Cash App is one of the most famous payment apps, with over 30 million active users in 2022. With such a vast user base, one can expect a Cash App to give valuable services to its customers. One of Cash App’s features is the “Borrow” feature. In 2020, Cash App let the users borrow loans. But this was only for several specific users. In 2022, many users can borrow money in a Cash App with few restrictions. By the way, how to unlock the “Borrow” feature on Cash App? For those who want to know a way to unlock the “borrow” feature, read this entire article.
How to Unlock “Borrow” Feature on Cash App?
Cash App has a banking icon on the mobile app that is located in the bottom-left corner of your Cash App screen. You are able to access the borrow feature on the Cash App mobile app via the banking icon.
Here is a way to unlock “Borrow” feature on the Cash App:
- At the first step, you are able to open a Cash App and access your account.
- After that, you have to click the banking icon. You are going to discover the banking icon in the lower-left corner.
- Now, you are able to scroll down and tap “Borrow”.
- Then, you are able to choose “Unlock” to check how much you are eligible to borrow.
- Please follow the instructions which pop up on the page. It will successfully lead you to borrow such an amount on Cash App.
Why Can’t You Borrow Money on Cash App?
Apparently, there are some reasons why Cash App users may not be eligible to borrow money from the Cash App. Some reasons include geographical location and credit score. Other reasons are your activities on the Cash App mobile app, means of payments, and your Cash App card usage.
Reason 1: Geographical Location
Cash App is only in two countries, the United States and the United Kingdom. In other words, to borrow money on a Cash App, you have to be living in the United States and the United Kingdom. Not all states are eligible for Cash App borrowing. Thus, you will not be able to use the Cash App borrow feature if you are outside the United States and the United Kingdom.
Reason 2: Credit History
If your credit history score is lower than the requirements, then you will not be able to use the Cash App to borrow. For your information, a credit score of at least 600 works best for the Cash App.
Reason 3: Means of Payment
Cash App prefers payments made by direct deposits over cash or cheque because of the simple fees and bank charges. If your history shows that your means of payment has not been by direct deposits, then you may not be able to borrow money from the Cash App.
Reason 4: Cash Card Use
If your cash card has been inactive for at least three months, then you may not be eligible to borrow money on a Cash App.
Here are other reasons why you may not be able to borrow money through the Cash App:
- Your Cash App has not been updated in a long time.
- Your Cash App account is currently in the red.
- You have already violated the Cash App Terms of Service because you are not a verified user of the app.
How to Ensure That You Get the Option to Borrow on Cash App?
To ensure that you get the option to borrow on Cash App:
- To begin, you have to make all of your regular purchases via the Cash App. You will be more likely to get a loan if you do this as the Cash App ensures that you use the payment service on a regular basis.
- In addition, you are able to use the Cash App to make money transfers to loved ones and friends. The more time you spend on the Cash App, then the more likely you are to be approved for a loan.
- Also, it is possible to set up direct deposits at work to receive a fixed amount of money every month.
What Is a Cash App’s Borrow Limit?
On the Cash App, you are able to borrow between $20 and $200. For note: $200 is the present limit. But you should expect the Cash App to increase the amount in the future.
How Often Can You Borrow from the Cash App?
From the Cash App, you are able to borrow money as much as you want. But cannot borrow another if you do not pay the existing loan. You have to pay all current loans plus the interest within 30 days. If you fail to pay it within this time, Cash App is going to charge a 5% late payment fee.
What Are Cash App Alternatives?
For those who do not get the Borrow feature on the Cash App, you are able to use other alternatives. Some examples of Cash App alternatives you will be able to borrow money in the United States are Earnin, Dave, MoneyLion, Brigit, and Chime App. While in the United Kingdom, you are able to use Money Boat, Swift Money, Viva Loans, and Chime. Apparently, PayPal, Venmo, Zelle, Cash App, and Google Pay Meta Messenger are available widely.
Is Cash App Safe?
Yes, Cash App is safe. The company makes sure that your account details are secure with them. They utilize the highest level of security standards offered in the payment industry. Also, password, encryption, biometric, and two-factor authentication are available.
There are some ways in which Cash App protects both your personal information and your money. If your phone is lost or stolen, the app will provide an additional layer of security by integrating with your smartphone’s screen lock. If you have misplaced your Cash App card, or if you want to be extra cautious, you are able to turn it off. It is possible to set up alerts through email, text, or push notifications to keep tabs on your account activity.
On my daily job, I am a software engineer, programmer & computer technician. My passion is assembling PC hardware, studying Operating System and all things related to computers technology. I also love to make short films for YouTube as a producer. More at about me…