The average U.S. mortgage rate fell for the second consecutive week, down nine basis points to 3.04%, according to Freddie Mac’s Primary Mortgage Market Survey.
Despite rates mirroring mid-march levels, Sam Khater, Freddie Mac’s chief economist, doesn’t expect them to hold.
“The economy is improving on the demand side and on the supply side, a variety of goods and materials remain scarce,” said Khater. “As a result of this imbalance, pricing pressures are building and causing inflation to rise. Despite the pause in mortgage rates recently, we expect them to increase modestly for the remainder of this year.”
The Federal Reserve has been unwavering in its stance on maintaining inflation at 2% before any form of new policy can be made. If inflation does rise above its target, it would put upward pressure on mortgage rates because investors who buy fixed assets use inflation as the mainstay of their calculation that determines the yield, or return, they are willing to accept.
Because higher inflation eats into bond yields, investors demand a higher return for the mortgage-backed securities and other bonds they buy when inflation is rising. Inflation fears also boost yields on Treasuries, which are used as a benchmark for MBS investors.
In a meeting with the Economic Club of Washington on Wednesday, Fed chairman Jerome Powell said it is unlikely that the nation’s economic status reaches a turning point for policy until 2022 – perhaps even longer.
“Most members of the committee did not see raising interest rates until 2024, but that isn’t a committee forecast, it isn’t something we vote on or or act on as a group…it really is just our assessment,” Powell said. “Markets focus too much on what we call the economic predictions, and I would focus more on on the outcomes that we’ve described.”
Rates typically fluctuate ahead of fed announcements and speeches, as traders become hesitant in the market ahead of inflationary talk.
U.S. pending home sales unexpectedly rose in June for the first time in four months, despite ongoing supply and financing challenges facing the resale market.
The National Association of Realtors’ index of contract signings to purchase previously owned homes advanced 0.3% last month to 76.8, data out Thursday showed. The median estimate in a Bloomberg survey of economists called for a 0.5% drop.
The existing-home market has been under pressure over the past year as many homeowners have been hesitant to move in an environment of high mortgage rates. That’s limiting the number of available homes, while elevated prices and borrowing costs are also keeping many prospective buyers at bay.
“The recovery has not taken place, but the housing recession is over,” Lawrence Yun, NAR’s chief economist, said in a statement. “Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”
The pending-home sales report is often seen as a leading indicator of existing-home sales given houses typically go under contract a month or two before they’re sold.
Sales rose in the Northeast and Midwest and fell in the South and the West. From a year earlier, U.S. home purchases were down 14.8% on an unadjusted basis.
Yesterday’s closing headline and most condensed recap of Powell’s press conference was simply: “data dependence continues.” Indeed it does! This morning’s economic data came out resoundingly stronger with all four reports beating forecasts–rather significantly in at least 2 cases. A slightly dovish read on the European Central Bank announcement helped bonds hold their ground with minimal losses earlier in the morning, but after Lagarde’s press conference ended, the selling snowball is rolling.
We also discussed the fact that the frontier for the rate hike outlook is far into the future these days. The market doesn’t expect much more upward pressure in terms of Fed rate hikes in the coming months. Instead, the adjustments to the outlook have been taking place in the form of lower expectations for rate cuts in 2024. Yesterday’s press conference helped restore some of that rate cut expectation with the March Fed meeting showing rates a quarter point lower than the level created by yesterday’s hike. Now this morning, the econ data has fully reversed that expectation.
Purchasing a home got a little more expensive this week, as rates ticked closer to 7%. But relief may come later this year, according to a new forecast.
The average rate on the 30-year fixed mortgage increased to 6.81% this week, up from 6.78% the week prior, according to Freddie Mac. Rates followed the 10-year Treasury yield higher, as markets responded to the Federal Reserve’s quarter-point rate hike this week, which put short-term rates at the highest level in more than 20 years.
Read more: What the latest Federal Reserve move will mean for loans and mortgages
The increase compounds the unrelenting affordability problems homebuyers must swallow and further exacerbates inventory challenges, though softer rates may be in the offing.
“With consumer price inflation calming close to the Federal Reserve’s desired conditions, mortgage rates look to have topped out,” Lawrence Yun, chief economist at the National Association of Realtors (NAR) said in a statement on pending home sales Thursday. “Given the ongoing job additions, any meaningful decline in mortgage rates could lead to a rush of buyers later in the year and into the next.”
Entry-level buyers can’t keep up
First-time buyers, often the most rate sensitive in the market, took a step back as rates ticked up.
The volume of purchase applications for a mortgage decreased 3% from one week earlier on a seasonally adjusted basis to the lowest level in over a month, the Mortgage Bankers Association (MBA) survey for the week ending July 21 found. Overall, purchase demand was 23% lower than the same week a year ago.
The decline was partly driven by a 10% decrease in applications for home loans backed by the Federal Housing Administration, a popular choice among moderate-income and entry-level buyers.
“Many borrowers remain on the sidelines given current rates and persistent affordability challenges,” MBA deputy chief economist Joel Kan said in a statement.
Home prices aren’t exactly helping the affordability equation either.
The median price of single-family homes was $450,000 for the week ending July 24, a separate survey by Altos Research found. That’s unchanged from last week and also from a year ago. The median price of a new listing was also unchanged from last year.
“Again, this is yet another signal that despite affordability challenges for so much of the country, there are sufficient buyers at these prices and these mortgage rates that home prices are not falling in 2023,” Mike Simonsen, CEO of Altos Research, wrote in his blog post.
A lack of inventory is also helping to prevent prices from falling. And that’s a direct consequence of elevated mortgage rates because many homeowners are holding off on selling their properties because they don’t want to give up their current low mortgage rate.
Altos Research forecasted at the start of the year that inventory would end 2023 at 600,000. The firm has since revised that figure down by a third to 400,000.
“We’ve had low-inventory surprises almost every week all year,” Simonsen wrote. “The key takeaway on inventory is that there is no signal anywhere in the data, of a surge in inventory.”
Eventually homebuyers may get some relief as mortgage rates are widely expected to soften during the remaining months of the year.
For instance, NAR on Thursday released a forecast that puts the 30-year fixed mortgage rate at 6.4% this year and then drops to 6.0% in 2024. Realtor.com predicted in June that mortgage rates would average 6.4% throughout this year and fall to 6.1% by year-end. That’s similar to what the MBA is anticipating, too.
“MBA expects that rates will remain volatile in the coming months,” MBA President and CEO Bob Broeksmit said in a statement this week, “but will fall to around 6% by the end of this year.”
Gabriella Cruz-Martinez is a personal finance reporter at Yahoo Finance. Follow her on Twitter @__gabriellacruz.
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Austin, Texas-based OJO promoted industry veteran Chris Heller to president while Jerimiah Taylor will move into the chief real estate officer role that Heller held. The moves come amid OJO’s continued growth in 2023, which the company attributes to is OJO Pro+ offering.
Heller, who has held leadership roles at Keller Williams and loanDepot‘s mellohome, will bring his decades of experience to the role of president. In 2022, HousingWire recognized Heller as an HW Vanguard.
In his new role, Taylor will work closely with OJO CEO and Founder John Berkowitz.
“At OJO, we are laser-focused on working with our industry partners to provide homeownership solutions to the millions of consumers on our platforms,” Berkowitz said. “I’ve seen first-hand the incredible value Taylor provides, serving as a conduit between understanding the needs of real estate professionals and consumers, with how to build innovative technology to ensure a successful relationship.”
Taylor, who previously served as the vice president of real estate and mortgage services at OJO, has a background as a real estate agent, team leader, and leader in both the residential and mortgage industries.
“I’m thrilled to have the opportunity to join OJO’s leadership team, which balances a long track of building valuable technology with deep real estate experience,” Taylor said. “I’m excited to continue working alongside this incredible team to create more successful homeowners, while helping real estate agents reach new professional heights.”
OJO is a real estate technology company focused on improving homeownership. It enables consumers to customize their search, connect with industry experts and access financial tools so they feel prepared to buy, sell, or own.
This content was generated using AI and was edited by HousingWire’s editors.
As expected, the rules target financial institutions with $100 billion or more in total assets, which was undoubtedly influenced by the recent collapses of U.S. financial institutions with assets between $100 billion and $200 billion, including Silicon Valley Bank and Signature Bank.
Per the proposed changes, regulators expect that large holding companies’ binding common equity tier 1 capital requirement, including minimums and buffers, would increase by around 16%, compared to the 15% to 20% range mentioned earlier. Insured depository institutions would face an estimated 9% increase, including regional lenders. Community banks would not be impacted.
The proposal would include a three-year transition period beginning July 1, 2025.
“While the proposal would not generally change the minimum required capital ratios, the amount of required capital would change due to changes to the calculation of risk-weighted assets” says the memorandum released by the regulators.
“Staff of the agencies estimated that five large bank holding companies would have shortfalls in their common equity tier 1 capital requirement under this proposal based on year-end 2021 data,” FDIC Chairman Martin Gruenberg said in a statement. “For those large holding companies with shortfalls, the amount is estimated to be below one year of average earnings over the last seven years. This means these banking organizations would be able to achieve compliance with these revisions through earnings over a short timeframe, even while maintaining their dividends.”
The changes would boost capital requirements for large banks’ residential mortgage portfolios compared to international standards. Currently, first-lien whole loans prudently underwritten and performing to their original terms receive a 50% risk weight, while other loans receive a 100% risk weight.
Under the draft proposal, 40% to 90% risk weights would be assigned for large banks issuing residential mortgages, depending on the loan-to-value ratio, which is 20 basis points above the international standard. For example, a 50% risk weighting would be considered for a mortgage with LTV between 60% and 80%, and a 90% would be considered for an LTV above 100%.
Travis Hill, vice chairman at the FDIC who voted against the proposal., said risk sensitivity is a “double-edged sword.” When risk sensitivity is too little, it incentivizes risk-taking. But setting increasingly risk-sensitive standardized risk weights always involves choosing winners and losers.
“Nonetheless, there are some areas where additional risk sensitivity is justified. For example, in the proposal, incorporating loan-to-value ratios into the risk weight treatment for residential mortgages is understandable,” Hill said in a statement. “Market participants have been analyzing mortgage credit risk for many decades, spanning numerous business cycles, yielding a great deal of data and experience demonstrating the relationship between LTV and credit risk.”
Jonathan McKernan, a member of the FDIC board of directors, said the proposal offers no “loss history or other evidence to support the sizing of the surcharge.”
According to McKernan, the purported rationale is to avoid putting smaller banks, which would not be subject to the proposal, at a competitive disadvantage to large banks. But one alternative worth exploring is to extend the modernized Basel III to all banks. It has not been explored because the Basel III requirements are generally less than today’s requirements, McKernan said. “So, in reverse engineering a significant increase in capital, we have backed ourselves into this surcharge without evidence or real rationale.”
McKerarn said there likely will be real economic costs, such as increase in interest rates for low- and moderate-income and other historically underserved borrowers who cannot always afford a 20% down payment. It would also “perpetuate an existing capital arbitrage that drives mortgage lending out of the banking system
The Mortgage Bankers Association said the proposal would increase borrowing costs and reduce credit availability, ultimately hurting macroeconomic growth.
“Given ongoing affordable housing challenges, regulators should be taking steps that encourage banks to better support real estate finance markets,” Bob Broeksmit, president and CEO at MBA, said in a statement.”These proposed changes do precisely the opposite during a time of near record-low single-family delinquencies and pristine underwriting. This proposal also undermines several current policy objectives, from closing the racial homeownership gap to promoting competition over consolidation.”
Broeksmit is critical to issuing a proposal without “an advance notice of proposed rulemaking and a “quantitative impact study to assess the macroeconomic and sector impacts.”
“Experience with such significant capital changes tells us that equity markets will react immediately, and banks will respond to that pressure in real-time, long before the final rule is issued.”
“Increasing the risk weighting on mortgages by 20% across the board over Basel III is unnecessary, unwarranted, and dramatically impacts banks’ lending to low- and moderate-income individuals, particularly in a market where home prices and mortgage rates are at historic highs,” David Dworkin, National Housing Conference president and CEO, said in a statement. “Further, the proposal ignores the significant role of mortgage insurance in mitigating losses.”
Comments on the proposal will be accepted through November 30, 2023.
Marshall Loeb at MarketWatch recently shared some tips for online coupon clipping:
A recent study by comScore, an Internet information provider that tracks consumer behavior, found that 53% of consumers say they regularly visit brand Web sites to find promotions.
Visiting a manufacturer’s web site is a great way to find coupons (or other promotions) for products you plan to purchase. But, as Loeb notes, there are many web sites that amalgamate deals into one location so you don’t have to waste time looking for them yourself. He recommends these five:
Coupon Mountain offers “free coupon codes, bargains and sales from more than 2,000 online stores.” No registration required.
Coupons.com allows users to browse current grocery coupons and then print them at home. I don’t like that you have to download special software to print the coupons, though — that seems unnecessary.
DealCatcher “is updated daily and features coupons and deals for online merchants as well as printable coupons for local stores.”
Currentcodes.com “has a full-time staff of trained individuals whose only job is to find new coupon codes and discount codes and verify the accuracy of the existing database.”
And, of course, FatWallet is the mother of all money-saving sites. You can find online coupons and compare prices. But the heart of this site is the discussion forum. I’ve spent hours reading various threads here, learning great ways to save money. Highly recommended.
These aren’t the only money-saving sites on the web, however. In the past, we’ve discussed several others here at Get Rich Slowly:
The Absurdly Cool Freebie Finder, an automated free-stuff aggregator designed to collect offers from top freebie sites while filtering out scams.
RetailMeNot is another smart source for online coupon codes. The site offers discussion forums, a Firefox extension, and a Macintosh widget.
Explore online grocery flyers from mygrocerydeals.com. Want to learn what’s on sale this week at your local grocery store? This site has the lowdown. It also provides nutrition information for most products.
The Grocery Game is a for-pay site designed to maximize coupon savings through the use of an up-to-date price database. Many people love it.
We’ve also learned to check for coupons and rebates before having prescriptions filled. Discounts aren’t available for every product, but it’s worth your time to do some quick research because the savings can be enormous.
Over the past couple years, Get Rich Slowly readers have recommended a number of other sites for finding good deals. I haven’t had a chance to explore these myself, though I hope to in the future:
The Coupon Clippers is “the nation’s largest online grocery coupon clipping service, offering more than a million national-brand coupons at any given time in our warehouse and shipping center.”
Ben’s Bargains tracks deals, coupon codes, rebates, and freebies.
Coupon Cabin provides up-to-date online coupons. View the animated demo to see how the site works.
Flamingo World is yet another online coupon code aggregator, but this one offers a UK version, too!
Ultimate Coupons offers a treasure trove of online coupons. It also features a coupon blog that highlights tips and tricks for saving money while shopping online.
Slickdeals.net bills itself as “the most frequently updated and complete deal site on the web.” But rumor has it that the forums are where all the action is.
Dealio is “your source for the best deals on anything, anywhere. Search for deals directly from our Web site or use our arsenal of FREE deal hunting tools to find the best deals while you’re on the go.”
Hot-Deals is “a collection of websites and RSS feeds built by deal seekers. This website is updated continuously…We only post deals that we truly feel are hot deals, which is why our users call us the most trusted deals portal site on the Internet.”
Techbargains offers a human-generated collection of links to “the best deals in tech”. While exploring the site, I found two great deals on products I’ve been wanting.
My brother loves Woot, an online store that sells “cool stuff” for cheap. Woot sells one geeky item every day. The site can be addictive. You’ve been warned.
Finally, if you purchase products online, don’t forget to use PriceProtectr, the smart little web app that helps you take advantage of “price protection” guarantees.
A Word of Warning
If you visit these sites, you’ll see that many offer the same services: online coupon codes, deal aggregation, rebate tracking, etc. How do you decide which one to use? I think it ultimately comes down to which interface you prefer, which site makes it easiest to find deals on the items you regularly purchase.
That last point is key: A deal is only a deal if it’s a good price on something you would purchase anyhow. If a site induces you to buy something you hadn’t intended to buy in the first place, it’s not saving you any money. This is why I avoid sites like Woot. Yes, I know Woot offers great deals. But I’m worried that it would simply cause me to buy stuff I do not want or need.
Inside: Are you looking for a way to borrow money? Cash App has you covered. This guide will show you how to unlock the borrowing feature on Cash App and get started borrowing money.
Borrowing money can be a stressful experience. You may feel like you’re in over your head and that there’s no way out.
If you’re in need of some extra cash, you may be wondering if Cash App offers a way to borrow money.
Fortunately, at this time Cash App does offer a borrowing or lending feature for selected users.
This cash advance may help you in your cash crunch, but it does come with a fee.
But what if I told you that there is a way to borrow money without all of the stress?
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
What is Cash App Borrow?
Cash App Borrow, brought to you by Block (formerly Square, Inc.), is a handy short-term loan feature within the Cash App.
Let’s say you’re in a pinch and need a quick $50; Cash App Borrow can let you borrow from $20 up to $200.
You’ve got four weeks to repay with a minimal 5% fee. Be aware that if you don’t pay back on time, there’s a 1.25% late fee each week.
However, this lifesaver isn’t for everyone and the feature varies based on your region, credit history, and usage of the app. Remember, it’s designed for small emergencies, not big expenditures.
This may help your cash flow budget plan.
How to Unlock Borrow on Cash App
The Cash App’s feature, “Borrow,” offers a swift and convenient way for users to access funds without resorting to traditional loans.
This service could be the solution you need for immediate access to funds, helping you bridge any financial gaps with ease. Whether you’re using borrowing for mitigating an unexpected expense or getting quick liquidity, learning how to unlock this feature can be pivotal to leveraging these benefits at your fingertips.
This feature opens the door to short-term borrowing, eliminating the usually lengthy and complex process often associated with financial institutions.
In this section, we will walk you through the steps to unlock the “Borrow” feature within the Cash App, elaborating on its benefits and offering a clear picture of its operations.
Step #1: Sign Up or Open Cash App & Log In
First, you need to be a Cash App user.
Start by downloading the app. Once you’ve installed it, open the app, and hit the ‘Sign Up’ button.
Input your email and phone number, then follow the prompts you’ll receive to verify your identity.
Step #2: Start the Borrow Loan Process
Tap on the “Banking” or “Money” icon, it looks like a little bank building.
Scroll and look for “Borrow”. It should be right there! If you qualify, tap “Borrow” then “Unlock”.
Now, choose the amount you’d like to borrow and select a convenient repayment plan.
Step #3: Decide How To Repay Your Cash App Loan
Before you take on debt, you need to choose a repayment method for your Cash App loan. This is one step many people forget!
Pick one from three options:
Paying ‘As you get cash’ spreads the cost, but remember, any incoming funds will chip at your loan first.
‘Four weekly payments’ allows for consistent budgeting, but never miss a payment, it could hit your credit score!
‘All at once’ option keeps it simple but needs a big chunk of cash.
You can always repay early without penalties – a nice flexibility!
Choose what suits your financial strategy best.
Step #4: Accept Loan Terms & Borrow Instantly
The final step is to review the loan details carefully.
You need to know that Cash App Borrow is still a type of loan and key details needs to be reviewed.
Once you agree to their terms, tap “Borrow Instantly”.
Note: Approval times can vary, but typically it’s super speedy. And remember, the borrow feature is best for emergencies, not long-term needs.
How quickly can one access a loan from Cash App?
Cash App Borrow allows you to get a quick loan within seconds from the Cash App’s main screen. Choose your loan amount, up to $200, select a repayment option, and voila! After reviewing the terms, hit “Borrow Instantly.”
Your money pops up in your account right away.
However, remember that the feature is only available to a limited set of users currently. If you can’t find it, you might need to wait until it’s rolled out universally.
Learn where can I load my cash app card.
How does the repayment process work for Cash App loans?
Settle your loan directly via the app, either automatically or manually.
Here are your options:
you can repay as you receive cash
make weekly payments,
or clear the entire amount at once.
Remember, early full payment has no penalty. Also, non-payment can lead to suspension from the Cash App.
Just, make sure you don’t default!
Why don’t I have Cash App Borrow Option?
If you’re scratching your head wondering why the Cash App ‘Borrow’ is not showing up, don’t stress. There might be a few reasons behind its vanishing act.
Beta Status: Have patience! The borrow feature may not always be available as it’s currently in beta testing.
Location Matters: Sometimes, it’s all about where you live. Cash App Borrow isn’t accessible in all US states.
Credit Stance: Your credit history could be denying you access. Poor credit or not meeting other Cash App requirements can keep the option hidden.
Usage Pattern: How often do you use Cash App? Regular users with frequent deposits are more likely to have the borrow feature.
Remember, unlocking Cash App’s Borrow isn’t fast or guaranteed, but being a frequent, responsible user might just tip the odds.
How to get the borrow feature on cash app?
When the feature is available, you’ll be able to request a loan through the app. For most users, it may be based on the state you reside as to whether the borrowing feature is available.
To get the borrow feature on Cash App, you first need to unlock it on your account. Here’s how to do it:
Begin by opening Cash App and logging in to your account.
Navigate to the “Money” tab located at the bottom left of your screen.
Click on the button labeled “Unlock” which will lead you to the borrow feature.
Tap on “Continue” to unlock the feature.
In the event that you can’t find this option, it’s possible that this feature is not accessible for your account currently.
Eligibility Criteria for Borrow on Cash App
Cash App Borrow is a feature that allows eligible users to borrow money directly from the app itself.
However, to be eligible, you must meet certain criteria set by Cash App, which is not widely known.
So, here are the general guidelines most lenders use to determine loan eligibility:
Are you over 18 years old?
Are you a United States resident?
Do you have a valid bank account and a debit card?
Are you a regular and frequent user of the app to possibly boost your chances of accessing the “Borrow” feature?
What is your credit score and past credit history?
Do you utilize the direct deposit feature with Cash App?
What state do you reside in?
Have you repaid your previous Cash App loans on time?
Please note that the exact requirements might vary, with some users reporting that a credit check is not always required and others suggesting that regular, substantial deposits might be necessary.
Cash App Borrow States
However, the eligibility to borrow also depends on the state you live in, as the Cash App Borrow feature is not available in all states.
So, you got to be living in certain states.
Consequently, the Cash App Borrow Loan Agreement does not specify in which states you must reside to be eligible for a loan.
However, these states have additional state notices, so the assumption is Cash App Borrow is likely in these states (and subject to change):
California
Florida
Iowa
Kansas
Massachusetts
Missouri
New Jersey
New York
Ohio
Rhode Island
South Dakota
Utah
Vermont
Washington
Wisconsin
This doesn’t guarantee instant access, though.
Cash App will send an invite for you to use the feature. So, keep an eye on your Cash App interface.
How often can you borrow from Cash app?
The frequency of borrowing from Cash App isn’t explicitly stated due to the novelty and selective availability of the feature.
However, it is essential to acknowledge that Cash App offers short-term loans, which must be paid back in full within four weeks. Therefore, the allowance for another loan likely depends on whether the borrower has successfully repaid their previous loan within the stipulated time frame.
Therefore, it is advisable for borrowers to prioritize prompt repayment and maintain responsible borrowing habits to avoid falling into a debt cycle.
While this might suggest that the borrowing cycle could potentially be monthly, specific details about the frequency of borrowing have not been openly advertised by Cash App.
Is it safe to use Cash App for borrowing money?
Cash App is a secure mobile app that lets you borrow a quick buck when you’re facing financial hurdles. It works like a digital buddy who lends you money and expects you to pay it back in due time.
The true beauty of Cash App is how it values your security. It works with approved lenders and employs advanced safety measures to protect your data as seriously as a hawk guarding its nest.
It allows for convenient money transfers.
Do bear in mind though, your credit history plays a role in securing this loan.
Remember, always research and consider all your options before entering a financial contract (even with your digital buddy!).
How to increase cash app borrow limit?
Increasing your Cash App borrowing limit involves actively using the loan features within the app and repaying smaller loans promptly.
Here’s how you can achieve this:
If your current borrowing limit is small (for example, $20), borrow that amount and make sure to repay it immediately.
Note from user experiences shared on platforms like Reddit, your limit may not increase if you repay your loan early. To potentially raise your limit, let your loan automatically repay when it is due. However, this might not be the same for everyone.
After you have repaid the loan, when you borrow again, you should notice a slight increase in your borrowing limit for the next loan.
Keep in mind, not everyone will be eligible for increasing their Cash App borrowing limit.
Eligibility and limit increases strongly depend on individual financial situations, borrowing history, and timely repayment abilities.
Nonetheless, by adhering to the principles of responsible borrowing, you can potentially increase your borrowing limit on Cash App.
What Do to If Cash App Borrow Ended?
Despite offering an attractive short-term loan program, Cash App Borrow has been relatively silent about its operations, leading to confusion among users.
This may have happened because of failure to repay a previous loan.
So, before you jump into finding alternatives, remember to carefully consider the costs and risks involved in borrowing money.
Despite its usefulness, if Cash App Borrow is inaccessible to you or has ended, here’s what you can do:
Seek other cash advance apps: Numerous apps offer similar services, and might have lower fees.
Consider a credit card cash advance: While it bears a fee, of 3% it’s lesser than Cash App’s 5% fee.
Evaluate online lending options: Comparing cost and repayment terms can help you find a better deal.
Borrow from an emergency fund or family member: These are often the cheapest sources of short-term support.
With any financial decision, proper research and a thorough understanding of the terms can help you make an informed choice and avoid further financial distress.
How does Cash App compare to other borrowing apps?
Cash App is a versatile player in the lending field, offering a blend of banking capabilities and micro-loans under one roof. It stands as a convenient alternative to traditional borrowing apps with its unique features and loan offer.
Top Cash App features include:
Peer-to-peer payments
Investments in stocks and Bitcoin
Bill payment through direct deposits
Short-term loan feature, “Borrow”
If the Cash App Borrow feature isn’t accessible to you or doesn’t suit your needs, there are numerous alternatives to consider.
Loan Amount
Fees
Repayment
Cash App
$20-$200
5% of the loan
4 weeks
Credit Cards
depends on credit approval
View current rates/terms
According to terms
Upstart
$1000-50000
varies
Agreed upon terms
LightStream
up to $50000
view current rates/terms
Auto-pay is preferred
In conclusion, Cash App offers an all-in-one platform that changes the game for borrowing apps. It may not be perfect, but it’s a notable contender.
FAQ
On Cash App, you can borrow up to a max of $200.
However, the amounts typically start low, like $20 or $40, and your limit increases as you repay your loans.
So, let’s say you began with a $40 loan, repay it, and ta-da! Your next loan could be a higher amount.
But remember, you need to pay off one loan before jumping onto another.
Just in case you’re thinking of taking out a loan with Cash App Borrow, you should know a few things about the fees involved.
You’ll need to pay back this short-term loan within four weeks along with a flat 5% fee – kinda like the interest, ya know?
But be careful not to miss the deadline! If you’re late, they’ll start charging an additional 1.25% late fee each week until you square up.
For example, if you borrow $100, you’ll need to pay back $105 within a month. If you don’t, it’d be $106.31 in the following week.
Cash App Borrow Not Showing Up? Now You Know Why
In conclusion, the Cash App Borrow feature can serve as a lifeline in times of financial need, offering short-term loans ranging from $20 to $200.
That being said, it’s prudent to be mindful of the potential for debt to accumulate and to pay the loan before the grace period ends.
If you’re not eligible or need a larger loan, other cash advance apps might provide a suitable alternative.
However, the process of borrowing from Cash App is also simple, making it a convenient choice for many.
Exercise caution, fully understanding the commitment you’re entering into and prioritizing financial responsibility to avoid the slippery slope of debt.
Remember, the money borrowed via Cash App should be repaid on time to use borrow feature continuously.
Know someone else that needs this, too? Then, please share!!
Marriott Bonvoy credit cards are getting more rewarding for those who put them at the top of their wallet. Beginning July 27, 2023, Marriott Bonvoy cardholders have the opportunity to snag an extra 10,000 points after spending $7,000 in eligible purchases on the card by Sept. 30, 2023. Qualifying transactions can span all spending categories, not just Marriott hotel purchases.
Existing cardholders need to enroll by Aug. 10, 2023. If you’re a Marriott super fan and hold multiple Bonvoy credit cards, you can enroll each card and earn multiple bonuses if you meet the spending requirements on each card.
NerdWallet values Bonvoy points at 0.7 cent each, making 10,000 points worth about $70. That could help you earn a free night at a Marriott property. But if your goal is to rack up as many points as possible, this limited-time offer might not be worth the trouble.
Which cards are eligible?
Marriott offers several credit card options across two issuers. All U.S. Marriott Bonvoy credit cards are eligible for this promotion, including:
Though this offer is available on Marriott Bonvoy cards issued by Chase and American Express, the two issuers have slightly different promotion rules. Chase, for example, allows you to retroactively count any spending made in the promotional period once you enroll in the offer, while AmEx will only count purchases made after you enroll.
You must have been a Chase cardholder by June 21, 2023, to be eligible, while AmEx is allowing anyone who is approved for a new Marriott card and enrolls by Aug. 10 to participate in the promotion. Terms apply. For complete details, make sure you read the terms and conditions when you enroll.
Is it a good deal?
If you’re already planning to spend $7,000 on your Marriott Bonvoy card in the next two months, an extra $70 in rewards is a nice perk. But you could snag a more rewarding bonus if you’re willing to open a new credit card.
As of this writing, the Chase Sapphire Preferred® Card is offering this bonus: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®. Meanwhile, the American Express® Gold Card has this offer: Earn 60,000 Membership Rewards® points after you spend $4,000 on eligible purchases with your new Card within the first 6 months of Card Membership. Terms Apply.
Both cards offer higher bonuses with lower spending requirements and more time to earn them. Plus, AmEx and Chase allow you to transfer your reward points to Marriott (though doing so may not yield the highest value for your points). But if you’re specifically hoping to rack up Bonvoy points, transferring either of these bonuses will still net you significantly more rewards than this limited-time offer.
If you’re not interested in opening a new card, this offer can help you snag some extra points on your existing card that you wouldn’t otherwise earn. But if you want to maximize your earnings, you could do better by earning a bonus on a new card instead.
The information related to the Marriott Bonvoy Bountiful™ Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.
The Super Man complex most healthy people have has a kryptonite when it comes to life insurance options: the non-medical factors that affect your life insurance rates.
It’s a huge shock to many people who get a free life insurance quote who are in the best shape of their lives when they can’t qualify for the best life insurance rates because of non-medical factors. It usually goes something like this:
“I Crossfit 3 times/week and compete in Iron Man triathalons and you’re telling me that I can’t qualify for the best rates because I’m a rock climber?”
Yes. That’s what we’re saying.
In our 8 years of helping consumers find the lowest life insurance rates available, here are the top 5 “non-medical” factors that affect your life insurance rates (in no particular order).
Non-Medical Factors that Affect Life Insurance Rates
1. Hazardous Occupations
Have you seen “Deadliest Catch” ? Those 700 lb steel traps on a boat being swung around by 25 foot waves isn’t really the ideal risk for life insurance companies. Expect to pay more… a lot more.
We’re also talking about occupations like oil rig workers, ironworkers (think high rise structural construction) and bomb diffusers. Yes, I’ve actually insured a police bomb diffuser. One of the sharpest clients I can remember – but he pays A LOT more for his life insurance than if he didn’t have this hazardous occupation.
Again, most of these people are in great shape because of the nature of their occupation – but their non-medical factors come into play when underwriting their applications.
2. Hazardous Activities
In this group, the most common risks we see are deep sea scuba divers, private pilots, motor racing, skydivers and high altitude rock climbers. Most of these people HAVE to be in great shape to perform these activities at a high level and most of them are. However, these risky activities come with increased premiums when it comes to life insurance no matter how fit you are.
Be prepared to fill out a questionnaire regarding the specifics of your hazardous activities as life insurance companies will determine your pricing based on many factors including your training, experience, and how often you perform these activities. If you are going to participate in high-risk activities don’t be surprised if you land in the high-risk life insurance premium bucket.
3. Foreign Travel
If you have any plans to travel abroad, your life insurance company wants to know about them. If it’s a high-risk area, like any of the places on this government Travel Warnings List, you’ll have a very hard time finding coverage until you come home from your trip.
Life insurance companies will also be looking at the purpose of travel and length of stay. For example – you may have a 2 week vacation planned to Bali, Indonesia, but Indonesia may be on the state departments “Travel Warnings” list or be a high risk country in the company’s underwriting guidelines. Many companies won’t consider this risk after factoring the purpose and length of stay.
Many companies will ask about previous foreign travel as well. If you show a pattern of traveling to potentially high risk places, they may factor that in to their underwriting decision.
4. Family History
This is the biggest disappointment to consumers purchasing life insurance because it’s something you have no control over. Generally speaking, if any of your parents or siblings passed away before the age of 60 of cancer, heart disease or diabetes – most life insurance companies won’t offer their best health classification.
However there are some highly rated and very well known life insurance companies that don’t factor this in. If you’re in great health, make sure your agent provides you with these options.
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5. DUI’s and Moving Violations
Life insurance companies will pull your Motor Vehicle Report (MVR) and factor in any excessive moving violations and DUI’s. A couple speeding tickets usually isn’t an issue, but when you get a reckless driving ticket, DUI or an excessive number of moving violations – it becomes a factor in your life insurance pricing.
Every life insurance company will have different underwriting guidelines for each specific high risk activity.
The best advice we can give is to be open, honest and detailed with your agent about your non-medical factors. It’s your life insurance agent’s job to find you the best life insurance rates available and the more information we have, the better chance you have of actually securing the best rates.
Lastly, if you have a family or anyone financially dependent on you – don’t be disheartened because of the higher pricing. Many people we speak with think it’s “unfair” that they have to pay more because of these “non-medical” factors that come into play when determining your life insurance rates. It’s unfair to your family if you don’t protect them.
Remember the purpose of this coverage. Tomorrow is promised to one, so protect your family today.
Jeff Root is an independent life insurance agent at rootfin.com where he helps consumers across the nation find the lowest life insurance available.