GITNUX MARKETDATA REPORT 2024

Cash App Borrowing Limit Statistics

The Cash App borrowing limit statistics would typically provide insight into the average maximum amount users are approved to borrow through the platform.

With sources from: theverge.com, businessofapps.com, investopedia.com, cash.app and many more

Statistic 1

Users are allowed to borrow between $20 and $200 via Cash App.

Statistic 2

Cash App charges a flat fee of 5% for its loan service.

Statistic 3

Cash App loans must be repaid within one month.

Statistic 4

Late fees won’t exceed 25% of the initial loan amount.

Statistic 5

Cash App borrowing is only available in 25 U.S. states.

Statistic 6

The annual percentage rate on a Cash App loan can be as high as 60%.

Statistic 7

Cash Apps borrowing feature isn’t available if your paycheck is directly deposited into Cash App.

Statistic 8

Cash advance feature was initially tested with about 1,000 Cash App users.

Statistic 9

As of 2020, Cash App has reported having more than 30 million monthly active users.

Statistic 10

Cash App generated a revenue of $1.23 billion in Q2 2020 alone, apart from borrowing.

Statistic 11

Minimum Age to Access Cash App services is 18.

Statistic 12

Approximately 7 million users received their stimulus checks through Cash App.

Statistic 13

Over half of the Cash App users are millennials.

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In this post, we explore the borrowing limits and key statistics associated with Cash App, a popular mobile payment service. From loan amounts and fees to user demographics and revenue figures, we delve into the details of Cash App’s borrowing feature and its impact on millions of users across the United States.

Statistic 1

"Users are allowed to borrow between $20 and $200 via Cash App."

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Statistic 2

"Cash App charges a flat fee of 5% for its loan service."

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Statistic 3

"Cash App loans must be repaid within one month."

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Statistic 4

"Late fees won’t exceed 25% of the initial loan amount."

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Statistic 5

"Cash App borrowing is only available in 25 U.S. states."

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Statistic 6

"The annual percentage rate on a Cash App loan can be as high as 60%."

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Statistic 7

"Cash Apps borrowing feature isn’t available if your paycheck is directly deposited into Cash App."

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Statistic 8

"Cash advance feature was initially tested with about 1,000 Cash App users."

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Statistic 9

"As of 2020, Cash App has reported having more than 30 million monthly active users."

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Statistic 10

"Cash App generated a revenue of $1.23 billion in Q2 2020 alone, apart from borrowing."

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Statistic 11

"Minimum Age to Access Cash App services is 18."

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Statistic 12

"Approximately 7 million users received their stimulus checks through Cash App."

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Statistic 13

"Over half of the Cash App users are millennials."

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Interpretation

In conclusion, Cash App's borrowing feature offers users the convenience of quick loans ranging from $20 to $200, with a flat fee of 5% and a repayment period of one month. However, the high annual percentage rate of 60% and restrictions such as availability in only 25 U.S. states and exclusion of direct deposit users raise concerns about the potential financial implications for borrowers. Despite these limitations, Cash App's rapid revenue growth and large user base, including millennials and stimulus check recipients, highlight the platform's significant presence and impact in the digital financial market.

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