Cash App Borrow: Cash App’s new lending feature

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If there are times when you need an advance before you get your paycheck, Cash App loan money could be a lifesaver. After all, sending and receiving money from the peer-to-peer payment service is so simple. The good news is that Cash App has rolled out borrowing functionality for a limited number of users. Here’s everything you need to know to find out if you’re eligible for a Cash App loan.

Does the Cash app allow you to borrow money?

Yes, Cash app makes loans from $20 to $200, oneaccording to a 2020 Tech Crunch article. Cash App tested the Borrow feature with a rollout limited to 1,000 users. While the company hasn’t disclosed the status of those tests, the app notes that Borrow is still not available to all customers.

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Whether or not a particular customer can use the feature depends on:

  • The state you live in
  • If you have an activated Cash Card
  • Your Cash app usage history
  • Your credit history

TechCrunch noted that the loans were funded quickly and required you to repay them in four weeks or less. But carrying a balance for so long can add up – at the time the TechCrunch article was publishedCash app would have charged a flat 5% fee to borrow, plus an additional 1.25% per week after the grace period.

As long as you go in knowing that a Cash App Borrow loan is best for quick repayment, the new tool – if it is available for you – could be useful when you’re short on cash.

How to borrow money from Cash App

As mentioned, Cash App Borrow is not yet available for everyone. The only way to know if it’s available to you is to check. Follow these steps to find out if you can borrow money on Cash App, and if so, how to do so:

How to use Cash App Borrow

  1. Open the Cash app.
  2. Tap on your Cash app balance located in the lower left corner.
  3. Navigate to the “Bank” header.
  4. Check the word “Borrow”.
  5. If you see “Borrow”, you can take out a Cash App loan.
  6. Tap “Borrow”.
  7. Tap “Unlock”.
  8. Cash App will tell you how much you can borrow. Select an amount.
  9. Select your repayment plan.
  10. Read the user agreement.
  11. Accept your Cash App Borrow loan.

Is the Cash app secure?

It is too early to analyze the security of a Cash App loan application, but the Cash App platform itself is secure. Cash App protects your personal information and money in several ways:

  • The app integrates with your smartphone’s screen lock, where PIN entry, Touch ID, passcode or facial recognition add an extra layer of protection in case of loss or theft from your phone.
  • You can deactivate your Cash App card if you have misplaced it or for added security.
  • You can set up email, text, or push notifications to help monitor your activity and alert you to unusual account usage.

What other ways can you borrow money online?

Having access to cash quickly can make all the difference when you need cash. Most people turn to funds in an emergency savings account, borrow from loved ones, or charge expenses to their credit card.

Quick loans have their downsides, such as incurring personal or credit card debt or charging high fees. While Block (formerly Square) continues to roll out Cash App Loans, consider the following alternative loan options to get the cash you need fast.


Oportun offers an “affordable alternative to payday loans” and may be better suited to borrowers with no credit history or with bad credit. You can borrow between $300 and $10,000 for up to 48 months. Oportun caps its annual percentage rate at 35.99%.

loan club

You can borrow between $1,000 and $40,000 through LendingClub. Once you have established a balance sheet with LendingClub, you can borrow as many loans as you want at once as long as they don’t total more than $50,000.

LendingClub charges a 3% to 6% origination fee for each loan. You’ll have up to five years to repay the loan in full, but don’t delay too long, you’ll pay an annual percentage rate of 7.04% to 35.89%.

Opp Loans

OppLoans is another lending company that specializes in bad credit loans, base loan decisions on a variety of factors beyond your credit score and credit history. Amounts from $500 to $4,000 are available. Repayment terms vary by state, but generally range from nine to 18 months.

Although the ability to repay the loan over a longer period relieves some of the pressure, it is important to exercise caution. The APR OppLoans is 160% on the amount you borrow in many states.

As with all loans with bad credit or no credit score, it is important to monitor the APR. Otherwise, you could end up paying a lot more interest than the original amount you borrowed.

Final take

A Cash App Borrow loan seems like a good option for a short-term loan for a few dollars — if you are eligible. When considering other online loan options, consider the cost of borrowing as well as the lender’s repayment terms.

Most online lenders claim they will make loans cheaper than a payday loan, but the loans are still quite expensive if you don’t pay off the balance quickly. Make sure you understand what you’re signing up for and if you can really afford to borrow.

Daria Uhlig contributed reporting for this article.

This article has been updated with additional reports since its original publication.

Rates and fees are subject to change. Information is accurate as of April 22, 2022.

Editorial Note: This content is not provided by Cash App. Any opinions, analyses, reviews, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Cash App.

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About the Author

Cynthia Paez Bowman is a personal finance writer with a degree in international business and journalism from American University. In addition to writing about personal finance, she writes about real estate, interior design, and architecture. His work has been featured in MSN, Brex, Freshome, MyMove, Emirates Open Skies magazine and more.

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