cash-app-borrow-featured

How To Borrow Money from Cash App & Unlock $200 Loan Feature Now! (2022)

⚡ To get the Cash App borrow feature, you need to meet the loan requirements, including following the steps to unlock the borrow money feature and then access the Cash App loan option for up to $200 in instant funds.

Don’t have the borrow feature on Cash App?

No problem – I’ll show you how I unlocked it and how to borrow money from Cash App too.

Cash App, the mobile payment app from Block (previously Square), has a new borrow feature that lets you get up to $200.

Here is a quick overview of the Cash App loan:

📅 Repay In4 Weeks
💰 Borrow Up To$200
💸 Receive FundsInstantly
🏦 Loan Fee5% Flat Fee
Required18+ US Resident
How-To Start6 Steps to Unlock
⚠️ IMPORTANT: Cash App borrow is expanding availability to more people every day. If you follow the steps below you’ll have a good chance at unlocking the feature. When getting started use Cash App referral code: GLDPMZQ to get a $5 sign-up bonus.
We highly recommend the Cash App Borrow loan, however, if you cannot access the feature you might want to check out the alternative below.

If you need some 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.

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 Don’t I Have the Borrow Option on Cash App?

This Cash App loan option is not available to everyone.

You must meet a set of requirements first in order to unlock this loan feature, which is similar to a payday loan, but better.

Don’t worry!

You can easily meet all the requirements when you follow the 6 steps below to borrow money from Cash App.

Cash App Loan Requirements

Here are the most important requirements to qualify for a Cash App loan:

  • Regular automatic deposits of at least $1,000 per month
    • UPDATE: Users are reporting direct deposit is not required
  • Must be 18+ years old and live within the United States
  • You need to have good credit to be approved for this loan
    • UPDATE: Users are reporting a credit check is not required (bad credit isn’t an issue; it’s more about your usage specifically as a Cash App user).
  • 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 then we suggest taking a look at an alternative loan app below.

If you meet these requirements then read on to find out how to unlock the Cash App loan feature for iPhone or Android.

6 Steps to Unlock the Borrow Money Feature from Cash App

Cash App Borrow Feature

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 3 minutes to complete. (Note: It’s quick & easy)

Step 1. Sign Up or Open Cash App & Log In

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 $5 free money bonus with referral code: GLDPMZQ.

cash-app
Referral Code
Enter Code Then Send $5
(click/tap to copy)

Sign Up or Login To Cash App Steps

Note: During the sign-up process make sure to 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 as long as they use a different email & phone number.

Step 2. Set Up Cash App Direct Deposit (Optional)

Next, you’ll need to set up your deposits with your Cash App account.

  1. Go to the “Banking” tab (at the bottom left) in the Cash App menu.
  2. Tap on “Direct Deposit”.
  3. Now select “Get Started” and follow on screen prompts.
Set Up Direct Deposit Steps

NOTE: Borrow customers are reporting that it’s not required to have direct deposit in order 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”.

Start the Cash App Borrow Application Process

If you don’t see the borrow option here then see what to do below.

Step 4. Request Borrow Amount

Tap the amount of money you need (up to $200), tap “Request”, then “Confirm”.

Request Borrow Amount Steps

Step 5. Decide How To Repay Your Cash App Loan

The options to repay are: as you get cash, 4 weekly payments, or all at once.

These are actually better options than other, more strict payday loan alternatives that force repayment with your very next paycheck and without a loan grace period.

Cash App loans are NOT the same as payday loans though (they’re much better).

Decide How To Repay Your Cash App Loan Steps

The option of 4 weekly payments is the most common but the all at once option is also nice because then you make one payment to pay off the loan at the end of the 4 weeks.

TIP: The app accepts loan payments ahead of schedule. You can pay off the loan early and reduce the 5% loan fee!

Step 6. Accept Loan Terms & Borrow Money Instantly

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).

Accept Loan Borrow Money Instantly Steps

Wondering how long it will take to be approved?

Usually, the decision comes back instantly. More about this is below.

Don’t See the Borrow Option? Here’s What To Do To Get Money from Cash App

If you follow the steps above and still don’t see the Cash App Borrow option, we suggest you start using your account very 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 are reporting 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

I would 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.

If you follow these suggestions for the next 30-60 days this could help you 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 you 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.

These alternative options will also work great if your Cash App borrow ended or the feature is gone.

1. 🥇 Truebill Cash Advance – Fast Sign-Up & Instant Funds (up to $100)

instant-cash-loan

One of the best alternatives out there to borrow money online right now is Truebill.

Truebill is a highly-rated & trustworthy financial app that helps with:

  • Zero hidden fees, credit checks, or interest
  • Instant short term loans up to $100
  • Lowering your bills by negotiating with your bill providers
  • Finding and canceling all your unwanted subscriptions
  • Managing and saving your money better

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 having to go through the hassle of visiting your bank or credit union.

RELATED  Can You Create Multiple Cash App Accounts? Yes, Here's How To Do It! (2022)
cash app borrow money

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 it’s not a good solution for long-term loans.

You should expect to pay this back within 4 weeks to avoid extra interest charges.

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 4 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 on a weekly basis after the Due Date and will continue to accrue on a weekly basis until the Payoff Amount has been paid in full.

Here’s How You Can See If You’re Eligible to Borrow Money:

  1. Open your account by tapping on the Cash App balance tab in the bottom-left of the screen. The amount will vary depending on your current account balances.
  2. Now click the Cash App “Borrow” button once it opens up for more detail and information about how much money you’re able to borrow from Cash App.

Don’t see this borrow money feature available in your account?

Make sure you follow the 5 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 not intended to be a long-term financial solution.

If you need more cash than the maximum amount you can borrow, contact your bank for a more standard loan.

More information about the Cash App Borrow feature can be found here.

How Do I Repay Cash App Borrow?

There are 3 flexible options to make payments to Cash App Borrow.

Here are the repay 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
  • 4 weekly payments – Pay one fourth of the total loan each Friday, start 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 of any kind.

The only fee you’ll incur is 5% for the full term of the loan or 1.25% per week as long as you repay it on time.

You can check your balance at any time using that Cash App balance tab in your account.

What If I Need More Than $200?

Currently, $200 is the maximum you can borrow from Cash App.

There are no exceptions to this rule.

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, if you have a friend or family member willing to help you out, you can use Cash App to borrow the money.

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, be sure to check out our Cash App referral code hack to earn an extra $20 referral bonus as well.

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 Loan Affect My Credit Score?

UPDATE: Current users are reporting that no credit check is required with Cash App Borrow. Your credit history is not a factor!

Once you fully submit your loan application it will result in an inquiry on your credit report that might affect your credit score slightly.

Just like any credit inquiry you may have a slight impact however that will typically fall off your credit report within a few months.

You may want to consult your financial advisor in order to get a more clear 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.

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 you can take out another one.

If your first loan was not the maximum amount you can borrow then you will be able to take out 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 skipping payments as long as you’ve paid off your total of payments by the final due date.

If you have not paid off your total of 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.

Why Can’t I Borrow Money from Cash App?

If you are trying to figure out why you don’t have the borrow feature then this is a good place to start.

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?

send-money-bitcoin-cash-app

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 would 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.

Cash App Borrow Loan FAQs

Can I Use Cash App Borrow If I Have Bad Credit?

Yes, you can still apply for and use this loan feature even if you have bad credit (low credit score). They have it stated within their Terms & Conditions that they may check your credit history prior to extending a loan agreement, but users have reported this is no longer their practice. Your Cash App usage is much more of a factor, such as using your cash card, not having a negative balance in your Cash App account, using the account features regularly, etc.

Read more: Cash App Routing & Account Numbers