Cash App Loan: A Comprehensive Review 2024
What is Cash App Loan?
Cash App, powered by Block, Inc., or formerly known as Square, Inc., is a peer-to-peer (P2P) payment service.
According to their website, this app is a platform that offers financial services on selected countries like the United States of America and the United Kingdom.
This is not a bank, but they offer banking services through their partners such as the Wells Fargo Bank, N.A. and Sutton Bank, Members FDIC.
In reference to slickdeals, you can borrow up to $200 from Cash App with a flat fee of 5% on the total loan and must be repaid within four (4) weeks to avoid late fees.
Key Features of Cash App Loan
Below are the key features of Cash App.
1. Loan Amount: With Cash App, you can borrow between $20 to $200, depending on your eligibility.
2. Repayment Period Cash App allows users to make payment within 4 weeks.
3. Interest Rate: Cash App doesn’t collect interest, however, there is a 5% flat fee for the loan. Additionally, they will charge a 1.25% fee per week for late payments.
4. Eligibility: Cash App is not for everyone. Your eligibility is determined based on your history, your activity in the app, and your account balance.
The Pros and Cons of Using Cash App
Same with other loan apps, Cash App has its own pros and cons.
Pros
1. Fast Access to Funds.
Depending on your eligibility, you can borrow for up to $200 instantly, especially if that is for emergencies or short-term financial needs.
2. No Credit Check
Unlike traditional loans that require bunches of requirements such as credit checks, Cash App doesn’t usually check your credit score using third-party credit bureaus.
3. User-friendly and Easy to Process
Everything is done within the app, such as cash loan and repayment with a quick approval process.
Cons
1. Limited Availability
The loan feature of Cash App requires eligibility; therefore, not all users can request or access its loan feature.
2. Small Loan Amount
The maximum amount that you can loan with Cash App is only $200 which is only good small financial needs.
3. High Fees
Cash App has a 5% flat fee compared to other loan app option.
Also, they have a 1.25% late fee per week for every late repayment, even if the loan term is active.
4. Short Repayment Period
While the four-week repayment timeline is not too short, however, this may not suit every user.
How to Apply for a CashApp Loan
1. Download and install the Cash App on your Android or IOS phone.
2. Register an account.
3. Tap the balance icon.
4. Click the Borrow button if available.
5. Select the loan amount.
6. Review the terms.
7. Click confirm to receive the funds in your account.
How users view the Cash App?
We have made some reviews about users experience using Trustpilot, Software Advice, and PCMag.
Trustpilot Score as of 11/22/2024
| 5 Stars | 420 out of 4,910 reviews |
| 4 Stars | 83 out of 4,910 reviews |
| 3 Stars | 59 out of 4,910 reviews |
| 2 Stars | 111 out of 4,910 reviews |
| 1 Star | 4,237 out of 4,910 reviews |
| Total Stars: 2.6 Stars | Total Reviews: 4,910 Reviews |
Software Advice Score as of 11/22/2024
| 5 Stars | 352 out of 574 reviews |
| 4 Stars | 124 out of 574 reviews |
| 3 Stars | 40 out of 574 reviews |
| 2 Stars | 16 out of 574 reviews |
| 1 Star | 42 out of 574 reviews |
| Total Stars: 4.3 Stars | Total Reviews: 574 Reviews |
PC Mag Score as of 11/22/2024
PC Mag scored Cash App 4.0 out of 5.
According to PC Mag, Cash App is a “pleasantly simple platform” for making online transactions such as sending and receiving payment, investing in stocks and Bitcoin, and even filing your taxes.
US News Score as of 4/08/2024
US News Score: 4.1 Overall Rating
Is Cash App Loan Worth It?
Based on users’ review, Cash App is good only for emergency use or short-term financial needs.
Moreover, with their high fees and limited loan amount, Cash App is less attracted to customers who are lookng for lager or long-term financial needs.
Hence, if you need small amount of cash quickly, use Cash App.