Square's Cash App constantly aims to try new features for its users providing them with a range of benefits. Cash App needs no introduction, it is one of the best among all the online payment portals. This time Cash App introduced Cash App Borrow Money feature. A new feature through which the Cash App users can take a loan or you can say borrow money from Cash App.
According to the various sources, it is still not available in the app as it is still under trial.
Cash App tested this feature with 1000 users lending them money, the result is not disclosed by the company yet. But it seems to be a great deal for its users to solve and fill the financial gap when they need it.
You can make Cash App borrow from $20 to $200 and the amount taken is required to pay back within four weeks. Cash App borrow will charge a 5% fee from the borrowers. If the user is unable to repay the loan taken within four weeks then Cash App will give a grace period. After the grace period, it will charge 1.25% per week.
Cash App Borrow will ease the effort of borrowing money making it quick, simple, and available.
Who can take the loan?
The question above will depend on these factors:
- Your Cash App transaction history.
- Your Credit Score.
- You have activated your Cash Card or not.
- Your current location
How to use the Cash App Borrow?
As written above, please note, that this feature is not available yet to all the users and we are still waiting for the official statement. To enjoy this new tool, you can follow the steps below:
- Open Cash App.
- Click on Cash App balance at the lower left of the page.
- Select "Banking"
- Look for the option "Borrow"
- ( If you located " Borrow", you can take the loan.)
- Tap "Borrow" then "Unlock"
- Cash App will give the information on how much loan amount you are eligible for. Select the Amount.
- Choose your repayment plan.
- Read the loan agreement carefully.
- Receive the Cash App Borrow loan.
Is Cash App Borrow safe?
It will be very quick to judge whether or not Cash App Borrow is safe as of now. But, Cash App is trusted by millions of people. It carries detailed personal and financial information of its users, it has some strict guidelines to protect them.
- Cash App warns you over any unusual account usage by sending the notification via email and text.
- You can block the misplaced Cash App Card.
- You can set up a security code for extra protection.
As we live in a hectic schedule, it is tedious to go and apply for loans conventionally. Cash App Borrow will emerge as one of the best tools for simplified loans and easy to return policy. It will be very helpful for e people whenever you go out of cash you can opt for small loans from the Cash App Borrow.
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