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If you need cash fast and don’t want to pay interest, Cash App’s instant money feature might be a good option. Learn how to unlock borrow on cash app. Read more about all things money in the Ultimate Guide To Finance + Money.
Cash App is a mobile payment service developed by Square, Inc., allowing users to transfer money to one another using a mobile phone app. It was originally launched in 2015 and only available in the United States. To use Cash App, you must have an Android or iOS smartphone and a debit card linked to your account. You will also need access to Wi-Fi or cellular data connection to send or receive money through Cash App.
Cash App has several features that make it an attractive option for sending and receiving payments.
You can borrow from $20 up to $200 with Cash App’s instant money feature. Borrowing is limited to a 30-day period, and you must repay the loan within that time frame.
You’ll pay a simple fee on the amount you borrow, which is deducted from your debit card when you agree to repay the loan. The fee is simple to understand: it’s a percentage of the amount you borrow. Unlike payday loans, which are typically charged on an interest-based scale, the Cash App fee is a flat rate. It’s also less than other options like credit cards or overdraft protection—and even less than the late fees you’d pay on some of those products!
The Cash App’s short-term loan feature is only worthwhile if you need cash quickly and you know that you’ll be able to pay it back in a week or two.
That said, if you have other options for getting the money you need (for instance, from friends or family), using Cash App’s new feature probably isn’t worth it. It’s also not worth using this feature if your credit score is below 600—your APR will be high and might end up costing more than what you’re borrowing!
Cash App’s instant money feature is similar to taking out an advance on your pay check, but with less hassle. You can repay the loan as soon as your next paycheck arrives or over several months. When you agree to borrow money from Cash App, you pay a simple fee on the amount you borrow, which is deducted from your debit card when you agree to repay the loan.
If you’re eligible, you can borrow money from Cash App in five steps:
This process can change as the service is more widely rolled out.
Taking out a loan from Cash App is pretty simple, but it’s not for everyone. You’ll have to provide some basic information about yourself and your finances. As well as agree on a repayment plan with the app. It’s best used when you need cash quickly. Or know that you can pay back the loan within two weeks or so.