Many users are finding ways to check Cash app borrow option. However, they failed after making several attempts because Cash app has discontinued this feature.
If you are also finding the same feature in your application, kindly note that Cash app has discontinued the feature but for few users it is still available and working. Therefore, in this blog, you would learn more on the feature.
The feature was introduced for 1000 people as a testing feature and most of the users were offered for unlocking $200 borrow feature. If you did not get test-feature.
Where did borrow option appear on Cash app?
We would like to inform you that this testing feature was available in the Cash app under banking option. In this section, we have mentioned detailed steps using graphical representation for your better understanding.
- Navigate and login to your Cash app account.
- Now, click on the “Banking” option.
- Here, you will see the “Borrow” option.
- Now, click on the “Unlock” option then follow the screen’s guidelines.
How the borrow feature works & what is the fees involve?
Cash app had set some limits for usability this option as mentioned below.
Interest Rate:- Cash app was charging 1.25% per week which was non compounding interest.
Fixed limit:- Cash app has set limitation for borrowing money according to credit report.
Other:- The interest or fee will be waived off if the user deposit $300 or above amount per month.
Wrapping up:- In this reading, we have covered all the information on borrow feature about its working and effect in the near future. Moreover, we have also covered important information in FAQs section;, we would recommend you to read the same for better understanding.
To stay updated on Cash app; kindly visit CashAppPedia.
FAQs
Cash app borrow was introduce for a shorter period, now it has been rolled out. The feature was activated for getting small personal loan from Cash app.
With the introduction of this feature, Cash app was charging 1.25% (non-compounding interest) each week.
The borrow option is available under the banking option on the application interface.
Cash app borrow is a testing feature and available for some of its users. Hence, it is not available for you.
To unlock or borrow the amount that shows on the Cash app dashboard; you will have to meet the mandatory requirements.
Firstly, we would like to inform you that Cash app has roll down this feature for now and was offering limit as per credit report. Therefore, there will be no chance to set custom limit for Cash app borrow feature in near future.
