If you see the message “you're not able to borrow at the moment,” there might be an issue with your account. Here is a list of the reason you might not be able to borrow money from Cash App: You are under the age of 18. You don't have at least $1,000 in deposits each month.
⚡ To borrow money from Cash App, you may qualify by meeting these factors, including having an activated Cash Card, high usage on the app, good credit history, and living in a participating state. Once you have met these requirements, you can borrow up to $200 in instant funds.
Why Can’t I Borrow Money From Cash App, was the same question I asked myself not too long ago.
After trying to unlock the borrow feature and getting very frustrated when it didn’t work, I set out to find a solution.
After some testing and extensive research, I figured out how to unlock borrow on Cash App, so there are no more guessing games and wasted time.
In this short article, I’ll tell you precisely how to borrow money from Cash App and which states have access right now.
To get started, here is a quick overview of the Cash App loan:
📅 Repay In 4 Weeks 💰 Borrow Up To $200 💸 Get Funds Instantly 🏦 Loan Fee 5% Flat Fee ⏰ Qualifying Factors State of Residence, Good Credit, High Usage, and Activated Cash Card ⭐ How To Unlock 6 Steps to Borrow 🧪 Borrow Program Status Testing Phase (limited availability as of January, 2023)
⚠️ IMPORTANT: Cash App borrow is only available to a select group of people during the testing phase. If you don’t see the option in your account, I suggest moving on to this highly-rated instant $250 cash deposits. Plus, they have no credit checks, zero interest fees, and instant approval! Update: Albert has a free $150 sign-up bonus during January! Cash App borrow is only available to a select group of people during the testing phase. If you don’t see the option in your account, I suggest moving on to this highly-rated Cash App borrow alternative . I have used the Albert app for over two years for. Plus, they haveAlbert has aduring January! Get Instant Cash with Albert Now!
If you need quick cash in an emergency, the Cash App mobile application is an excellent option for getting access to funds without jumping through hoops or resorting to high-interest loans.
Are you running low on funds, or wish you could delete that transaction you made the night before?
Either way, this article will walk you through how to borrow money from Cash App and why so many people use it.
If you are entirely new to Cash App, you might want to start by reading our how-to-use Cash App guide.
It’s never been easier to borrow money from Cash App!
So, let’s get started!
Why Can’t I Borrow Money from Cash App?
This Cash App loan option is not available to everyone, but there is a solution.
You must first meet a set of requirements to unlock this loan feature, which is similar to a payday loan but better.
Don’t worry!
You can quickly meet all the requirements by following the six steps below to borrow money from Cash App.
Cash App Loan Requirements
Due to the testing phase Cash App borrow is in, these requirements may change frequently.
Here is a screenshot from my Cash App showing the current factors they look at when selecting people to try the Cash App borrow feature.
Here are the most important requirements to qualify for a Cash App loan:
18+ years old and live in the United States
Good credit history
Activated Cash Card
Frequent Cash App usage
Live in an eligible state
NOTE: Some users are reporting a credit check is not required (however, the terms of service say a credit check may be required). Also, we’ve seen reports that regular automatic deposits of at least $1,000 per month is needed but we haven’t seen any hard evidence to support this yet. You must repay the loan on time to continue using the Borrow feature.
What to do if you don’t meet the requirements? If you don’t meet the requirements, we suggest looking at an alternative loan app below.
If you meet these requirements, read on to find out how to unlock the Cash App loan feature for iPhone or Android.
Cash App Borrow States
Since we know that your state of residence is a factor in being eligible for the borrow feature, here is a list of the states we currently know Cash App accepts.
Cash App Borrow is currently available to residents of the following states:
Alabama
California
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Michigan
Mississippi
Missouri
Ohio
Tennessee
Texas
Utah
Virginia
Wisconsin
Please note that this list is subject to change, and just because you are living in a participating state does not mean you automatically have access. You’ll need to wait until Cash App invites you to try the borrow feature, even if you meet all the requirements.
To check whether the Borrow feature is available, you can open the Cash App on your device and see if the option to borrow is present.
How to Use Cash App Borrow
Here is an overview of how to use Cash App to borrow money.
A detailed walkthrough of these steps is provided below.
How to Unlock Borrow on Cash App (6 Steps)
Follow the six-step process below to borrow money from Cash App for iPhone or Android.
You’ll be able to borrow $20, $100, or even up to $200 once you complete the Cash App loan application.
The loan application takes only 5 minutes to complete. (Note: It’s quick & easy)
First, you’ll need to open Cash App.
If you don’t have an account yet, you can sign-up with Cash App and get a free money bonus with referral code: CTCJLPG.
Referral Code Enter Code Then Send $5 📋 (click/tap to copy)
Note: During the sign-up process, verify your identity with Cash App.
So, can you have 2 Cash App accounts? That would be a yes.
According to an official representative, Cash App users can have two accounts if they use a different email & phone number.
Step 2. Set Up Direct Deposit and Activate the Cash Card
Go to the “Banking” tab (at the bottom left) in the Cash App menu. Tap on “Direct Deposit.” Now select “Get Started” and follow the on-screen prompts. Now go to the “Cash Card” tab (at the bottom left) in the Cash App menu. Follow the on-screen prompts to order your card or activate it.
NOTE: Borrow customers are reporting that having a direct deposit is not required to borrow money from Cash App, but it can help your chances of unlocking the feature.
Step 3. Start the Cash App Borrow Loan Process
Now you should be able to access the Borrow feature by going to the “Banking” tab on the Cash App menu and scrolling down until you see “Borrow.”
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If you don’t see the borrow option here, see what to do below.
Step 4. Request Borrow Amount
Tap the amount of money you need (up to $200), tap “Request,” then “Confirm.”
Step 5. Decide How To Repay Your Cash App Loan
The options to repay are: as you get cash, four weekly payments, or all at once.
These are better options than other, more strict payday loan alternatives that force repayment with your next paycheck and without a loan grace period.
Cash App loans are NOT the same as payday loans, though (they’re much better).
The option of 4 weekly payments is the most common, but the all-at-once option is also nice because you make one payment to pay off the loan at the end of the four weeks.
TIP: The app accepts loan payments ahead of schedule. You can pay off the loan early and reduce the 5% loan fee!
Once approved, the money will be available instantly in your Cash App wallet (Note: Cash App will send an email/notification with a link to make the first payment).
Wondering how long it will take to be approved?
Usually, the decision comes back instantly. More about this is below.
Don’t See the Cash App Borrow Option? Here’s What To Do!
If you follow the steps above and still don’t see the Cash App Borrow option, we suggest you use your account frequently (it’s much more important than your credit history).
Cash App is opening up access to more people who use the app a lot (the best Cash App users!).
Many borrow customers report that the one thing they have in common is the frequent use of the app.
How to Increase Your Chances of Getting Cash App Borrow
Here is a list of the top things to do to increase your chances of getting Cash App Borrow:
Use the free Cash App card for bills and everyday purchases
Send and receive money from friends and family as often as possible
Set up direct deposit with your employer
Use the app as frequently as possible – this seems to be the most crucial factor
I suggest getting the free Cash App Card to pay for bills and everyday purchases.
It also helps if you send and receive money from friends and family.
Getting a direct deposit from your employer is another thing that might help.
Following these suggestions for the next 30-60 days could help unlock the Cash App borrow option.
TIP: If you get the Cash App card and set up direct deposits, Cash App users could be eligible for a $50-$100 cash card boost when they receive at least $300 in deposits. More about that here.
Best Cash App Borrow Alternative with No Credit Check
Cash App Borrow didn’t work for you?
There are still options available to you to borrow money online, similar to Cash App borrow.
9 Borrow Money Apps Tested – Here are the results!
In my quest to find the best money-borrowing app, I tested Albert, Cash App, Dave, Earnin, Brigit, Truebill, MoneyLion, Current, and Chime.
After testing these nine different apps, I can only recommend one app, the Albert app.
Why did I pick Albert over the competition?
Albert had the following advantages over the other borrow-money apps:
Fastest sign-up process
The lowest requirements for approval
Highest borrowing amount at $250
Most flexible repayment options
Zero interest fees and no credit checks.
These alternative options will also work great if your Cash App borrow has ended or the feature is gone.
1. 🥇 Albert – Fast Sign-Up & Instant Funds up to $250 (Plus a $150 Sign-Up Bonus)
The Albert app is one of the best ways to borrow money online right now and is a highly-rated & trustworthy financial app.
If you sign up for Albert and set up a direct deposit, you’ll get a $150 bonus!
Zero late fees, credit checks, or interest
Instant, short-term loans up to $250
Free cash account (no ChexSystems or credit check required)
Automatic Savings
Bill negotiation and subscription monitoring
How Does Cash App Borrow Work?
Cash App’s new feature is a quick and easy way to get up to $200 in immediate funds without the hassle of visiting your bank or credit union.
The best part?
Cash App Borrow doesn’t require any collateral, so you don’t have to worry about losing anything if you can’t repay it as promised!
This feature is similar to taking out a loan but is not a good solution for long-term loans.
You should expect to pay this back within four weeks to avoid extra interest charges.
But can you borrow money from Cash App?
Let’s take a look at the terms of the loan.
What Are the Terms of the Loan?
Here are the terms you need to know before accepting a loan with Cash App.
Receive funds instantly
Pay only a 5% flat fee (no hidden charges)
Repay in 4 loan payments within four weeks (repay early with no extra charges)
Must have direct deposit set up (not required)
According to Cash App, overdue interest accrues only if you do not pay your loan by the due date.
Interest will begin accruing on any unpaid Borrowed Amount after the Due Date and will continue to accrue every week until the Payoff Amount has been paid in full.
Here’s How You Can See If You’re Eligible to Borrow Money:
Open your account by tapping the Cash App balance tab on the bottom-left screen. The amount will vary depending on your current account balances. Now click the Cash App “Borrow” button once it opens up for more detail and information about how much money you can borrow from Cash App.
Don’t see this borrow money feature available in your account?
Make sure you follow the five steps listed above for ways to unlock this feature to borrow money.
How Long Does It Take to Get Approved?
Approval time depends on your bank, but they aim for approval in less than a minute!
Remember that Cash App Borrow is best used as an emergency fund and is not intended as a long-term financial solution.
More information about the Cash App Borrow feature can be found here.
How Do I Repay Cash App Borrow?
There are three flexible options to make payments to Cash App Borrow.
Here are the repayment options for the loan:
As you get cash – When you get money in Cash App, a small amount will be set aside for your loan until it’s paid off
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– When you get money in Cash App, a small amount will be set aside for your loan until it’s paid off Four weekly payments – Pay one-fourth of the total loan each Friday, starting the next Friday.
– Pay one-fourth of the total loan each Friday, starting the next Friday. All at once – Pay the full balance off by the due date at the end of 4 weeks.
You can pay in full early with no penalties or fees.
The only fee you’ll incur is 5% for the entire term of the loan or 1.25% per week as long as you repay it on time.
You can check your balance using your account’s Cash App balance tab.
Here are the official repayment plan terms of service.
When Does Cash App Increase Borrow Limit?
Currently, you can borrow $200 from Cash App as a hard limit.
There are no exceptions to this rule.
Cash App typically starts you at a lower amount, around $20 or $40.
You can increase your borrowing limit each time you successfully repay the loan.
If you need more cash than the maximum amount you can borrow, contact your financial institution (bank or credit union) for more options for personal loans.
Alternatively, you could use another borrowing app or have a friend or family member willing to help you.
Go here if you want to see how to send money to someone.
What is the Interest Rate to Borrow from Cash App?
The interest rate on Cash App is a flat fee of 5% on the amount you borrow.
However, over 12 months, this adds up to 60%, but that’s still less than you’d pay with payday loans.
We recommend only using Cash App for short-term loans.
TIP: If you’re a new user, check out our Cash App referral code hack to earn an extra $20 referral bonus.
How Long Will It Take to Receive My Cash?
Depending on where you live in the US, you can expect your money within minutes of requesting it.
Decisions are typically instant, and the money is released to you upon approval.
Does the Cash App Borrow Affect My Credit Score?
Once you fully submit your loan application, it will result in an inquiry on your credit report that might affect your credit score slightly.
You may want to consult your financial advisor to get a clearer picture of how this will affect your credit score.
Late payments, missed payments, or other defaults on your Cash App loan may be reflected on your credit report.
Does Cash App Borrow Build Credit?
No, the Cash App borrow feature does not help build credit.
According to the Cash App terms of the service agreement, they do not report on-time payments to any credit agencies but report late payments.
How Often Can You Borrow from Cash App?
You can borrow as often as you need to from Cash App.
You must pay off your first loan before taking another one.
If your first loan were not the maximum amount you could borrow, you could take another loan for the remaining amount.
What Happens with Missed or Skipped Payments?
If you chose an optional weekly schedule, there’s no fee for missed or skipped payments as long as you’ve paid off your total payments by the final due date.
If you have not paid off your total payments by the final due date, then Cash App will charge you non- compounding 1.25% interest each week until it is paid in full.
Cash App Borrow Grace Period
Does Cash App borrow have a grace period?
Yes, you will be charged 5% of the loan balance for the first four weeks, followed by one-week grace periods that begin to accrue an additional 1.25% interest until the loan is paid in full.
Why Can’t I Borrow Money from Cash App?
This is an excellent place to start if you are trying to figure out why you don’t have the borrow feature.
If you see the message “you’re not able to borrow at the moment,” there might be an issue with your account.
Here is a list of the reason you might not be able to borrow money from Cash App:
You are under the age of 18
You don’t have at least $1,000 in deposits each month
Your account is not in good standing with Cash App
You were involved in a scam
Live outside the United States
You don’t have a fully verified account with your identity and SSN
You Cash App is not updated to the latest version
You might have a negative balance
Before you borrow money from Cash App, we suggest reading the legal agreement first.
Is Cash App a Trustworthy Company to Borrow From?
Yes. Cash App (Block Inc., formally Square Inc.) is a trustworthy company to borrow from and has never had an issue in the past with them or anyone I’ve known borrowing money through it.
In fact, Cash App is much more trustworthy than most other companies that offer payday loans.
I recommend this Cash App loan feature to anyone who needs emergency funds and doesn’t want to go through a bank or credit union.
I would not recommend this method if you need more than $200 in cash.
Cash App is a very trustworthy company, though.
Remember, their parent company is Square, Inc., which deals with payment transactions for business owners, and they’re a trusted name in the financial world.
You can even use Cash App to send Bitcoin!
Bitcoin restrictions are pretty careful, so this also speaks to their legitimacy.
Is Cash App Borrow Good or Bad?
It depends on how you look at it.
On the one hand, the service is very convenient for current Cash App users. However, it’s also not widely available to everyone.
On the other hand, the service is minimal and may result in an inquiry on your credit report causing your credit score to drop slightly.
Most users of the Cash App are reporting a positive experience using the app.
That includes me, as I’ve been using borrow for about three months now and like it.
The biggest drawback compared to other apps is the interest fee. While it’s not as high as some apps, there are alternatives with zero interest fees.
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Photo: Jonathan Borba
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