What States Have Cash App Borrow?
Unpack Cash App Borrow: Learn about its availability across states, user eligibility requirements, and how to access this short-term financial solution.
Cash App’s “Borrow” feature offers a short-term lending option. It helps users manage immediate financial needs or unexpected expenses. This feature provides a convenient way to access small loan amounts directly through the application for those who qualify.
States Where Cash App Borrow is Available
Cash App Borrow is not universally available across all U.S. states. Its availability is part of a pilot program and can vary. The feature is reportedly available in Alabama, California, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Louisiana, Michigan, Mississippi, Missouri, North Carolina, Ohio, Tennessee, Texas, Utah, Virginia, and Wisconsin. Cash App continuously evaluates and adjusts the feature’s availability, so the list of participating states can change.
Eligibility and Loan Details
To be considered for the Cash App Borrow feature, users must meet several criteria. These include having an active Cash App account, frequent usage, and regularly receiving deposits. Maintaining a positive Cash App balance and having an activated Cash Card can also improve eligibility. While a specific credit score is not publicly disclosed, a favorable credit history is a factor.
Loan amounts generally range from $20 up to $450, depending on account history and activity. A flat fee of 5% is charged on the borrowed amount. For example, a $100 loan requires a repayment of $105. Repayment is typically expected within four weeks.
If the loan is not repaid within four weeks, Cash App provides a one-week grace period. If the balance remains unpaid after this grace period, an additional finance charge of 1.25% per week may apply until fully repaid. Users have flexible repayment options, including a single lump-sum payment, four weekly installments, or an “as you get cash” method where 10% of incoming deposits are set aside.
Understanding Availability Restrictions
The limited availability of Cash App Borrow stems from several factors. It operates as a pilot program, meaning its rollout is gradual. State-specific lending regulations and licensing requirements also play a significant role, as financial services must comply with varying laws.
Cash App employs internal risk assessment models to determine user eligibility. These models consider account activity and financial behavior. Consequently, not all users will see the option, even within an eligible state.
Accessing the Borrow Feature
Accessing the Cash App Borrow feature is a straightforward process within the application. Open Cash App on your mobile device. Navigate to the Banking or Balance tab, typically found at the bottom-left corner.
If eligible, you will see a “Borrow” option. Tapping this option allows you to view your borrowing limit. You can then select the desired loan amount, review details like the flat fee and repayment schedule, and confirm to receive funds instantly.