How to Borrow Money from Cash App: Ways to Qualify and When to Choose an Alternative

Most emergency expenses don't happen on payday. If you need some cash to tide you over until your next paycheck, one option is a small loan from Cash App.

You may be eligible to borrow up to $500 without impacting your credit. Cash App deposits the funds to your Cash balance instantly and offers multiple options for repayment.

But there are some downsides and risks involved. We'll cover how Cash App Borrow works, how to qualify, and when to consider alternatives.

Cash App Borrow basics

Cash App Borrow is a closed-end installment loan available to Cash App users who meet certain requirements. Cash App doesn't require a credit check or report your payment activity to the credit bureaus, so there's no impact to your credit score. You can choose to pay back the loan as you receive cash, make weekly payments, or pay off the entire balance at once.

As long as you repay the loan according to the terms of your agreement, you'll only pay a flat fee equal to 5% of the loan amount. But if you don't pay the full balance by the due date, you could be subject to additional interest and fees.

In the event you default while enrolled in automatic payments, Cash App can take payment from your linked debit card, which could result in an overdraft fee from your bank if you have insufficient funds. Having a past-due balance may also result in locked account features.

Cash App Borrow is different from some paycheck advance apps that allow you to get money without a loan and don't charge any mandatory fees. With Cash App Borrow, you agree to a flat fee, you're obligated to repay, and there are consequences for late payment.

Cash App Borrow eligibility criteria

To qualify for a Cash App Borrow loan, you need to be at least 18 years old, have a Cash App account in your name and in good standing, and complete an identity verification. (Borrow loans aren't available to residents of Colorado or Iowa.)

You'll need to meet other criteria as well. For example, you may be eligible if:

• You get at least $300 in monthly direct-deposited paychecks to your Cash App account
• Your Cash App account is linked to an external account that receives at least $500 in monthly deposits
• You have a Cash App Card that you use frequently for purchases
• You keep a Cash App balance

Keep in mind, Cash App considers several factors when determining your eligibility and borrowing limits, and meeting the above requirements doesn't guarantee you'll qualify to borrow.

How to unlock Borrow on Cash App

The Borrow option will appear in the Money tab of your Cash App account once you become eligible. Simply tap "Borrow" and follow the prompts to select your loan amount and repayment option. You can find more details on how to use the app in our Cash App review.

Cash App Borrow limits

The maximum loan amount Cash App offers is $500, but the maximum limit for first-time borrowers is $400. You may not qualify for that amount initially — in fact, the average first-time limit for active customers is $153. After your first Borrow loan, you may qualify for a limit increase of up to $300. The minimum loan amount is $20.

While Cash App sets a limit on the total amount you can have outstanding, the platform does offer you the opportunity to take out multiple loans. So, if your mechanic estimated a $150 auto repair but it ended up costing more, you can submit an additional Borrow request up to your personal limit, provided you don't have a past due balance on your existing Borrow loan.

How to increase your Cash App Borrow limit

While there's no magic formula for increasing your Cash App Borrow limit, there are some things you can do to show you're a trustworthy borrower.

• Ask your employer to directly deposit your paycheck to Cash App or a linked account
• Actively use your Cash App account to receive and send money, maintaining a positive Cash App balance
• Earn Cash App Green status in one of two ways:
• Spend at least $500 per month with Cash App Pay or your Cash App Card
• Deposit at least $300 per month in qualified paychecks to Cash App

Cash App Borrow repayment terms

Cash App doesn't publicly disclose its repayment term options for Borrow loans, as they may vary from one user to the next. Other sources state that Cash App Borrow repayment terms may range from one to four weeks. You'll be able to see your due date and repayment options in the app when you initiate a Borrow request.

You can generally repay a Borrow loan in one of three ways.

• Automatically repay as you receive cash
• Repay in weekly installments
• Repay as a lump sum by the due date

You can repay your Borrow loan at any time without penalty before the due date. If you still have an outstanding balance four calendar days after the due date, you may be charged a $5 fee, depending on the repayment schedule you chose. Interest will accrue on any balance that remains seven calendar days after your due date.

Cash App may also require you to link a debit card. If you default, Cash App can try to charge your debit card for the past due amount unless you disable automatic payments.

Alternatives to Cash App Borrow

Cash App Borrow is a good option for active Cash App users who are confident in their ability to repay by the due date. But other paycheck and cash advance apps offer the potential for lower costs, higher borrowing limits, more flexibility, and/or fewer risks if you default.

Some options to consider include:

• MoneyLion: Unlike Cash App, MoneyLion's Instacash¹ <p>Instacash® is an optional service offered by MoneyLion. Your available Instacash® Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash® <a href="https://www.moneylion.com/terms-and-conditions/#ml-instacash">Terms and Conditions</a> for more information and eligibility requirements.</p> isn't a loan, and there are no mandatory fees. You can qualify for an advance of up to $500 without a credit check by linking the checking account you use to directly deposit your paychecks. RoarMoney customers can access limits up to $1,000.
• Current² <p><b>Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC.</b>.</p> : Current offers paycheck advances³ <p>Paycheck Advance is for eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. For more information, please refer to <a href="https://cdn.current.com/agreements/paycheck_advance_terms_11_25_2024.pdf">Paycheck Advance Terms and Conditions</a>.</p> with no credit impact and no mandatory fees. Repayment happens automatically from your next paycheck. You'll need to open a Current account and set up direct deposit or link a bank account that receives direct deposits to qualify. But having a Current account comes with many benefits, including opportunities to build credit without taking on debt⁴ <p>Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.&nbsp;</p> .
• Cleo⁵ <p>Cleo Credit Builder Card is issued by WebBank, Member FDIC</p> : Cleo Cash Advance limits paycheck advances to $250, and first-time customers can only qualify for $20 to $100⁶ <p>Subject to eligibility. Amounts are based on accrued, unpaid income and range from $150- $500 for existing users, and $150- $180 for first-time users. To qualify for up to $500 you must direct deposit at least $750/month. Amounts subject to change. Same day transfers subject to express fees. See <a href="https://web.meetcleo.com/faqs">here</a> for more info.</p> . Cleo doesn't charge interest or late fees⁷ <p>An Express fee of $3.99 is charged if you want to receive funds within 24 hours.</p> , and gig workers are welcome. You can request an advance through your Cleo monthly subscription or reach out to ​​team@meetcleo.com if you're not a subscriber.
• EarnIn⁸ <p>EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit <a href="https://www.earnin.com/">EarnIn.com</a> for full details</p> : EarnIn is an app that offers early access to your earned wages without a credit check when you link it to the bank account that receives your paychecks. You may qualify to access up to $300 per day, with a max of $1,000 per pay period — qualified members get an average of $85 when first signing up. Beyond optional tipping, there are no interest charges or mandatory fees.

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Bottom line

Cash App Borrow could be a good solution for Cash App users who need a small loan and expect to earn the cash to pay it off in time. The main advantage of Cash App Borrow is that it's fast and easy for existing users. But it's a loan that comes with fees and penalties. Other apps offer cash advances free of mandatory fees, and some options don't even charge a penalty if you pay late.

The best solution for you will depend on your financial needs. Keep in mind, it's never a good idea to rely on Cash App Borrow or any cash advance app as an ongoing solution if you're struggling to make ends meet. Consider getting help from a credit counseling agency instead.

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No minimum balance or monthly fees

Peer-to-peer payments as well as banking services¹⁰ <p>Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Savings provided by Cash App, a Block, Inc. brand.</p><p class="">Cash App is a financial services platform, not a bank. Banking services provided by Cash App’s bank partner(s). Direct Deposit provided by Cash App, a Block, Inc. brand.</p>

Direct deposit and possible to get paycheck up to two days early – up to two days earlier than most banks¹¹ <p>Your first deposit may take longer depending on your employer.</p>