So, you are looking forward to getting financial aid from Square Cash App. Not a bad idea, by the way. But, the million dollar question is- can you really get a loan on Cash App? Do you need to fill up a Cash App loan application? When I realized that Cash App users have so many questions about Cash App loans, I thought it would be a great idea to write on this topic.
Introduction to Cash App borrow money Feature
Now to get the answer to how to get a loan on Cash App will you require to go back to the last year. We all know that Cash App square is one of some top rated P2P money transfer applications available in the USA. There are so many features in Cash App that make this payment application more than just an ordinary money transfer application. Cash App direct deposit, Cash App card, features to buy and sell- Stocks & Bitcoin are some of the key features of Cash App application. In addition to that, Cash App users went crazy when they came to know that with the help of Cash App loan feature, they can borrow $20 to $200 at lowest interest rate under simple terms and conditions.
If you are thinking to avail the Cash App borrow loan feature, you must read this helping post. You can consider this post as an eye opening. Why? Because I am going to put forward some unexpected facts that you might not have heard. As you read further this post, things will get clear. Also, you will get to know why you (if you have ever) got a message that reads "Your limited time access to Cash App borrow has ended. Be sure to make any outstanding repayments. We will notify you if you are eligible for Cash App Borrow in the feature."
Before everything else, note that we believe in spreading knowledge by answering all questions related to Cash App. So, the idea here is to get in touch with us and clear your doubts.
How to borrow money from Cash App?
Cash App had kicked off the beta version of the loan feature on Cash App application as a trial at the end of the last year. Surprisingly, this feature was not available for everyone. Note that Square Cash App has added this feature only to some 1000 Cash App users as a part of an experiment. Cash App also had put forward some terms for borrowing loan which are as mentioned below:
Cash App has set a 5% flat fee on amount one borrows. This flat fee might increase up to 60% over the course of 12 months. According to the Cash App policy, borrowers had to pay back money within one month. However, to help borrowers to pay back loans with ease of mind, a one week grace period feature was also added. Once the grace period is over then 1.25% of non-compounding interest would be applicable each week on top of what you have borrowed from Cash App. For example if you borrow $100 from Cash App then with 5%, you will have to pay $105 (+5%). In addition to that, if you fail to clear your loan then $1.25 will be added to the payable amount per week.
There is one more point to remember. Only those Cash App users who have at least $1000 in their Cash App wallet received through Cash App Direct Deposit, only they can borrow money from Cash App- said reports.
How to get the borrow feature on Cash App?
We have talked a lot about the Cash App borrow money feature. Let me clear one thing. Cash App loan feature is no longer available. Due to some unknown reasons, Cash App rolled back the plan of launching Cash App loan feature. However, there is quite a murmuring around the corners that this borrowed money feature might turn into reality in near future. If this feature ever becomes a reality in future, one thing is clear: only the potential users will be able to apply for a loan. And in the eyes of Cash App anyone who maintains a good Cash App balance and gets paid through the Cash App direct deposit every month, is the potential user.
How do I apply for a Cash App loan?
You can't apply for loan on Cash App. In fact, nobody can get loan from Cash App. Do you know why? Because the idea of offering loan service never become the part of reality. As of now, if you check your Cash App application, you will not find the borrow feature. Gladly, there are many alternatives available for borrowing money. If you don't want to approach the bank, you can think of the Chime.
As you have read today's post, we are sure all your doubts must have cleared about Cash App loan. So, as you can't borrow money on Cash App, start considering the other options. For more information and assistance, feel free to get in touch with us.