"Cash App's new feature allows users to pay a 7.5% fee to borrow money for transfers, with repayments made in weekly increments or as a single payment. This flexibility is designed to help users manage their cash flow more effectively."
"The specific amount available for conversion depends on the original transaction amount and individual customer assessment, emphasizing responsible lending criteria rather than traditional credit limits."
"Owen Jennings highlighted that many Americans today have jobs with less consistent pay, and the new feature aims to provide financial flexibility for those navigating such economic realities."
Cash App has launched a new deferred payment feature enabling users to pay for everyday transfers over an extended period. Users can borrow amounts starting from $25, with a 7.5% fee applied. Repayments can be made weekly over six weeks or as a single payment. Loan limits vary based on individual assessments rather than traditional credit limits. The feature aims to assist users, particularly gig workers and entrepreneurs, in managing cash flow amid inconsistent income streams.
Read at TechCrunch
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