Cash App Borrow is a short-term loan program that lets Cash App users borrow up to $200 for emergencies. But frustratingly enough, it’s still in testing and not available everywhere. That said, understanding how Cash App loans work and who’s eligible can help you decide if it’s something you want to use.
For full transparency, Cash App offers zero information on its website about these short-term loans. As a result, we’ve had to rely on information from Reddit and reputable tech news sites for product details. Some details may no longer be relevant, but we make every effort to keep this page up to date.
A Cash App specialist, commented on a Reddit thread in December 2021, “Currently, Cash App Borrow is not available to all U.S. residents, and my team is working on expanding this feature … I can confirm that we will notify you directly if this feature becomes available to you, but I’m unable to provide a time frame.”
Fast forward to May 2022 and many Cash App users state they still don’t have access to this feature.
If you see the “Borrow” option in your account, it means you’re eligible. Beyond that, the Cash App specialist tells Redditors that these factors could be to blame:
State of residence — Cash App Borrow isn’t currently available to all US residents.
Credit history — Your current credit score may not be in the range to qualify.
Cash App use — The platform has most likely rolled out loans to its most active users.
Direct deposits — Likewise, Cash App may be letting those with direct deposits test out loans first.
Cash Card usage — Priority may be given to individuals with an active Cash Card debit card.
Follow the on-screen instructions to borrow up to that amount.
This process may change as the service is more widely rolled out.
Not yet eligible? Get cash now with these other money borrowing apps:
Get cash now
How Cash App Borrow works
Cash App Borrow is a type of short-term loan offered through the platform Cash App. Eligible borrowers can take out a loan from $20 to $200. They have four weeks to pay it back, plus a 5% flat fee.
This 5% fee for Cash App Borrow translates to a 60% APR overall:
5% monthly fee x 12 months = 60% APR
This rate is a good deal compared to payday loans, which typically come with an average close to 400% APR. On the flip side, Cash App Borrow has a much higher APR compared to personal loans, which have an average 9% APR — and legally can’t top 36% in most states.
Fees and details
Maximum withdrawal: $200
Terms: 4 weeks
Cost: 5% flat fee
Other fees: 1.25% late fee — charged per week after 1-week grace period