Today we are going to talk about a special feature of Cash app which is becoming quite popular among cash app users. I think you have already heard about this feature and if you have not then I will give you all the information related to Cash app borrow money feature. By using this feature, you can borrow as much as $200 instantly for any emergency situation.
The sad thing is that Cash app is just testing this new feature and it is not available to all cash app users. As of now, Cash app has decided to test this new cash app loan feature for only 1000 lucky cash app users. Using this new feature cash app users can apply for $200 loan cash app.
So if you are a cash app user but have not qualified for this new cash app feature, you must be a little sad but don’t worry! In this article, I will tell you how you can qualify for $200 cash app loan and enjoy the benefits.
Who should use the $200 loan cash app feature?
Well if you are looking for a big amount and loan term loan then this is not a good option for you. But if you are someone who need a little cash amount instantly for some small expenses, this cash app loan feature might be a great option for you. As you need not give any collateral to avail this loan and you can get instant cash into you cash app account which you can withdraw easily by using cash app debit card.
Now the question is how you can get $200 cash app loan and what is the eligibility and requirements that you need to fulfil to get this cash app loan. I will answer all your questions in this article so keep reading.
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Eligibility to get $200 cash app loan
As we discussed earlier that this new cash app loan feature is not available to all existing cash app users. So maybe you are a cash app user but still you do not see that borrow option on your cash app. Well in that case, you have not qualified for the cash app borrow money feature.
Let’s discuss what you should do to get this new feature on your cash app:
- The cash app user must be at least 18 years old.
- You must be a cash app user and must have cash app account
- You must have good cash app usage history
- You must be a verified cash app user to avail the cash app loan. So you need to submit important documents like your ID and social security number to be a verified cash app user.
- You need to deposit at least $300 to your cash app account through your existing bank account to get $200 cash app loan.
UPDATE: some users say that direct deposit is not mandatory to get the cash app loan.
- You need to deposit $1000 to your cash app to get $200 cash app loan which is the maximum limit of cash app loan feature.
- One of the most important key points to get the cash app loan feature on your cash app is you should use cash app more frequently for your daily transactions. The more you use cash app to pay bills, receive and send money, the more chances of yours getting the cash app loan feature on your cash app increases.
If you fulfil all the above-mentioned requirement points you will have access to cash app loan feature.
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How much time does it take to get cash app loan?
If you have the borrow option on your cash app then you can easily borrow money from Cash app. You just have to log in your cash app and follow the given instructions. After completing the procedure, you can get money in your account within a few minutes.
Where can I use loan money?
You can use the cash app borrow money for your personal expenses like your short trips, bill payments and household purpose. You can not use this money for your educational expenses. Although it totally depends on you where you use your loan money provided that you repay the loan amount on time without any delay.