Cash App, directly, does not offer traditional loans like banks do. However, they offer a feature called "Borrow" to eligible users.
Eligibility: Not all Cash App users are eligible for Borrow. Eligibility is determined by factors like your Cash App activity, spending habits, and other factors that Cash App does not fully disclose. There's no direct way to apply. You’ll be notified within the app if you're eligible.
Loan Amount: Borrow typically allows you to borrow a small amount of money.
Repayment: You will have a set amount of time to repay the borrowed amount, typically a few weeks. There is usually a fee associated with using Borrow.
Interest: Cash App does not charge interest on Borrow loans. However, there's a flat fee that functions similarly.
Late Fees: If you don't repay the loan on time, you may incur late%20fees.
Impact on Credit: Cash App Borrow generally does not report to credit bureaus. However, this can change and is always worth verifying. Failure to repay could affect your eligibility for future Cash App features.
Important Considerations:
Disclaimer: This information is based on general knowledge and may be outdated. Always refer to the official Cash App documentation and terms of service within the app for the most up-to-date and accurate information.
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