What States Does Cash App Let You Borrow Money?

Cash App’s “Borrow” feature offers a short-term lending option directly within its mobile application. It provides quick access to funds for users who meet specific criteria. This small loan can help individuals manage unexpected expenses or bridge temporary financial gaps.

Availability of Cash App Borrow

The availability of Cash App Borrow is not universal and remains limited to select users and geographical areas. This feature operates on a pilot basis, continually rolling out to different regions and user segments. The “Borrow” option appears automatically within the app if it is accessible in a user’s location and they meet preliminary eligibility requirements. If the option is not visible, it is currently unavailable for that user or region.

Availability varies widely across the United States, often found in certain states spanning the Midwest, South, and West Coast. Observed areas include Alabama, California, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, North Carolina, Ohio, Tennessee, Texas, Utah, Virginia, and Wisconsin. This list is not exhaustive and is subject to change as Cash App expands or modifies its service. Even within these states, eligibility is not guaranteed, as other factors also determine access to the loan feature.

Users interested in determining if the feature is available should check their Cash App directly. The presence of the “Borrow” option within the application’s banking tab is the primary indicator of its availability in a user’s specific region and for their account. Keeping the Cash App updated to its latest version can also help ensure new features, including Borrow, are visible if they become accessible.

Eligibility and Terms for Cash App Borrow

Eligibility for Cash App Borrow depends on several factors beyond geographical availability, focusing on a user’s activity and history within the Cash App ecosystem. Consistent activity, such as frequent app use for transactions, contributes to eligibility. Having direct deposit set up and regularly receiving funds into the Cash App account can also enhance a user’s chances of qualifying, with indications that direct deposits of $300 or more can help unlock the feature. Users must also be at least 18 years old to be considered for the loan.

Cash App offers loan amounts ranging from $20 to $400 for most eligible users. Higher limits up to $450 or even $750 may be available in certain cases, but the most common range remains within the lower amounts. The specific amount a user can borrow is determined by Cash App’s internal assessment of their account usage and repayment history.

Loans are due within four weeks (28 days). Users have flexibility in how they repay the loan. Options include a single lump-sum payment by the due date, weekly installments, or an “as you get cash” feature, where approximately 10% of incoming deposits are automatically set aside for repayment until the loan is satisfied.

A flat fee of 5% is applied to the borrowed amount. For example, borrowing $100 incurs a $5 fee, making the total repayment $105. If the loan is not fully repaid within the initial four-week period, a one-week grace period is provided. After this grace period, an additional charge of 1.25% per week may be applied to the unpaid balance. This 5% flat fee can translate to an approximate 60% Annual Percentage Rate (APR) when annualized, highlighting the cost of this short-term financing.

Accessing and Managing Cash App Borrow

Once eligible and the Borrow feature is available, accessing it within the Cash App is straightforward. Users can open the Cash App and navigate to the banking or balance tab. If accessible, a “Borrow” option will be visible among the listed financial tools. Tapping this option initiates the borrowing process.

The application process involves reviewing the loan limit. After tapping “Get Started,” the user selects the desired loan amount within their approved limit. The app then presents an overview of the loan details, including the borrowed amount, the flat 5% fee, the total repayment amount, and the repayment timeline. Users must review these terms, choose a preferred repayment option, and provide personal verification details such as their Social Security number, PIN, legal name, address, and date of birth before confirming the request.

Upon approval, the requested funds are disbursed instantly into the user’s Cash App balance. This immediate access allows users to utilize the funds promptly for personal or household purposes. The loan proceeds are not intended for post-secondary educational or business expenses.

Managing the loan and making repayments is handled directly within the Cash App. Users can access their loan schedule, view upcoming payment due dates, and monitor their current loan balance through the “Borrow” section. Repayments can be made manually at any time by selecting the payment option within the app. Cash App also offers options to set up automatic repayments, which can help ensure payments are made on time and avoid additional fees. Paying off the loan early is possible without penalty, though the initial 5% fee is non-refundable.