It is almost impossible to imagine a time when digital payments were not a mass phenomenon. Indeed, there was a time when we had to look for change and carry wallets with cash. In fact, some of us still do it, if not just in case, but simply to indulge old habits. However, as we are in the golden age of digital wallets and cashless transactions, it is imperative that you make an informed decision and continue with the digital wallet that best suits your needs and has a reputation that will make a person feel secure in their decision.
What is the Cash App?
Simply put, Cash App is an app that allows the user to send and receive payments just like any other digital wallet like Paypal and Venmo. The main aspects that make it different from other apps is that it comes with its own Visa debit card and the ability to trade and invest. This application was developed by Square. Inc and is designed to operate as a peer-to-peer payment service.
First and foremost, the Cash App is designed to make transactions and payments easier, whether it’s for paying friends and families or for purposes like tips and donations. This feature is the easiest and fastest to complete once you have linked your bank account using the Pay and Receive buttons. Users are identified by their email address, phone number, or what the app has called $ cashtag, a unique username for app users. So you can use the pay/receive button, enter your user ID and send money instantly.
How to set up the Cash app
When you first open the app, Cash App will ask you for your phone number. You will receive an SMS code to verify your number. On newer versions of iOS and Android, the code will appear at the top of the email, so you just need to tap on it rather than copy and paste the code from your messaging app.
You will then need to enter some basic details such as your name and email address for your account. The Cash App also asks you to select your Cashtag, which is the username that people will use to pay you through the app.
You will also be asked to provide your bank details, but you can skip this for now and add them later.
You can change all of these details later in the app’s profile section. But it’s worth noting that you can only change your Cashtag twice after creating an account, so make sure you pick one you don’t mind using.
After you enter all your profile information, you will be taken to the main page of the app and you can start browsing.
Managing your profile
Now that you have created an account, you can edit your profile. You can access your profile by clicking on the profile icon in the top corner of the home page.
In the profile section, you can edit the information you provided when you created your account. You can also add your address.
If you have not added your bank details before, you can do so now by entering your card number.
In the first menu, you can add a profile picture, invite people to the app for rewards, and change app settings like notifications and privacy.
It’s best to fill out as much profile information as possible so your friends know it’s you when they pay you. The best way to do this is to add a profile picture to your account.
How to borrow money from cash app
The application has two main functions: pay money and receive money.
To perform one of these functions, such as earning money, you have to:
- start by tapping the $ sign icon at the bottom of the app.
- find the borrow button and press it.
- then click «unlock» to find out how much you can borrow.
- then enter the other person’s cash tag (email or phone) and request money.
One of the things that sets the app apart from other online payment platforms is the free Visa-certified debit card called cash card that users can request. this debit card can be used at regular retail outlets and ATMs to withdraw cash.
How Cash App Borrow works
Cash App Borrow is a short-term loan offered to potential borrowers through a special Cash App platform. Potential borrowers can get a loan ranging from $20 to $200. The duration of this type of loan agreement is 30 days, after which the borrower must return not only the principal amount of the debt, but also a fixed monthly fee in the form of a commission fee for using the Cash App Borrow in the amount of 5%. The amount of this remuneration corresponds to 60% per annum. Such an interest rate is beneficial for the borrower compared to payday loans, the average rate of which approaches 400% per annum. On the other hand, Cash App Borrow offers a higher interest rate than consumer loans, which offer loans to potential borrowers at 9% per annum, and by law cannot exceed 36% in most states.
Fees and details
- Maximum loan amount: $200.
- Terms: 30 days
- Cost: fixed commission 5%.
- Other fees: 1.25% late payment fee.
Can I borrow money from Cash App?
Cash App Borrow is currently in testing and is not available to all US residents. Many Cash App users state that they still do not have access to this feature.
This circumstance is influenced by the following factors:
- State of residence. The Cash App Borrow feature is not available to all US residents at this time.
- Credit history. The current credit rating of a potential borrower may not meet the requirements.
- Using the Cash App – the platform is most likely available for lending to the most active users.
- Cash Card Use – Priority lending under this program may be given to individuals with an active Cash Card debit card.