Why I can’t borrow money from cash app?
Why I can’t borrow money from cash app?
Understanding how Cash App loans work and who’s eligible can help you decide if it’s something you want to use.


Cash App Borrow is a short-term loan program that lets Cash App users borrow up to $200 for emergencies. But frustratingly enough, it’s still in testing and not available everywhere. That said, understanding how Cash App loans work and who’s eligible can help you decide if it’s something you want to use.


For full transparency, Cash App offers zero information on its website about these short-term loans. As a result, we’ve had to rely on information from Reddit and reputable tech news sites for product details. Some details may no longer be relevant, but we make every effort to keep this page up to date.


How Cash App Borrow works


Cash App Borrow is a type of short-term loan offered through the platform Cash App. Eligible borrowers can take out a loan from $20 to $200. They have four weeks to pay it back, plus a 5% flat fee.

This 5% fee for Cash App Borrow translates to a 60% APR overall:


5% monthly fee x 12 months = 60% APR


This rate is a good deal compared to payday loans, which typically come with an average close to 400% APR. On the flip side, Cash App Borrow is much higher than personal loans, which have an average 9% APR — and legally can’t top 36% in most states.


Fees and details


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


5 steps to borrow money from Cash App


If you’re eligible, you can borrow money from Cash App in five steps:

  1. Open your Cash App mobile app.
  2. Tap the Banking icon in the lower-left corner.
  3. Scroll until you find the word Borrow.
  4. Tap Unlock to view how much you can borrow.
  5. Follow the on-screen instructions to borrow up to that amount.

This process may change as the service is more widely rolled out.


Can I borrow money from Cash App?


It’s hard to say who’s eligible to use Cash App Borrow. There’s no official word on who can borrow money from Cash App and who can’t.


If you see the “Borrow” option in your account, it means you’re eligible. Beyond that, an official CashApp specialist tells Redditors that these factors could be to blame:


  • State of residence — Cash App Borrow isn’t currently available to all US residents.
  • Credit history — Your current credit score may not be in the range to qualify.
  • Cash App use — The platform has most likely rolled out loans to its most active users.
  • Direct deposits — Likewise, Cash App may be letting those with direct deposits test out loans first.
  • Cash Card usage — Priority may be given to individuals with an active Cash Card debit card.


Why can’t I get a Cash App loan?


Cash App Borrow is still being rolled out to customers. If you believe you meet the requirements and still can’t borrow money from Cash App, it could be that it’s not available in your area just yet.


Compare alternatives to Cash App Borrow


Cash App isn’t the only way to get a cash advance. Compare these options by loan amounts, turnaround times and cost to find the right fit for your needs.


When to use Cash App Borrow


Cash App Borrow works best for emergency situations — think: a car repair, unexpected trip to the doctor or vet and so on.


Its small dollar amounts make it a good alternative to personal loans if your credit isn’t strong enough — or if you need to borrow less than $1,000. It also costs less than a typical payday loan, although some alternatives like Payday Alternative Loans (PALs) from a local credit union have it beat.


Alternatively, cash advance apps like Chime SpotMe and Dave are even better than Cash App Borrow — often offering free, instant loans with no credit check. However, some apps have monthly membership fees. And you often can’t qualify for a loan over $50 until you’ve used the app for a few months.


If you need funds quickly and you can’t borrow money from Cash App, a credit card could also be a good option. You won’t pay any fees or interest if you pay it back before your next bill.


Is it safe?


Cash App is owned by the reputable financial services and payment company Block (formerly Square), and it puts a lot of measures in place to keep your account secure:


  • Its app is PCI Data Security Standard Level 1 compliant — the highest level offered in the payment industry.
  • It encrypts all your financial transactions.
  • Users can set up two-factor authentication, security locks and biometrics for added safety.


That said, Cash App experienced a data breach on April 4, 2022, that affected more than 8 million users of Cash App Investing. The data breach came from a former employee who downloaded reports containing customer names, brokerage account numbers and, in some cases, portfolio values and trading data. It’s not yet clear how widely the information was shared or the damages faced by consumers.


Bottom line


Cash App has been frustratingly quiet about its new short-term loans program, leading many users to wonder why they can’t borrow money from the app. If you have yet to gain access, explore other cash advance apps while you wait.