According to TechCrunch, although Cash App is testing the feature with around 1,000 users for now, it could become more broadly available in the future. Accordingly, Cash App is starting out by offering loans for any amount between USD 20 and USD 200. Users are expected to pay the loan back in four weeks, along with a flat fee of 5%.
Besides, If consumers don’t pay off the loan after four weeks, they will get an additional one-week grace period. However, after that period, Square and Cash App will start adding 1.25% (non-compounding) interest each week. Moreover, consumers will not be enabled to take out an additional loan if they previously defaulted.
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