days until your pay check is finally issued.
- Go to your balance that is present in the lower-left corner.
- Look for the “Banking” or “My Cash” header.
- Scroll down until you find the “Borrow” prompt.
- If you use Cash App’s loan service for the first time, you will see an Unlock button.
- By tapping on it, you will be redirected to another page where you can view the amount you can borrow.
- Go through all the terms and conditions to understand the Cash App loan guidelines.
- After reading the guidelines and agreeing, click the “I Agree” button.
- You have to set your payback payment plan, and you can divide your loan over the upcoming four weeks. Further, you have to mention how much you want to pay each week.
- Never forget that there is an instant payment option for users who want to clear their debts at once.
- At last, go to the Confirm button and keep a check on your balance.
Loan Payment Methods
One of the noteworthy attributes of Cash App is that it ensures complete transparency to all its customers. But there are services charged as 5% fees are charged on any of the loans and a 1.25% extra fee when the due date period is over. Most importantly, you can set your payback plan that goes well will you so that you don’t have to pay extra charges. Besides this, Cash App offers the tools that will help to pay their debt timely.Here are some of the payment methods that help you to understand each payment method completely-
Automatic Payment
Cash App allows you to set automatic electronic payments that notify you before your due date. Moreover, you can enroll in this payment plan before the loan application proceed. Further, if you don’t wish to continue with it, you can discontinue it as you have to contact Cash App’s customer support if payback automation doesn’t work for you.
Manual Electronic Payments
You can go ahead with manual electronic payments and deduct a particular amount from your debit card for each payment. Due to all these reasons, this option is great for users who are associated with finances and monitor all deductions.
Mail Payments
There is another alternative where you can clear your debt by sending checks. When you go ahead with this payment method then there are so many steps and it is not go to option for everyone.
Why can’t you find the borrow feature on Cash App?
If you can’t find the borrow feature on Cash App, you have to wait for some time. Besides this, there are some reasons you can’t access the borrow services as you can be an unverified user or your account shows a negative cash balance. Another thing you have to take care of is using the latest version of the Cash App to access this feature.
Summary
Cash App has included the service for applying for loans, and it’s borrow service is most suitable for short-term loans. All these versatile payment options and transparent UI lets you monitor all your debts so that you can pay them on time.