If this feature ever becomes a reality, for the first few months or years: it seems that only a handful of potential users will be able to apply for a Cash App loan.
Similar to a traditional Credit Card application, a Cash App loan potential user eligibility check may include your balance, Creditworthiness, and account spending activity along with many others and those who maintain a good Cash App balance and get paid through the Cash App direct deposit every month, etc.
Why can’t I Borrow money from Cash App?
The reason why you cannot borrow money on Cash App may include – If you have an outstanding negative balance on Cash App wallet, You have not verified your Cash App account, Your account has violated TOS, and your Cash App mobile app is not updated to the latest version.
Even if you do pass all the above-mentioned requirements, we don’t know exactly how Cash App borrow feature is made available and what criteria are used for someone to be able to borrow money on Cash App.
How much can I Apply with Cash App Borrow Feature?
You can borrow between $20 and $200 through Cash App if you are one of the lucky 1,000 users squares is currently testing for the feature.
Cash App provides an “affordable alternative to the high-interest payday loans” and may be best suited for borrowers with no credit history or bad credit.
You can borrow between $20 and $200 for up to https://paydayloanstennessee.com/cities/oneida/ 4 weeks, along with a flat fee of 5%(an APR of 60%).
If personal loans are out of your reach due to your bad credit, a reliable Cash App loan could prove a viable solution, if it is managed correctly.
This should involve a solid plan as to how your payments will be met and an absolute resolution not to miss the payment deadlines that have been set by Cash App.
Best Cash App Payday Loan Alternatives
If the Cash App Borrow feature isn’t available for your account, you can have a look at some of the best payday loans online available with no credit check.
- Check Into Cash – Check Into Cash offers a smaller range of loan amounts and deals directly with customers for their cash needs.
- CashNetUSA – It allows to borrow amounts ranging from $100-$3,000 in a single installment amount with a quick approval process and delivery of funds to customer accounts.
- Oportun – The company offers affordable repayment plans and accepts loan payments in multiple forms.
- Speedy Cash – You can borrow anywhere from $100-500 at a time at a low rate of interest and also has support for customers with low credit.
- Check ‘n Go – It can apply to borrow money between $300 to $3,000 for one month with industry average rates and practices.
- Rise Credit – Rise Credit can provide loans between $500 to $5,000 and make repayments affordable.
Is Cash App Borrow Loan Feature Safe?
Considering the company is owned by Square, Inc. which is an American financial service and digital payments company, in terms of safety and security, we can assume it to be particularly safe.
Before applying for any, we recommend checking their BBB rating, Trustpilot reviews and see if they are an accredited member of the CFSA to prove that they are trustworthy lenders.
Final Thoughts:
Like all loans, If you’re interested in Cash App borrow feature or payday loan, don’t overlook the importance of their Terms and conditions, disclaimer, guidelines, safety and security, your data and privacy among many others. It can haunt you back later.