Cash App Borrow is a short-term loan pilot program that lets Cash App users borrow up to $200 for emergencies. But because Borrow is still a pilot program, the feature isn’t available to every Cash App user. That said, understanding how Cash App loans work and who’s eligible can help you decide if it’s something you want to use. Details on the Borrow program aren’t readily available, but we sourced information from Reddit and reputable tech news sites for product details.
At the time of writing, the Cash App Borrow feature isn’t available to everyone and is still in testing.
A Cash App specialist, CashAppAndi, commented on a Reddit thread in July 2022, “Cash App Borrow is currently a limited pilot and therefore is not available to all U.S. residents.”
If you see the Borrow option in your account, it means you’re eligible. Beyond that, the Cash App specialist tells Redditors that these factors could be to blame:
It appears that the most active users that make regular deposits may have a better shot at eligibility. If you deposit at least $1,000 per month into your Cash App account, the feature may become available to you, according to Wallet Hacks. However, the factors listed above are still likely to be in play despite an active account.
If you’re eligible, you can borrow money from Cash App in five steps:
Open your Cash App mobile app, or download and register for the app. Setup only takes a few minutes.
Tap the Money icon on the bottom-left corner (it looks like a bank).
Scroll the page until you see the Borrow option. Other options on this tab include Paper Money, Bank Transfers, Direct Deposit, etc.
After selecting the Borrow option, follow the prompts to select the amount you want to borrow, how you want to repay, and then accept the terms.
After selecting the Borrow option, follow the prompts to select the amount you want to borrow, how you want to repay, and then accept the terms.
Not yet eligible? Get cash now with these other money borrowing apps:
If you believe you meet the requirements and still can’t borrow money from Cash App, it could be that it’s not available in your area just yet. If you’re ineligible for a Cash App loan, consider the following options:
Chime SpotMe®
| Min. Loan Amount | $20 |
|---|---|
| Max. Loan Amount | $200 |
| APR | 0% |
| Interest Rate Type | Fixed |
| Turnaround Time | Same day |
Cash App Borrow is a type of short-term loan offered through the platform Cash App. Eligible borrowers can take out a loan from $20 to $200. They have four weeks to pay it back, plus a 5% flat fee.
This 5% fee for Cash App Borrow translates to a 60% APR overall:
5% monthly fee x 12 months = 60% APR
This rate is a good deal compared to payday loans, which typically come with an average close to 400% APR. On the flip side, Cash App Borrow has a much higher APR compared to personal loans, which have an average 9% APR — and legally can’t top 36% in most states.
Note: While screenshots of the app show on screen that the late fee doesn’t start until one full week after the loan’s due date, there is no grace period addressed in the official Borrow loan agreement.
Before you decide to use the Cash App Borrow feature, here are some details to keep in mind:
Cash App isn’t the only way to get a cash advance. Compare these options by loan amounts, turnaround times and cost to find the right fit for your needs.
Cash App Borrow works best for emergency situations — think a car repair, an unexpected trip to the doctor or vet and so on.
Its small dollar amounts make it a good alternative to personal loans if your credit isn’t strong enough — or if you need to borrow less than $1,000. It also costs less than a typical payday loan, although some alternatives like Payday Alternative Loans (PALs) from a local credit union have it beat.
Alternatively, other apps like Dave are even better than Cash App Borrow — often offering free, instant loans with no credit check. However, some apps have monthly membership fees. And you often can’t qualify for a loan over $50 until you’ve used the app for a few months.
If you need funds quickly and you can’t borrow money from Cash App, a credit card could also be a good option. You won’t pay any fees or interest if you pay it back before your next bill.
Cash App is owned by the reputable financial services and payment company Block (formerly Square), and it puts a lot of measures in place to keep your account secure:
That said, Cash App experienced a data breach on April 4, 2022, that affected more than 8 million users of Cash App Investing. The data breach came from a former employee who downloaded reports containing customer names, brokerage account numbers and, in some cases, portfolio values and trading data. It’s not yet clear how widely the information was shared or the damages faced by consumers.
For more information on how Cash App works, check out our Cash App review.
Cash App has been frustratingly quiet about its new short-term loans program, leading many users to wonder why they can’t borrow money from the app. If you have yet to gain access, explore other cash advance apps while you wait. And, if you already have Cash App, you can use a cash advance app that works with Cash App to get an advance on your paycheck and then send the funds to your Cash App account and spend them as you like.
Discover the top cash advance apps that are compatible with Albert for quick funds.
Discover the top cash advance apps that integrate with Netspend for quick access to funds.
Discover the top cash advance apps that integrate with Venmo for speedy access to funds.
Find the 5 best cash advance apps that work with Cash App, plus the pros and cons.
Compare other apps to find higher advances with lower subscription fees.
See the 6 best cash advance apps and loans that work with Varo.
Many pay advance apps don’t work with this online bank — but here are several that do.
Get access to the money you’ve already earned with one of these secure options.
These apps offer larger cash advance amounts and competitive features.
Unemployed and need to borrow money? You may qualify for one of these loans or cash advance apps.
