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Why Doesn’t My Cash App Have the Borrow Option: 2023 (Unlock)

January 14, 2023

Do you need money but don’t have the borrow option on Cash App? Continue reading to know why and how to fix it.

Cash App is a helpful mobile payment service that makes users’ lives easier. One of its best features is letting people borrow money; however, this option has many limitations and isn’t available for everyone.

Reasons you might not have the Cash App borrow Feature:

  1. Cash App rolled back the Borrow feature in your state.
  2. Low Credit score.
  3. Your state of residence.
  4. Cash App has rolled back the Borrow feature in your state.
  5. The Cash App phone application isn’t updated
  6. You have a negative balance
  7. You’re a non-verified Cash App user
  8. You violated Cash App Terms of Service

In this article, we’ll dive into more details regarding the issues and how to fix them. So bear with us!

RELATED READ: How to Get a Loan on Cash App?

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

The “Cash App you’re not able to borrow at the moment,” means you don’t have access to its loan feature and Cash App rolled back the Borrow feature in your state. You have a negative balance, Non-verified Cash App user, and violated Cash App Terms of Service

You also have to verify your identity, update your application, and closely follow the application’s Terms of Service.

It’s worth mentioning that this feature is new and only available to a few users and eligibility requirements with things like your state of residence and credit score.

Cash App Loan Feature

📅 Repay Cash App Loan4 Weeks
💰 Borrow Up To$200
💸 Receive FundsInstantly
🏦 Loan Fee5% Flat Fee
⏰ Required18+ US Resident
⭐ Feature LimitsNot Available to All Users
Why Doesn't My Cash App Have the Borrow Option

How to Guarantee You Get the Borrow Option on Cash App

First, it’s important that you use your Cash App for everyday purchases. Doing so will increase your credibility on the payment service since the application will make sure you use it frequently; therefore, you’ll be more eligible to get a loan.

Another thing you can do is send money to your family members and friends through Cash App and let them send you money. Any extra activity on the mobile application will increase your chances of getting a successful loan.

Finally, you can set up direct deposits with your work to receive a stable amount of money each month.

Unlocking the Borrow Option on Cash App: A Step-By-Step Guide

If you want to borrow money from Cash App, follow the steps below: 

  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.

Repaying Cash App Loan Payments: Three Different Ways

After taking your loan from Cash App, you should start thinking about repaying it. Here are three different ways by which you can give Cash App its money back.

Automatic Payment

When you request the loan from Cash App, you can enable the automatic payment option. This option works for both the money you should pay on the due date and the money you voluntarily pay through optional payments.

If you enable automatic payment and regret it later, don’t worry. You can cancel the option by opening your Cash App profile, tapping on “Support,” and then following the prompts that appear in front of you.

Manual Electronic Payment

This option is only possible through your debit card. To enable it, you’ll first have to authorize the card to be debited for a specific amount of money every time you make a transaction or payment.

Mail Payment

The last option is making payments through checks. You can send the checks via mail to the address you’ll find on your official statement, and it must specify the borrowed amount, the borrowing date, and your cashtag.

Finally, you have to pay in American dollars from a valid source.

Frequently Asked Questions

What Is the Maximum Amount I Can Borrow From Cash App?

Cash App lets you borrow a maximum of $250 at once. The average range is from $20 to $200.

Does Cash App Take Extra Fees From People Who Borrow Money?

Yes, it does. If you borrow money from Cash App, you’ll be charged a 2.5% fee. So, for example, if you borrow $200, you’ll pay extra fees of $5.

What Is the Interest Rate of Borrowing From Cash App?

The annual interest rate that Cash App has on its borrowed money is 5%. For instance, if you borrow $200, you’ll repay $210 plus the 2.5% extra fees.

To Wrap Up

Cash App has a new superb feature for users, borrowing money. However, it has many limitations.

To use the borrow option, you should make sure you don’t have a negative balance, constantly update your application, and try to get monthly direct deposits to your account.

If you do all of this and still don’t find the borrow option, you might be among the users who don’t have that option yet.

Did you find this article helpful? Let us know in the comments below!

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About The Author

Laurens Yarpei

I’m Lawrence Yarpei. I have been using Cash App for the past 4 years. In this blog, I help Cash App Users with their Problems and Offer Troubleshoot solutions on everything Cash App-related Problems. Disclaimer: The intention of using trademarks, images, logos, and brand name is for information and referral only and not intended to act as Cash App representatives. We do not provide any service and are not Cash App representatives. This is just an educational blog run by a long-time Cash App user and a lover of the app and its service. Contact Cash App here for your queries: https://cash.app/help

Disclaimer: We do not Provide any Service and is not affiliated with Cash App. To contact Cash App, visit https://cash.app/contact. This Website is purely an educational Blog and don't intend to Infringe any Copyright. Brand names are used for informational and reference purposes only. We fully disclaim the authority of the Brand name and logos. Click the button to refer for usage of trademark for an editorial or informational use: www.nolo.com/legal-encyclopedia/when-you-need-permission-use-trademarks.html

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