Why Doesn’t My Cash App Have The Borrow Option

Cash App is a helpful mobile payment service that allows you to send and receive money online conveniently. One of the best features of the App is the fact that it allows users to borrow money and repay later. But it is necessary you know that this option has several limitations and is not yet available for everyone.

Below are some of the main reasons why you might not have the Cash App borrow feature:

• The Cash App phone application is not updated.
• You have violated Cash App Terms and Services.
• You have a negative Balance.
• You are a non verified Cash App user.

Want to know Why your Cash App do not have the borrow feature? then stay glued to this article as I will give you more details and how to fix it.

Here are All The Reasons Why Your Cash App Does not have the Borrow Feature and You Can Get It Now

How Cash App Borrow Works

Cash App borrow is a sort of short term loan provided by the Cash App platform. According to Techcrunch, Cash App rolled out the feature to only 1,000 eligible users.

Cash App users that fits the requirements are able to get a loan that ranges from $20 to $200 and they are given 4 weeks to repay it, plus a fixed cost of 5%.

This 5% fee for Cash App borrow equates to a 60% annual percentage rate (APR);

5% monthly cost multiplied by 12 months is 60% APR (that is, 5% monthly fee *12 months = 60 % APR).

As compared to payday loans, which most at times have an APR of up to 400%, this rate is a great deal. On the other hand, Cash App borrow is far higher than personal loans, which an average APR of 9% and cannot legally exceed 36 percent in most states.

Cash App Borrow Fees and Details

• Maximum withdrawal: $200
• Terms: 4 Weeks
• Cost: 5% flat fee
• Other fees: 1.25% late fee - charged per week after 1-wek grace period.

Here's a Step-By-Step Guide On How to Get Cash App Borrow Feature

Why Don't I Have the Borrow Option on Cash App?

First of all, it is good you know that the Cash App borrow feature is still being tested and this is actually the main reason why it is not yet available for all Cash App users.

Also you might not have the Cash App borrow option because it is limited to people who get direct deposits to their Cash App account. You also have to verify your identity on Cash App, update your Application and keenly follow the application Terms of Service.

Step-By-Step Guide on How to Unlock the Borrow Option on Cash App

Below are the steps involved if you want to borrow money from Cash App:

1. Launch the Cash App
2. Log in to your account
3. Go to the left of your home screen and click on the “Banking” tab
4. Look for the word “Borrow” on the list and click on it
5. Click on “Unlock”
6. Choose the amount of money you want to borrow from the menu in front of you
7. Choose the payback plan and schedule it
8. Check the user agreement
9. Accept your Cash App borrow loan

If you do the above steps and the borrow option still doesn’t show up on your application, then you’re among the users who still haven’t gotten the new feature.

Final Thoughts on Why Doesn't My Cash App Have the Borrow Option

Borrowing money is a fantastic new option added to Cash App for customers. But it has a lot of drawbacks.

To use the borrow option, you must avoid having a negative balance, keep your application updated, and make an effort to receive monthly direct transfers into your account.

You might be one of the customers who don't have the borrow option yet if you try all of this and still can't find it.