How to Borrow Money from Cash App in 2023

Cash App is one of the most popular money transfer apps, with a user base of more than 44 million. The app allows users to send and receive money instantly with just a few taps.

One of the best things about Cash App is that it is extremely easy to use. The interface is very user-friendly, and even first-time users will be able to use the app without any hassle💰.

But what if you’re short of funds and need some extra money? How to borrow money from Cash App?💸💸

Yes, you can do that!

Below, we explain how.

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Does Cash app let you borrow money?💰💰

Yes, Cash App does let you borrow money. However, it is a relatively new feature that allows users to get an instant loan of up to $200💸💸.

The feature is called Borrow and may or may not be available to you based on your:

Geographical location
Usage history
Credit history
Presence of a Cash Card

You can check if the Borrow feature is available by going to the Cash App homepage and scrolling down.

How to borrow money from Cash app?💸🤑

Follow the steps given below to borrow money from Cash App.

Step 1: Check the Banking Section

If you want to see whether you have the option to borrow money from Cash App, you need to check the Banking section.

To do so, open the Cash App on your phone and tap on the Banking tab (the dollar sign in the bottom-center of the screen).

There, you should see a Borrow option. If it’s not there, it means you’re not eligible for the feature.

Step 2: Tap on Borrow

Once you find the Borrow option, tap on it.

Step 3: Choose the Amount You Want to Borrow

On the next screen, you will be asked to choose the amount you want to borrow.

You can either choose a pre-set amount ($25, $50, or $100) or tap on Custom and enter the amount you want to borrow💸💸.

Once you have entered the amount, tap on Continue.

Step 4: Choose Your Repayment Schedule

On the next screen, you will be asked to choose your repayment schedule. You can choose either a weekly or monthly repayment schedule.

If you choose the weekly repayment option, you must repay the loan within two weeks. And if you choose the monthly repayment option, you will need to repay the loan within four weeks.

Once you have made your choice, tap on Continue.

Step 5: Review the Terms and Conditions📄

After that, you will be asked to review the terms and conditions. Read them carefully and tap on Agree if you agree to them📃📃.

Step 6: Complete the Verification Process✅✅

After agreeing to the terms and conditions, you will need to complete the verification process.

You will be asked to enter your full name, date of birth, SSN, and address.

Is it safe to borrow money from Cash app?🦺

Cash App has a positive reputation when it comes to safety and security. The company has several measures in place to protect its users✅.

For example, all payments on Cash App are protected by 128-bit encryption. In addition, the app uses multiple layers of security to prevent fraud and protect users’ information.

People who use the Cash App can disable it when they’re not using it and can also set up a PIN to prevent unauthorized access💳.

In short, Cash App is a safe and secure way to borrow money💰🔒.

Cash app alternatives

If you do not want to borrow money from Cash App or the option isn’t available, you can use other platforms to get a loan. Many companies offer loans to people with all types of credit histories.

Here are some options.

1. Brigit👀

Brigit is a financial management app that offers advances on your paycheck. For example, you can get up to $250 with no fees and no interest. The money is deposited into your account as soon as you’re approved, usually within minutes.

Here’s how to get an advance from Brigit.👇

First, you have to set up an account with the app and link your bank account.

Then, you’ll need to provide some information about yourself and your employment situation.
Brigit will check your account and give you a score. The score will determine if you’re eligible to get an advance.
You must pay the platform’s subscription fee if you are eligible💪.
Then, you can put in a request for an advance.
Brigit will deposit the amount in your account and set repayment date📆.
You will be notified of the repayment date approaching two days in advance.
If you’re not able to repay on time, Brigit will automatically deduct the amount from your account on the repayment date.

2. Albert

Albert is an investing and budgeting app that offers cash advances from your paycheck.

You can also get guidance from the experts at Albert on how to use the money you’ve borrowed to improve your financial situation.

Alberts allows you to access your paycheck up to two days early. There’s no credit check required for this. Plus, the app does not charge interest✅.

On top of that, you also get cash back.

For instance, people who subscribe to Genius, Albert’s premium service, can get up to 20% cash back on their everyday purchases🛒🛍.

Depending on your preferences, Albert also automates saving for you. It does this by going into your income, checking your bills, and determining your disposable income.

Then, it saves that money for you, so you don’t have to think about it.💶💵

3. Earnin👇💰

Earnin is a great app for people who want to get paid for their work without waiting for payday.

It’s free to download and use and is available on iOS and Android.

With Earnin, you can get paid for the hours you’ve already worked without waiting for payday. So, you can get up to $500 of your paycheck per pay cycle💸.

That’s enough to cover an unexpected car repair or medical bill, and you don’t have to pay any fees or interest.

Plus, there’s no need to worry about overdraft fees because Earnin helps you avoid those.

4. Empower💪

Empower is another app you can use as an alternative to borrowing money from Cash App. The app’s Cash Advance feature lets you receive up to $250 on the same day💸💰.

Plus, there are no credit checks or interest. Thus, you can use the app without worrying about accruing debt.

To get started, you need to connect your bank account to Empower. Then, you can use the app to see your account balance, transactions, and more.

Empower is available on iOS and Android.

Empower also offers a debit Visa card. People with this card can get paid up to two days early. In addition, the card has no monthly fees, and you can use it anywhere Visa is accepted💳.

5. Chime👏

Chime is a banking app with a mission to help people live their best financial lives. The app provides a secure and easy way to manage your money, track your spending, and save for the future.

Chime also offers some unique features. For example, the company spots you up to $200 on debit card purchases. So you can avoid overdraft fees💪.

Plus, you can get up to two days early access to your paycheck with Chime’s Early Direct Deposit feature.

There are no foreign transaction fees or monthly fees. You can use the Chime card at more than 60,000 ATMs and stores, such as CVS and Walgreens.

Most importantly, Chime helps improve your FICO score. You can do this by paying your bills on time and keeping a low credit utilization ratio✅.

You can also use the Chime app to pay your family and friends. It doesn’t matter which bank account they have. You can also set up a direct deposit to receive your paycheck directly into your Chime account.

6. Cleo

Having helped more than four million people improve their credit scores and budget better, Cleo is an app for people who want to get their financial lives in order.

It has a chatbot that helps you track your spending, set financial goals, and stay on top of your bills📄.

Plus, the app can spot you up to $50. Cleo also has a Set & Forget feature in which you pick a number, and the app saves money for you.

Let’s say you want to save for a new laptop💻. You can set a goal in Cleo, and the app will automatically transfer money from your checking account to your Cleo savings account every week💸.

Summary🤑

As you can see, it’s possible to borrow money from Cash App. However, you need to be eligible for a Cash App account and have a linked bank account or debit card.

There are also some fees to consider when borrowing money from Cash App. Read the terms and conditions carefully before taking out a loan.

Alternatively, you can get money from other financial management and banking apps.

How to Borrow Money from Cash App