How to Loan Yourself Money in Minutes Using Square and Affirm

Have you ever found yourself in a tight spot between paydays, needing emergency cash but worried that your credit might not be good enough to secure a loan? In this post, we will explore a method that allows you to loan yourself money quickly, using the Square and Affirm apps. This process can take less than 20 minutes and can provide you with up to $5,000.

Understanding the Apps

Square

Square is primarily known as a credit card processing app, but it can also be used to facilitate personal loans. By manually entering a credit card number, you can charge the card and have the funds transferred directly to your account. The money can either be sent to your debit card immediately or transferred to your checking account the next day.

Affirm

Affirm is a financial technology company that offers loans to consumers. When you sign up for Affirm, they perform a soft pull on your credit report, which means it won’t affect your credit score. Depending on your creditworthiness, you may be limited in the amount you can borrow, but you can typically secure at least $500.

Step-by-Step Guide to Loaning Yourself Money

Step 1: Download the Apps

1. Download Square: Go to the App Store or Google Play Store and download the Square app.
2. Download Affirm: Similarly, download the Affirm app.

Step 2: Set Up Your Square Account

1. Open the Square app and create an account by entering your email address and creating a password.
2. Select your country and confirm your email address.
3. Follow the prompts to complete your account setup. You can choose to register as a business or an individual; for this process, either option works.
4. Verify your identity by entering your legal name, phone number, and home address.
5. Add your debit card in the settings to enable instant transfers later.

Step 3: Set Up Your Affirm Account

1. Open the Affirm app and sign up using the referral link provided in the description for potential bonuses.
2. Once signed up, you will receive a loan approval amount. For example, let’s say you are approved for $860.
3. Enter the name of the business you created in Square when prompted. If it doesn’t appear in the list, scroll to the bottom and select the option to create a one-time use virtual card.
4. Enter the approved amount and review the terms. Choose a payment plan that suits you, noting that your first payment won’t be due for 30 days.

Step 4: Charge Your Affirm Card Using Square

1. Copy the virtual card number generated by Affirm.
2. Go back to the Square app and enter the amount you wish to charge (e.g., $860).
3. Manually enter the copied card number, expiration date, and your zip code.
4. Click charge to process the transaction. This will transfer the funds into your Square account.

Step 5: Transfer Funds to Your Bank Account

1. Once the funds are in your Square account, initiate an instant transfer to your debit card.
2. You may need to log out and log back in for the transaction to appear.
3. After the transfer, you should receive the funds in your account, minus any transaction fees (for example, you might end up with around $817 after fees).

Conclusion

This method allows you to loan yourself money quickly and efficiently, especially in emergencies. By using the Square and Affirm apps, you can access cash in under 20 minutes, even if your credit is not perfect. Remember to follow the steps carefully to ensure a smooth transaction. If you have any questions or need further assistance, feel free to leave a comment below. Share this information with anyone who might benefit from a quick cash solution!