Cash App Loan and Borrowing Guide 2024

Cash App loan trial is completed

Getting a loan today is no more a hard nut to crack. You just try to find one lender and so many appear. Unfortunately, not all lenders are reliable and certified. Therefore a deep and careful consideration is recommendable when it comes to applying for long-term loans. But, this is not the case with short-term loans. And with the Cash App loan feature, you can make things easier.

For more than one year, people have been discussing a lot of Cash App borrow features on social media. Last year, Square Cash App initiated and ended the loan feature trial. But, now again the buzz of cashapp loans is getting momentum. People could be seen asking questions such as how do I get a loan from Cash App? If yes then how to apply for a loan on Cash App? To find answers to all these questions read the content below. 

Can you get a loan on Cash App?

The answer to this question is - yes. But, the Cash App loan feature comes with many strings attached. Not all users can borrow money from Cash App. Even if you are a verified Cash App user still you might not be able to borrow money on Cash App. Why? Because the loan feature has its own set of terms and conditions. And who do not meet the terms and conditions, Cash App borrow button does not appear on his Cash App mobile application. So, the million-dollar question is how to get a loan feature on Cash App? Here below in the coming section is the explanation.

Cash App borrow feature not showing up

If Cash App borrow money feature is not showing up on your Cash App application, you don't need to worry. You are not alone cashapp user who is not getting this feature. A piece of good news is that now you can make this feature appear on your Cash App if you meet the terms and conditions mentioned below:

• You must be a verified Cash App user. It further means, you must have confirmed who you are on the Cash App by sharing the last four digits of your SSN.

• Having an activated Cash App card is mandatory. Note that cash card service is like a debit card service which is free, simple, and safe. Read more here about how to activate a Cash App card?

• You must have activated the Cash App direct deposit feature on Cash App. Also, make sure you receive at least $300 or more monthly through direct deposit.

• If you are meeting all the above-mentioned terms but are still not able to unlock the loan feature and the loan button is missing then go to App Store or Google Play Store and check if there is any update available. If you find any, immediately update your application.

How to unlock borrow on Cash App?

There is nothing you need to worry about if the feature of borrowing money is not showing up on your Cash App mobile application. Most of the new Cash App users don’t get the Cash App loan feature. Like any other fintech company or bank, Cash App also wants to make sure that only eligible users can get a loan from Cash App. That’s why Cash App does not let the borrow money feature show up on new users. A piece of good news is that there are a number of ways with the help which you can unlock on the Cash App. You can do the following things to unlock the loan feature: 

• Link and set up your bank account, debit, and credit card. 

• Confirm your identity on the Cash App.  

• Send, receive, and store a good amount of money in your Cash App balance.

• Set up Cash App direct deposit and use it to receive at least $200 in a month.    

• The more you use Cash App the more there will be chances to have Cash App borrow feature. 

How to borrow money from Cash App on iPhone? 

Cash App borrows features that work on iPhone the same as it works on Android phones. Plus, the process to borrow money up to $500 is also the same. Just to make the picture clearer, here below I am mentioning the steps: 

• Get into the banking section on the Cash App.

• Scroll down and tap borrow.

• Now the Cash App will show you the maximum borrowing amount. 

• Then tap borrow to proceed.

• Now select the amount and the next screen will open up with all borrowing details.

• The next step is to schedule a repayment.

• Cash App will let you choose to split it up or pay all at once.

• Now tap next and you will find your repayment schedule.

• After that, the Cash App prompts you to choose the auto-pay option. If you wish you can select a manual payment method.

• Finally, now comes the review and confirm section where you need to check everything and confirm the loan.

• To complete the borrowing process enter your Cash App PIN to have the loan money transferred to your wallet. 

Sutton Bank Cash App loan

There is no such thing as a Sutton Bank Cash App loan. Be informed that Sutton Bank is a different banking entity. However, it is in association with Cash App but it does not manage, regulate, and handle the Cash App payments. Just to be very clear, Sutton Bank supports the direct deposit and Cash App card services. As far as the matter of Cash App loans is concerned, Cash App is alone responsible for allowing and not allowing the users to get loans.  

Cash App loan terms 

Cash App has put in place very simple terms for borrowing money. Anyone who meets the following condition can apply for a Cash App loan: 

•  Created and set up a Cash App account genuinely 

•  Confirmed identity with SSN

• Uses an activate Cash App card and gets paid through direct deposit up to $200 in a month

• Maintains a good Cash App balance with no overdraft

How do I apply for a free Cash App loan?

Now that you have learned how to unlock the Cash App borrow money feature, let's move to our next important question- how to borrow money from Cash for free? As being a fan of Cash App, I am more than happy to tell you that the process to borrow money on Cash App is super simple. However, how much one can borrow money with and without fee & interest from Cash App depends upon how much amount one receives through Cash App direct deposit. The more you receive the more you can borrow money from the Cash App. Usually; Cash App lets most of the users borrow up to $200 in a month for free if terms are met. 

If you can see the borrow button on Cash App it means you are eligible for Cash App loan. You don't need to do anything extra other than as mentioned below the steps:

• Launch Cash App mobile application on your phone.

• Tap the far left bottom tab. It might be a banking button or my cash tab with a $ icon.

• Go down and tap borrow.

• Right here the maximum amount will come to your view that you can borrow from Cash App.

• Again tap borrow to proceed.

• Now select the amount and the next screen will open up with all borrowing details.

• The next step is to schedule a repayment.

• Cash App will let you choose to split it up or pay all at once.

• Now tap next and you will find your repayment schedule.

• After that, the Cash App prompts you to choose the auto-pay option. If you wish you can select a manual payment method.

• Finally, now comes the review and confirm section where you need to check everything and confirm the loan.

• Check if there is any fee being imposed and interest rate. If everything looks fine to you tap next and enter your Cash App PIN or scan your touch id.

How to increase Cash App borrow limit?

If you are not a frequent cashapp user then forget you can get the interest-free loan from Cash App let alone increasing the Cash App loan limit. Let me get more specific. First, meet all the terms of the Cash App as mentioned above to borrow money. Then receive as much money as you can through direct deposit. The more you receive money through Cash App direct deposit the higher will be the limit to borrow money from Cash App.