There's no doubt that Cash App has completely changed the way we manage funds nowadays.
Whether you're looking to send money to someone or simply pay for your bills, Cash App is definitely one of the top options that will come across your mind.
Cash App's convenience when making payments is mindblowing—and now, it has integrated a relatively new and flexible way to pay, Buy Now Pay Later (BNPL), through a feature called Cash App Pay Over Time.
If you're looking to leverage the convenience of this feature, you've come to the right place. In this complete guide, I'll mention everything you should know about Cash App Pay Over Time, including what it is and how you can use it for making payments.
What is Cash App Pay Over Time?
BNPL is gradually becoming the leading and flexible way to make payments stress-free. Many stores in the e-commerce sector have integrated this payment technology to offer the convenience consumers are looking for especially those on a tight budget.
Cash App, the leading payment giant has leveraged this technology and now offers every Cash App user the possibility to shop now and pay on a set of installments. That's just what the Pay Over Time is all about.
Simply put, Cash App Pay Over Time is a financing feature in the app that allows eligible users to make purchases they can't afford at that time and pay for it in a set of installments.
If you're looking to make a large purchase while on a tight budget, you'll find this financing feature very interesting.
How Does Cash App Pay Over Time Work?
When you opt to use Cash App Pay Over Time at the time of purchase, your orders will be grouped under a section called the Pay Over Time Summary which includes your order summary, of course, and the due dates that your installment payments are expected to be made.
If you accept and proceed, you'll be charged an initial amount just like with other BNPL services. This amount is also known as the down payment. This amount will be charged from your Cash App balance and if the funds here aren't sufficient to cover the transaction amount, the remaining amount will be charged from your linked debit card.
The same process will repeat for the remaining installments until you are done with repaying the loan.
Before I forget to mention, you can repay the Pay Over Time Loan in four different ways as mentioned in the Terms, which include through;
- Automatic Payments: In this case, the installment amount will be automatically deducted from your Cash App balance or debit card but you'll have to agree to the Autopay Terms before using this method.
- Optional Automatic Payments: With this one, you'll have the possibility to voluntarily opt for automatic prepayments.
- Manual Electronic Payments: This one is a viable alternative to automatic payments where you'll be required to manually authorize electronic payments from your Cash App balance or linked debit card for the repayment of your loan.
- Mail Payments: If you prefer repaying by checks, you can mail your checks to Square's mailing address mentioned in the Terms.
Make sure the repayment method you choose should fit your needs and be convenient for you as well.
What are the Requirements to Use the Cash App Pay Over Time Feature?
As earlier mentioned, the Cash App Pay Over Time feature is a financing feature, and just like similar services, you'll need to meet a set of requirements to use the feature.
The unfortunate part is that just like it does with the borrow feature, Cash App hasn't officially mentioned the requirements to qualify for the Pay Over Time feature.
The fact is, I can't tell the exact requirements Cash App uses to determine whether a user qualifies for this or not. However, I went through many forums like Reddit and found some users who already have the feature that shared some tips to get the feature and when I compared to those I found to offer eligibility for the borrow feature, I found out that they were typically the same.
So you need the following to qualify for Cash App Pay Over Time:
- Your account must be verified and be in good standing.
- You regularly carry out transactions through the app.
- A good credit history.
- Accept the Pay Over Time Terms.
If you meet the aforementioned requirements, there's a great chance that you can get qualified for Pay Over Time. And in most cases, you'll be able to see the Pay Over Time feature in the Cash App mobile app.
How to Use Cash App Pay Over Time
If you're used to BNPL services, then using Cash App Pay Over Time should be very easy for you—and even if you are new to the feature, it is still very easy to use.
So to use the Pay Over Time feature:
- Shop a retailer that accepts Cash App payments.
- When you're done picking items, proceed to the checkout.
- Once at the checkout, select Cash App as a payment method.
- Select "Pay Over Time" that appears underneath Cash App.
- After selecting the feature, you'll be shown an overview of what you should expect with using the feature including the total cost, the installment amounts, and the repayment schedule.
- If you're okay with those, you can proceed with using the feature.
That's how you get to use the Pay Over Time feature on Cash App.
Cash App Pay Over Time Limit and Interest
There's no specified limit for the Pay Over Time feature on Cash App. Each user is attributed a loan limit based on their account activity and creditworthiness.
As for the interest, this one can only be determined based on the purchase amount. Someone making a smaller purchase of $75 can't obviously pay the same interest as someone making a larger purchase of lets say $300. It doesn't make sense.
Cash App Pay Over Time Disappeared Today
If the Pay Over Time feature disappeared today in your Cash App mobile app, it, therefore, means you're no longer eligible for the feature as it stands. There's surely something you recently did that got your account ineligible.
In this case, you'll want to check your account activity thoroughly if someone did not gain unauthorized access to your account and did something you don't know. But in over 70% of cases, the best way to make the Pay Over Time feature appear back in your Cash App account is by remeeting the requirements for the feature.
Cash App Pay Over Time Not Working
In most cases, the Pay Over Time feature might not work due to server downtime. Cash App uses different services to ensure each and everyone of its services work properly. So if the Pay Over Time is not working on your end, you'll want to check the server status page to see if everything is good there.
If everything seems good on that end, I recommend contacting the support team through the app and reporting the issue.
Are There any Fees Associated with Cash App Pay Over Time?
Yes, there are fees for using Cash App Pay Over Time especially if you are repaying through your linked debit card. In this case, only your financial institution can determine how much fees you'll be required to pay.
Also, you may be charged extra fees for late payments—so make sure you don't miss a payment schedule.
Can I Pay Off My Balance Early?
Yes, you can pay off you Pay Over Time balance early even before due dates. This will help you avoid some hefty fees you were to pay especially if you missed a payment.
What Happens if I Miss a Payment?
If you miss a payment, Cash App may charge a late fee, and it could affect your eligibility for future financing options. So always make sure that you have sufficient funds in your linked account to cover the loan repayment before any schedule.
Can I Use Pay Over Time for All Purchases?
No, Pay Over Time is only available for select merchants and transactions within the Cash App ecosystem. A good way to know if a merchant will accept Pay Over Time is by checking at checkout to see if the option is available.
Final Thoughts
Cash App is definitely one of the payment services that have taken not just convenience but flexibility to the next level. Its Pay Over Time feature is just what day-to-day shoppers like you and I need in today's fast growing economy.
With Cash App's Pay Over Time feature, you can now make larger purchases by splitting the cost of the purchase into a set of installments.
If you're an enthusiastic shopper on a tight budget, Cash App Pay Over Time is what you need to leverage the convenience this flexible payment option has to offer.