Cash App now lets you send money to friends and pay later
The new "pay over time" feature lets users split P2P transfers into installments for a 7.5% fee.
What's new
Block's Cash App launched a feature that lets you send money to someone now and pay it back in installments.
How it works
- For transfers of $25 or more.
- Fee: 7.5%. Borrow $100 and you repay $107.50.
- Repay weekly over up to six weeks, or in one payment on the due date.
- Limits are dynamic and each transaction is evaluated for eligibility.
What Block says
Block's Owen Jennings said all of its lending products are "non-revolving," meaning the debt does not roll over like a credit card.
Prices are in US dollars; prices in Kurdistan may differ.
Founder and editor-in-chief of Kurd Developers. Phone and tech news on YouTube, Instagram and TikTok.
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