SquareвЂ™s money App вЂ”a peer-to-peer re payments serviceвЂ”is currently testing short-term loans with choose users. As TechCrunch reports , money App is providing tiny loans with a four-week repayment term. Whilst the feature that is new just offered to 1,000 money App usersвЂ”the company may offer a wider rollout as time goes on.
HereвЂ™s how it operates: Cash App users may require a tiny loan of $20 to $200 in the app. TechRadar claims there is certainly immediate approval and users have actually one month to cover the loan back. Money App currently supplies a flat fee of 5%вЂ”which equals a 60% APR whenever calculated annually.