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4.7
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 3 Reviews

Interest & Costs

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Flexibility & Terms

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Website & Functionality

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Support & Service

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Features
  • Send and receive money free
  • Borrow money with Cash App Borrow
  • Get a free custom Visa debit card
  • Buy, sell, send, and receive Bitcoin
Pros & Cons
  • Borrow up to $200 instantly
  • Safe and secure transactions with data encryption and in-app security lock
  • Secure transactions with data encryption and in-app security lock
  • Loans are limited to $200 each

Cash App Review

CashApp Borrow is a feature of Cash App that allows you to borrow small amounts from family and friends.

Cash App also provides you with many financial tools, such as buying Bitcoin, buying and selling stocks, earning rewards, and sending funds instantly.

We’ll look at how Cash App works, it’s features, and whether it’s a good fit for you.

Note: Not everyone can borrow money from Cash App and it depends on your credit history, among other things.

How We Rate CashApp

At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate CashApp:

CategoryRating
Affordability⭐⭐⭐⭐
Application process⭐⭐⭐⭐⭐
Loan terms⭐⭐⭐⭐⭐
Transparency⭐⭐⭐⭐
Customer support⭐⭐⭐⭐
Overall⭐⭐⭐⭐⭐

Do We Recommend CashApp?

Yes, we recommend CashApp as a reliable lender for small loans. Skip to our full review below and see how we rate CashApp.

Here’s what we’ll cover in this review:

Want to skip the details? Jump to our final verdict here.

What Is CashApp?

CashApp is a mobile payment platform that enables users to send and receive money easily, purchase Bitcoin, and invest in stocks.

The app is available for iOS and Android devices and is free to download. It was launched in 2013 by Square, Inc, and has gained popularity in recent years.

Here’s a quick summary of CashApp:

OverviewFeatures
Loan type:Personal loans
Loan amount:$20 – $200
Loan term:4 weeks
Fees:5.00%
Late payment fees:1.25%
Payout time:Immediately
Requirements:At least 18 years old
U.S. citizen
Good credit score


Cash App is ideal for borrowing small amounts quickly, as long as you can repay the loan within four weeks.

Related: Here’s how to borrow money from Cash App.

Cash App Pros and Cons

Here are some of the pros and cons of Cash App as a lender:

Pros

  • The app is very easy to use.
  • Many features to manage your money.
  • Perfect for small loans up to $200.
  • Debit cards are available to account holders.
  • Cash App is available in all US states.

One of the most significant advantages of Cash App is its user-friendly interface, which makes it easy to send and receive money with just a few clicks.

Users can also purchase Bitcoin and invest in stocks through the app, which makes it a one-stop shop for financial transactions.

Should you qualify, Cash App allows you to easily borrow small amounts and repay the loan within four weeks.

CashApp also offers a debit card that users can use to make purchases, withdraw cash from ATMs, and earn cashback on select purchases.

    Cons

  • Limited use of the Cash App debit card

  • All loans are charged a 5% flat fee.

One issue is that Cash App is not widely accepted as a payment method, so users may not be able to use it everywhere.

All loans from Cash App Borrow come with a flat fee, which may be a drawback for some borrowers as most lenders don’t charge a fee.

Who Is Cash App For?

CashApp is ideal for people who want a quick and easy way to send and receive money, purchase Bitcoin, and invest in stocks.

It is also a great option for people who want to earn cashback on their purchases and have access to a debit card for convenient spending.

Eligibility Requirements

Although there aren’t specifically any requirements to qualify for a Cash App loan, borrowers typically have to have a fair to good credit score and be active on the app. Sometimes you also need to have a Cash App debit card activated.

Note that Cash App Borrow is only available in these states:

  • Alabama
  • California
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Louisiana
  • Michigan
  • Mississippi
  • Missouri
  • North Carolina
  • Ohio
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Wisconsin

Who It’s Not For

Cash App may not be a good option for you if:

  • You want the lowest APR rates
  • Need a loan of more than $200
  • Want to secure a personal loan with longer repayment periods

How To Apply for a Cash App Loan

Tip: Here are more details on how to borrow from Cash App.

Borrowing from Cash App is fast and easy. Here are the steps:

Step 1

Download the app

Downloading Cash App takes a few minutes and it’s available for iOS and Android.

Step 2

Go to the banking section and click on ‘Borrow’

Tap on your balance in the left corner – this will take you to the Banking section.
Step 3

Choose your amount

If you can’t see the heading ‘Borrow’ it means you don’t have access and don’t qualify for Cash App Borrow at the moment.
Step 4

Choose your repayment option

The app will show you the amount you can borrow – this can be between $20 and $200.
Step 5

Agree and accept

If you want to take up the loan, read the loan agreement carefully and accept it if you agree.

The decision will be made instantly and you’ll know if you qualify for the loan within a few seconds.

Chosen 29,199 times
  • Send and receive money free
  • Borrow money with Cash App Borrow
  • Get a free custom Visa debit card
  • Buy, sell, send, and receive Bitcoin
Min Loan Amount10
Max Loan Amount200
Lowest APR5.00
Highest APR5.00
Min Loan Term1 Day
Max Loan Term1 Month
Accepts bad credit:No.
Minimum Age18

Cash App Fees

Sending and receiving money with CashApp is free, but there are fees for using other services such as instant deposits and Bitcoin transactions.

The fees are reasonable, with instant deposit fees being 1.5% and Bitcoin transaction fees ranging from 1.75% to 3.75% depending on the transaction amount.

Cash App Payment Terms

mall loans from Cash App Borrow have to be repaid within four weeks. This is similar to many buy now pay later (BNPL) services.

How Financer.com Rates Cash App

Is CashApp legit? Yes, at Financer.com we recommend Cash App.

At Financer.com, all lenders go through a thorough research and review process. We don’t make recommendations lightly.

All loan applications are made through their easy-to-navigate app with a simple process that takes less than five minutes to complete. The results are instant.

Cash App is great for small loans and as long as you pay on time you’ll avoid additional fees. There is a flat 5% fee for each loan, which may be a drawback.

Fees

Seeing that there is no interest charged on these loans, this is a benefit for anyone looking for a quick small loan.

Payments

You have up to four weeks to repay a loan from Cash App. This is very similar to most BNPL services and is ideal for small purchases and quick cash emergencies.

Customer Service

CashApp offers customer support via email, phone, and social media. However, some users have reported long wait times and difficulty resolving issues with frozen accounts.

We tested out Cash App’s customer service by requesting information via email. Although we did receive confirmation of our inquiry, we only received a formal reply a few days later.

Borrowers will likely get faster responses by using the in-app chat.

Privacy and Security

CashApp uses industry-standard encryption to protect users’ personal and financial information. The app also allows users to enable two-factor authentication and set up a PIN for added security.

However, users should be aware that CashApp is not FDIC-insured, which means that their funds are not protected in the event of a bank failure.

Users should also be cautious when using CashApp to purchase goods or services from unverified sellers, as the app does not offer buyer protection.

5KFunds FAQs

How much is $100 in Cash App?

Cash App charges a 5% fee for each loan so a $100 loan will cost $5 in fees and your total repayment will be $105 within four weeks.

Do I need a bank account for Cash App?

You don’t need a bank account to use Cash App.

What are the disadvantages of Cash App?

One of the only drawbacks of Cash App is that loans are typically capped at $200. There is also a flat 5% fee for each loan.

How much can I borrow with Cash App?

You can borrow between $20 and $200 from Cash App.

Cash App Alternatives

Here’s a list of alternatives to Cash App and how they compare:

LenderReviewsLoan AmountFeesRepayment
ChimeViewUp to $200NoneNext payday
MoneyLionView$50 to $250$0.49-$8.99Next payday
EmpowerViewUp to $250$8Next payday

Should You Take a Loan with CashApp?

CashApp is a good option if you’re looking for a fast small loan. However, not all new borrowers qualify for a loan so it might be best to compare all lenders if you’re looking to be approved for a short-term loan with the best rates.

CashApp only charges a 5% fee on loans, which is much lower than the APR for typical personal loans, especially payday loans.

Read more CashApp reviews from customers below or add your own.

More Cash App Reviews

What Users On the Web Are Saying

Cash App gets 1.2 out of 5 stars on Trustpilot, with most users being disappointed with the service they received. However, there are positive reviews too:

More User Reviews – Add Your Rating

Read more reviews on Financer.com from verified users below.

Have you used Cash App before? Leave your review now.

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At Financer.com, we're committed to helping you with your finances. All our content abides by our Editorial Guidelines. We are open about how we review products and services in our Review Process and how we make money in our Advertiser Disclosure.

Reviews of Cash App

Cash App is rated 61 out of 179 companies in total rating and got an average review score of 4.7 based on 3 reviews. Their weakness is Interest & Costs and their strength is Support & Service.
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JE
Jesse 3 reviews | December 18, 2023
General Review
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Upsides
5/5 review. From setup to navigating its various functions, CashApp's intuitive design makes handling finances not only efficient but surprisingly enjoyable.
Downsides
none that I can complain about.
Post reply
TF
Thaddeus Fischer 2 reviews | December 3, 2023
General Review
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(Edited)
Upsides
I could not recommend Cash App highly enough. They have been a fundamental player in setting up my small business.
Downsides
- None -
Post reply
KC
Karla Callahan 3 reviews | December 3, 2023
General Review
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Upsides
CashApp is great. Easy platform and interface. Good customer service when I have questions or issues. I can move money quicly and easily.
Downsides
No complains.
Post reply

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