Borrow Loan Agreement
Effective: August 31, 2026
Terms and Conditions
This Borrow Loan Agreement (“Agreement”) is a contract between (i) You (as defined below) and (ii) Square Financial Services, Inc., an FDIC insured Utah state-chartered industrial bank (the “Bank”), as the originator, issuer, and servicer of Your closed-end loan. Please read this Agreement and keep a copy.
You acknowledge that You have read, agree with, and accept all terms and conditions contained in this Agreement. In consideration of the promises and the respective representations, warranties, covenants, agreements and conditions contained herein, You and the Bank enter into this Agreement and agree to and accept the terms and conditions set forth herein.
PLEASE NOTE THAT YOU SHOULD REVIEW THIS AGREEMENT CAREFULLY, INCLUDING THOSE PROVISIONS THAT INCLUDE A CLASS ACTION AND JURY TRIAL WAIVER AND REQUIRE, WITH LIMITED EXCEPTIONS, THAT ALL DISPUTES BETWEEN YOU AND US WILL BE RESOLVED BY BINDING AND FINAL ARBITRATION (SEE SECTION 21).
1. Definitions
“Amount Financed” means the amount of credit provided to You. The Amount Financed is identified in the Summary of Loan Terms.
“Bank” has the meaning set forth in the first paragraph of this Agreement and includes the Bank’s agents and assignees.
“Business Day” means any day except Saturday, Sunday, or any federal or postal holiday which is a day on which banks in the State of Utah are required or permitted to be closed.
“Cash App Balance” means the funds You have in Your Cash App account that are available for new transactions and are not subject to pending transactions.
“Company” means Block, Inc., a Delaware corporation with offices at 1955 Broadway, Suite 815, Oakland, California, 94612, and includes its agents, authorized representatives, successors, and assignees.
“Final Due Date” means the date that payment for Your Total of Payments are due and payable as detailed in the Summary of Loan Terms.
“Execution Date” means the date identified in Your Cash App activity feed as “Date borrowed” or the date You agreed to and executed this Agreement.
“Finance Charge” means the U.S. dollar amount the credit will cost You. The Finance Charge is identified in the Summary of Loan Terms, and is paid by You when the loan is disbursed.
"Loan Proceeds" means the total amount of funds extended to You by the Bank equal to the Amount Financed plus the Finance Charge.
“Outstanding Balance” means the Loan less any payments that have been made on or before the Final Due Date.
“Execution Date” means the date You agreed to and executed this Agreement, which is identified in Your Cash App activity feed as the date You took out this loan.
“Outstanding Balance Fee” means the one-time fee that may be applied in the event You fail to pay the Outstanding Balance by or on the Final Due Date.
“Overdue Interest” means the weekly charge that will be applied to Your unpaid portion of the Amount Financed in the event You fail to pay the Outstanding Balance by or on the Final Due Date, as reflected in the Summary of Loan Terms. Overdue Interest is non-compounding.
“Payoff Amount” means, at any given time, the Outstanding Balance plus any unpaid Outstanding Balance Fee plus any unpaid Overdue Interest.
“Summary of Loan Terms” means the disclosures provided to You prior to executing this Agreement, pursuant to the federal Truth in Lending Act and Regulation Z.
“Total of Payments” is the amount You will have paid after You have made all payments as scheduled, equal to the Loan Proceeds.
“You” means the person identified as “Borrower” in the Summary of Loan Terms.
2. Credit Reporting
a. The Bank may report information about Your loan to consumer reporting agencies. Late payments, missed payments, or other defaults on Your loan, as well as other loan activity, may be reflected in Your credit report.
b. If You believe that inaccurate information has been reported about Your loan to a credit bureau or other consumer reporting agency, please send notification to the address below. The notification must include (i) Your name, address, email address, telephone number, and $Cashtag; (ii) the specific information that You are disputing and an explanation of the basis for the dispute; and (iii) all supporting documentation or other information reasonably required to substantiate the basis of the dispute.
Square Financial Services, Inc.
3165 East Millrock Drive, Suite 160
Salt Lake City, Utah, 84121
3. Disbursement of Funds
Upon Your execution of this Agreement, You agree that the Bank will withhold the Finance Charge from the Loan Proceeds and disburse the Amount Financed to Your Cash App Balance. You acknowledge and agree that You will use this loan and the Amount Financed solely for personal, family, or household purposes. You promise not to use any proceeds from this loan to repay, resolve, refinance, or otherwise extinguish any other debt owed to the Company or its affiliates. You acknowledge that the Amount Financed is a one-time extension of closed-end credit subject to verification and evaluation of credit information and other criteria.
4. Promise to Pay
a. Payment of Outstanding Balance
You agree to pay the Total of Payments by or on the Final Due Date. You authorize the Bank or any agent or service provider thereof (including the Company) to initiate payments on the Final Due Date from Your Cash App Balance. If Your Cash App Balance is not sufficient to cover the Outstanding Balance, we will process a partial payment from Your Cash App Balance and then initiate payment from the debit card(s) linked to Your Cash App account for up to the remainder of Your Outstanding Balance. If You have more than one debit card linked to Your Cash App account, we will initiate payment from the debit card designated as the default funding source first.
Automatic payments are processed beginning at 8am in Your local time (the “Processing Window”). If Your Outstanding Balance is not paid in full at the time the Processing Window begins on Your Final Due Date, we may limit Your ability to take out additional loans until the Outstanding Balance is paid in full.
b. How Your Payments Are Applied
During the loan term, repayments are applied to the Outstanding Balance, proportionally to the Amount Financed and the Finance Charge. Manual repayments made before a scheduled automatic payment is processed will generally be applied toward Your next scheduled repayment. If the amount of Your next scheduled payment is reduced as a result, Your automatic payment on that date will be for the reduced amount. Unless we notify You otherwise, Your remaining scheduled payment dates and amounts will not change.
If a loan is not paid in full by or on the Final Due Date, repayments are applied as follows: 1) Overdue Interest, 2) the Outstanding Balance Fee, and 3) proportionally to the Amount Financed and the Finance Charge.
c. Optional Prepayment
You may prepay Your loan in full or in part at any time. There is no penalty for early prepayment of all or any part of Your loan. You agree that the Finance Charge is nonrefundable in the event You repay the loan before the Final Due Date and is fully earned on the Execution Date.
You may choose to prepay Your loan in full or in part before the Final Due Date by enrolling in an optional repayment schedule during the application process. Additional disclosures regarding automatic payments for such optional repayment schedules are in Your Autopay Terms, which will be provided at the time You choose Your repayment schedule. If You opt into an optional repayment schedule with weekly repayments, Your payment schedule will also be provided to You at that time. Your repayment schedule will also be available in the Borrow section of Your Cash App account. If You elect to prepay Your loan by enrolling in an optional repayment schedule, You have the option to skip any scheduled prepayments, pay Your Outstanding Balance in full at any time, or to cancel Your automatic payments as described in Section 5a below (Automatic Payments).
You may also prepay Your loan by making one or more manual repayments on any day of the loan term.
d. Post-Default Payment Practices - Overdue Balance Recovery
If You fail to pay the Outstanding Balance on or before the Final Due Date, You agree to immediately pay the Outstanding Balance.
In addition, if Your Outstanding Balance remains unpaid for more than three (3) calendar days following the Final Due Date, You authorize the Company (which shall be a third party beneficiary of this provision), in its capacity as the holder of Your Cash App Balance, to initiate a payment (or notify the Bank to initiate a payment) (i) up to the amount of the Outstanding Balance, or as applicable, the Payoff Amount or (ii) in the amount of available funds in Your Cash App Balance, whichever is less, on our behalf pursuant to standing instructions from the Bank, any time funds are available in Your Cash App Balance. This authorization will remain in effect until Your Outstanding Balance, or as applicable, the Payoff Amount is paid in full. This subsection is not intended to create or to give the Bank a security interest in Your Cash App Balance or any funds added to Your Cash App Balance. The Bank expressly disclaims any priority over other creditors or a bankruptcy trustee in a bankruptcy proceeding or similar proceeding as a result of the payment authorization in this subsection.
5. Payment Methods
You agree to make loan payments electronically or through check payments that You send to the Bank. You agree that any other form of payment, including cash payments, will not be accepted. You agree that the Bank or any of its agents or service providers are not responsible if Your financial institution rejects a payment You make. You will be responsible for any fees charged by Your financial institution.
a. Automatic Payments
You may choose to enroll in automatic payments during the application process for optional loan prepayments, as described above in Section 4c, to be made during the loan term. Additional disclosures regarding automatic payments for such optional prepayments and for the payments described in Section 4c above are in Your Autopay Terms, which will be provided at the time of enrollment. You can opt out of automatic payments for such optional prepayments or for the payments described in Section 4 above at any time through the following steps:
Click the Borrow icon on the home section in Your Cash App;
Select Your loan;
Click “Autopay” in the loan details page; and
Click “Disable Autopay”.
You may also contact Cash App Support, which may be accessed by contacting Cash App Support, which may be accessed by clicking on Your profile in Cash App, clicking “Support” and following the in-app prompts. Opting out will, by no later than three Business Days after the date of such opt-out, disable all subsequent automatic payments, including those to be made during the loan term, on the Final Due Date and (if applicable) after the Final Due Date. You will still be responsible for repaying this loan and all associated fees.
If You change the debit card(s) linked to Your Cash App account, or designate a different card as Your default payment method, it will automatically change the debit card that we use for future payments.
As a condition of loan approval, You may be required to have a debit card on file throughout the term of Your loan. While Your loan is owed, You will not be able to unlink Your debit card, but You will have the option to replace it, or suspend automatic payments at any time by following the steps above.
b. Manual Electronic Payments
You may choose to manually make electronic payments. By choosing this method, You will be required to authorize the Bank to debit Your Cash App Balance or debit card for a stated amount each time You make a payment.
c. Payment by Check
You may send checks payable to Cash Lending Lockbox Services 208731 to the following address: Attn: Cash Lending Lockbox Services 208731, Square Inc., P.O. Box 208731, Dallas, Texas 75320-8731.
Your check must specify Your $Cashtag, Your Loan ID, original Amount Financed, and Execution Date. If this information is not included on Your check and You have multiple loans with an Outstanding Balance, we may apply funds to another loan, such as the oldest outstanding loan.
Your payment must be made in U.S. dollars from a valid U.S. source in a form acceptable to the Bank. A check must be physically received at the above address by 4:00 PM CT on a Business Day in order to be credited to Your account on the same day.
You agree not to send checks bearing restrictive words, conditions, limitations or special instructions or send any accompanying communications with any payment to any address. If You send such a payment, it may be rejected and returned to You. Your payment may also be accepted and processed without regard to any such restrictive words, conditions, limitations, special instructions or accompanying communications without the Bank losing any rights or remedies. This includes checks marked “Paid in Full”, checks that are post-dated, or checks that otherwise have other restrictive, conditional, limiting, or instructive language. This also includes all accompanying communications.
d. If You believe there are errors with an electronic loan payment, please refer to Section XII.b of the Cash App Terms of Service.
6. Outstanding Balance Fee
In the event You fail to pay the Outstanding Balance by or on the Final Due Date, You will be charged a $5 Outstanding Balance Fee as disclosed to You in the loan application and Your Summary of Loan Terms. The Outstanding Balance Fee is immediately due and payable.
7. Overdue Interest Charges
Overdue Interest accrues only if You do not pay the Payoff Amount by or on the sixth calendar day after the Final Due Date. Commencing one week (seven calendar days) after the Final Due Date, Overdue Interest will accrue on any unpaid Amount Financed on a weekly basis thereafter until the Payoff Amount has been paid in full. The Overdue Interest is immediately due and payable. Overdue Interest is non-compounding.
8. Notifications
You will take all necessary steps to ensure notifications are not being filtered out of the mode by which You have selected to receive notifications in Your Cash App. Your payment will still be due on Your regularly scheduled Final Due Date even if You do not receive a notification from the Bank.
9. Payment Processing
a. You agree that the Bank may accept and process loan payments without waiving any rights or remedies.
b. You agree and authorize the Bank to resubmit and / or collect returned payments electronically if You have opted to pay electronically.
c. You agree and authorize the Bank to make electronic reversals or credits to any debit card You have provided in the event of an erroneous debit or as otherwise appropriate.
d. You agree and authorize the Bank to correct errors, process returned and reversed payments, and handle other issues pertaining to Your loan.
e. You acknowledge that funds may be withdrawn from Your Cash App Balance or a linked debit card(s) as early as the same day Your payment is received.
10. Default
a. Unless expressly prohibited by law, You will be in default on Your loan if:
You do not pay the Outstanding Balance by or on the Final Due Date;
You file or become the subject of a bankruptcy or insolvency proceeding;
You are unable to repay Your obligations, including upon death or legally declared incapacity;
You provided inaccurate, untrue, or incomplete information, or You otherwise tried to defraud or provide material misrepresentations to the Bank and/or its service providers;
Your Cash App account is restricted, suspended, or terminated;
You do not comply with any term of this Agreement; and/or
You permanently reside outside the United States.
b. If You are in default, the Bank may take certain actions with respect to Your loan without notifying You unless notification is required by law. For example, depending on the default, the following actions may be taken:
If You are enrolled in automatic payments, Your Cash App Balance or debit card may be debited the amount of any Outstanding Balance or Payoff Amount, as applicable, on or after the Final Due Date, as provided in Section 4;
Your ability to use any or all features on Cash App, including your ability to obtain new loans through Cash App Lending as described in the Cash App Terms of Service, may be suspended until You pay Your Outstanding Balance in full;
You may be charged an Outstanding Balance Fee; and / or
You may be charged Overdue Interest as long as yourYour Outstanding Balance remains unpaid.
11. Personal Financial Information
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for You: When You open an account, the Bank will ask for Your name, address, date of birth, and other information that will allow the Bank to identify You. The Bank may also ask to see Your driver’s license or other identifying documents.
You agree to provide personal financial information about You that the Bank may request from time to time for underwriting, security, and/or other purposes related to the management of Your loan, which may include the above and certain other information.
You promise to promptly update Your personal information in Your Cash App profile, including but not limited to Your name, street address, email address or telephone number. In doing so, You agree that You will not provide false information or signatures, electronic or otherwise, at any time. You may be asked for additional documents to verify any changes.
12. Age and Residency
By entering into this Agreement, You attest that You are at least 18 years of age or older and of sufficient legal age to enter into a contract in the state where You reside and You are a resident of the United States when You execute this Agreement.
13. Communications and Contact Information
a. You consent to accept and receive communications from the Bank, or its agent or service provider, including email, text messages, calls, and push notifications to the cellular telephone number You provide when You inquire about a loan or update Your contact information. Such communications may include, but are not limited to, communications regarding applications for credit, credit decisions, disclosures, servicing, collections, requests for secondary authentication, receipts, reminders, and notifications regarding updates to Your loan or account support. Call and text message communications may be generated by automatic telephone dialing systems. Standard message and data rates applied by Your cell phone carrier may apply to the text messages sent to You.
b. You may opt out of receiving promotional email communications by following the unsubscribe options on such emails. You may opt out of any promotional phone calls by informing the caller that You would not like to receive future promotional calls. You may also opt out of text messages from the Bank or any of its agents or service providers at any time by texting END to the number from which You receive a text message from the Bank, Company, or any of their agents. You acknowledge that opting out of receiving communications may impact Your use of the Bank’s and the Company’s services.
14. Loan Documents
The following documents (as updated or amended from time to time, “Loan Documents”) govern Your loan:
This Agreement;
Your Summary of Loan Terms;
The E-Sign Consent provided to You when You applied for the Loan;
The Autopay Terms;
Any privacy policies provided to You when You apply for the Loan.
Please read these carefully and keep them for future reference.
15. The Law That Applies to Your Agreement
This Agreement and any dispute arising hereunder will be governed by Utah law and/or applicable federal law (including the Federal Arbitration Act) as applied to agreements entered into and to be performed entirely within Utah, without regard to its choice of law or conflicts of law principles that would require application of law of a different jurisdiction.
16. Severability
Except as otherwise provided herein (including, without limitation, the arbitration provision below) and to the extent not prohibited by law, if any provision of this Agreement is held to be invalid or unenforceable, such determination shall not affect the validity or enforceability of the remaining provisions of this Agreement.
17. Delay of Enforcement and Waiver
Any failure by the Bank to exercise, or delay by the Bank in exercising, any right or remedy shall not operate as a waiver thereof. The Bank may waive rights or remedies without notifying You. For example, the Bank may waive Overdue Interest that You owe at a particular time without notifying You and without losing any right to impose Overdue Interest that accrues thereafter.
18. Assignment and Delegation
a. This Agreement will be binding on, and benefit, any of Your and the Bank’s successors and assigns, which such assigns shall include, for the avoidance of doubt, any subsequent holders of Your loan. Except as provided by applicable law, the Bank may sell, assign or transfer Your loan and this Agreement in whole or in part without Your permission and without prior notice to You. Any assignee or assignees, including, for the avoidance of doubt, any subsequent holders of this Agreement, will take the Bank’s place under this Agreement. You must pay them and perform all of Your obligations to them and not the Bank. If You pay the Bank after You are notified that Your loan or this Agreement has been transferred, the Bank may return the payment to You, forward the payment to the assignee, or handle it in another way that is reasonable. You may not sell, assign, delegate or transfer Your loan, this Agreement, or Your obligations under this Agreement to someone else without written permission of the Bank or any subsequent holder of Your loan. Any sale, assignment or transfer of Your loan by You in violation of this Section shall be null and void.
b. If this Agreement is sold, assigned or otherwise transferred, Your rights under the law or under this Agreement are in no way altered or impaired.
c. The Bank may retain agents or service providers to perform on our behalf any actions authorized or contemplated by this Agreement. Any authorization or permission that You grant to the Bank in this Agreement (or otherwise in connection with Your loan) shall extend to and cover any agent or service provider acting on the Bank’s behalf or at the Bank’s direction. Without limiting the generality of the foregoing, You expressly authorize Company, when acting as the Bank’s agent and service provider, to take any actions authorized or contemplated by this Agreement regardless of whether such actions are authorized or contemplated by the Cash App terms of service. Other provisions in this Agreement that expressly extend rights or protections under this Agreement to our agents or service providers (either generally or to specific service providers) are included for the avoidance of doubt, and should not be interpreted to limit the operation or effect of the general provisions in this Section.
19. Entire Agreement
The Loan Documents constitute the entire agreement between You and the Bank with respect to this loan. You acknowledge and agree that no oral representations shall vary, modify or amend the terms and conditions of the Loan Documents. Any failure by the Bank to exercise, or delay by the Bank in exercising, any right or remedy shall not operate as a waiver thereof.
20. Survival of Obligations
Notwithstanding any other provision in this Agreement, the obligations in Sections 15 (The Law That Applies to Your Agreement), 16 (Severability), 17 (Delay of Enforcement and Waiver), 18 (Assignment and Delegation), 19 (Entire Agreement), 20 (Survival of Obligations), and 21 (Binding Individual Arbitration) of this Agreement will survive any expiration or termination of this Agreement.
21. Binding Individual Arbitration
For purposes of this Section, “Disputes” are defined as any claim, controversy, or dispute between You and the Bank, its processors, suppliers or licensors (or their respective affiliates, agents, directors or employees), whether arising before or during the effective period of this Agreement, and including any claim, controversy, or dispute based on any conduct of You or the Bank that occurred before the effective date of this Agreement, so long as the dispute was not filed in arbitration or, in limited circumstances, in court, prior to the Effective Date of this Agreement, including any claims relating in any way to this Agreement or Your loan, or any other aspect of our relationship.
General. You and the Bank agree that any and all Disputes, except those that are resolved informally or brought in a small claims court, will be individually arbitrated by a neutral arbitrator who has the power to award the same individual damages and individual relief that a court can. YOU AND THE BANK MAY BRING CLAIMS AGAINST THE OTHER ONLY ON AN INDIVIDUAL BASIS; CLASS ARBITRATIONS, CLASS ACTIONS, AND REPRESENTATIVE ACTIONS ARE NOT PERMITTED. YOU WAIVE ANY RIGHT TO HAVE YOUR CASE DECIDED BY A JURY AND YOU WAIVE ANY RIGHT TO PARTICIPATE IN A CLASS ACTION AGAINST THE BANK. Nothing in this agreement prevents You or the Bank from settling Disputes on a class, representative, or consolidated basis. If any term of this arbitration agreement in this Section is found unenforceable, including the Mass Procedures described below, the unenforceable term will be severed, and the remaining terms will be enforced (but in no case will there be a class action, class arbitration, or representative action arbitration). You acknowledge and agree that this arbitration agreement applies to all Disputes, including Disputes arising from conduct that occurred prior to the effective date of this or any prior version of this Agreement.
Pre-Filing Requirement to Attempt to Resolve Disputes. Before an arbitration is commenced, You and the Bank agree to attempt to avoid the costs of formal dispute resolution by giving each other a full and fair opportunity to address and resolve a Dispute informally. Both parties recognize that this is an important requirement, and that breach of this requirement would be a material breach of the Terms. To provide this opportunity, before commencing any arbitration, proceeding in small claims court, or lawsuit (when permitted by this arbitration agreement), each party agrees to send to the other party a written Notice (“Notice”) and personally meet and confer to informally resolve any Dispute. Any Notice to the Bank should be sent by mail to Block, Inc., Attn: Arbitration Agreement, 1955 Broadway, Suite 600, Oakland, CA 94612. Any Notice sent to You will be mailed to the address on file for Your account. The Notice must: (i) include Your name, mailing address, $Cashtag, email address and phone number associated with Your account; (ii) provide detailed information sufficient to evaluate the merits of the claiming party’s individualized claim and for the other party to determine if an amicable resolution is possible; (iii) set forth the specific relief sought, including an accurate, good-faith calculation of the amount in controversy, enumerated in United States Dollars, including whatever amount of money is demanded and the means by which the demanding party calculated the claimed damages; and (iv) be personally signed by You or the Bank, as applicable. A Notice is only valid when it pertains to, and is on behalf of, an individual party. A Notice brought on behalf of multiple parties is invalid as to all. Both parties agree that they will attempt to resolve a Dispute through an informal negotiation within sixty (60) days from the date the Notice is received, and You and the Bank therefore agree that, before either You or the Bank demands or attempts to commence arbitration or litigation (where permitted) against the other, both parties will personally meet and confer, via telephone or videoconference, with each other in a good-faith effort to resolve informally any Dispute. These informal resolution conferences shall be individualized such that a separate conference must be held each time either party intends to commence individual arbitration or litigation (where permitted); multiple parties initiating claims cannot participate in the same informal resolution conference, unless mutually agreed to by the parties. If You are represented by counsel, Your counsel may participate in the conference, but You shall also fully participate in the conference. Engaging in an informal resolution conference is a requirement that must be fulfilled before commencing arbitration or litigation (where permitted). Any statute of limitations shall be tolled while the parties engage in the informal resolution process required by this paragraph.
After that sixty (60) day period and not before, and after the informal resolution conference has occurred and not before, either party may elect, in a written Notice to the other party as described above, that it will pursue the matter either through small claims court or arbitration. The party receiving the notice shall then have seven (7) days to respond, including to elect for the case to be heard by a small claims court with jurisdiction. After that seven (7) day period and not before, either party may commence arbitration if not proceeding in small claims court with jurisdiction. You agree that compliance with the informal resolution process described above is a condition precedent to commencing arbitration or filing a claim in small claims court. A party’s failure to satisfy this condition precedent entitles the opposing party to seek immediate dismissal of the arbitration or litigation (where permitted) and the right to seek reimbursement of its costs. If either party elects small claims court, the Dispute will be resolved in that forum and not through arbitration. Each party agrees that state courts in the City of Oakland and County of Alameda, California, or federal court for the Northern District of California, referenced below, may enter injunctive relief to enforce the pre-filing requirements of this paragraph, including an injunction to stay an arbitration that has been commenced in violation of this paragraph. Each party also agrees that state courts in the City of Oakland and County of Alameda, California, or federal court for the Northern District of California may address whether a claim filed in small claims court or in arbitration has been previously released.
Scope of Arbitration. If we and You are not able to resolve the Dispute by informal negotiation or, as provided below, in a small claims court, all Disputes will be resolved finally and exclusively by binding individual arbitration with a single arbitrator (the “Arbitrator”) administered by National Arbitration and Mediation (“NAM”) (https://www.namadr.org) according to the NAM Comprehensive Rules and Procedures in effect at the time of the arbitration and, when applicable, the NAM Supplemental Rules for Mass Arbitration Filings (together, the “NAM Rules”), and this Section. In the event NAM is unavailable to administer the arbitration, either party may invoke 9 U.S.C. § 5 to request that a court appoint the Arbitrator. Except as set forth above, and for Disputes subject to jurisdiction in small claims court, the Arbitrator shall be responsible for determining all threshold arbitrability issues, including issues relating to whether the Cash App Terms (or any aspect thereof) are enforceable, unconscionable or illusory and any defense to arbitration, including waiver, delay, laches, or estoppel.
Small Claims Court. Subject to applicable jurisdictional requirements, either party may elect to pursue a Dispute in a local small-claims court rather than through arbitration so long as the matter remains in small claims court and proceeds only on an individual basis. If a party has already submitted an arbitration demand to the arbitration provider but before an Arbitrator has been selected, and the claim is subject to the jurisdiction of the filing party’s local small claims court, the other party can send a written notice to the opposing party and the arbitration provider requesting that the Dispute be decided in small claims court. Upon receipt of such notice, and if all outstanding arbitration service fees have been paid, the arbitration provider shall then administratively close the case.
Arbitration Procedures. The Federal Arbitration Act, 9 U.S.C. §§ 1-16, including its procedural provisions, fully applies. So long as it is consistent with the NAM Rules, the arbitration shall occur through the submission of documents to one Arbitrator. To the extent the Arbitrator determines a hearing is required, the arbitration shall be conducted remotely by telephone or video conference. To the extent that the Arbitrator determines that an in-person hearing is required, the arbitration hearing will take place as close to Your hometown as practicable. You and the Bank will have the right to file early or summary dispositive motions. The Arbitrator’s award will be binding on the parties and may be entered as a judgment in any court of competent jurisdiction. The Bank values Your privacy, particularly with respect to Your financial transactions and data. Each of the parties shall maintain the confidential nature of the arbitration and shall not (without the prior written consent of the other party) disclose to any third party the fact, existence, content, award, or other result of the arbitration, except as may be necessary to enforce, enter, or challenge such award in a court of competent jurisdiction or as otherwise required by applicable law. While an Arbitrator may award declaratory or injunctive relief, the Arbitrator may do so only with respect to the individual party seeking relief and only to the extent necessary to provide relief warranted by the individual party’s claim. The Arbitrator’s decision and judgment thereon will not have a precedential or collateral estoppel effect with respect to disputes involving other parties.
Mass Procedures. To increase the efficiency of administration and resolution or arbitrations, You and the Bank agree that in the event that there are twenty-five (25) or more individual arbitration demands of a substantially similar nature filed against the Bank by or with the assistance of the same or coordinated counsel or entities (“Mass Proceeding”), the parties shall select twelve (12) individual arbitration demands (six (6) per side) for which arbitration will initially proceed (“Bellwether Arbitrations”). The NAM Supplemental Rules for Mass Arbitration Filings shall apply to Mass Proceedings. While the Bellwether Arbitrations are adjudicated, all other demands for arbitration that are part of the Mass Proceeding shall be held in abeyance and stayed, no other cases may be filed in arbitration, and NAM shall not accept or demand payment of any administration or arbitrator fees in connection with such stayed demands (other than any initial filing fees, and/or Procedural Arbitrator fees, if applicable, already paid or incurred). Any applicable statute of limitations shall be tolled as to non-Bellwether Arbitrations demands when such non-Bellwether Arbitrations are held in abeyance. The tolling period will begin when the claimant first provided the Notice of its intent to initiate an informal resolution conference as described above. Throughout this first stage, the Arbitrators for the Bellwether Arbitrations are encouraged to resolve the cases within 120 days of appointment or as swiftly as possible thereafter, consistent with fairness to the parties.
Following resolution of the Bellwether Arbitrations, all parties agree to engage in a single global mediation of all remaining demands comprising the Mass Proceeding (the “Bellwether Mediation”). The Bank shall pay the mediation fee. If the parties are unable to resolve the remaining demands comprising the Mass Proceeding within thirty (30) calendar days following the Bellwether Mediation, NAM shall (1) administer all such remaining demands in batches of 100 demands per batch (or, if between twenty-five (25) and ninety-nine (99) individual demands remain, a single batch of all those demands, and, to the extent there are fewer than 100 demands remaining after the batching described above, a final batch consisting of the remaining demands); (2) appoint one Arbitrator for each batch; and (3) provide for the resolution of each batch on a consolidated basis with one set of administrative fees due per batch, one procedural calendar, one hearing (if any) in a place to be determined by the Arbitrator, and one final award, which will provide for any and all relief to which the Arbitrator determines each individual party is entitled (“Batch Arbitration”). NAM shall administer all batches concurrently, to the extent possible.
All parties agree that demands are of a “substantially similar nature” if they arise out of or relate to the same event or factual scenario and raise the same or similar legal issue(s) and seek the same or similar relief. To the extent the parties disagree on the application or enforceability of these Mass Procedures, the disagreeing party shall advise NAM, and NAM shall appoint a sole standing Procedural Arbitrator or, should the circumstances so require, an Emergency Arbitrator, according to the NAM Rules, to resolve the dispute (the Procedural Arbitrator or Emergency Arbitrator, the “Administrative Arbitrator”). In an effort to expedite resolution of any such initial questions, the parties agree that the Administrative Arbitrator may set forth such procedures as are necessary to resolve any such initial questions promptly. The Bank shall pay the Administrative Arbitrator’s costs.
All parties agree that the Mass Procedures are designed to be a generally faster, more efficient, and more affordable mechanism for resolving a Mass Proceeding, including the claims of individual parties who are not selected for a Bellwether Arbitration.
All parties agree to cooperate in good faith with the arbitration provider to implement the Mass Procedures, including deferring any costs associated with the non-Bellwether Arbitration Mass Proceedings until the Bellwether Arbitrations and Bellwether Mediation have concluded, paying single administrative fees for any subsequent batches of demands that proceed pursuant to Batch Arbitration, and cooperating to take any steps to minimize the time and costs of arbitration, which may include the appointment of a discovery special master to assist the Arbitrator in the resolution of discovery disputes and the adoption of an expedited calendar of the arbitration proceedings.
These Mass Procedures shall in no way be interpreted as authorizing or creating a class, collective, or representative action of any kind, or an arbitration involving joint or consolidated claims, except as expressly set forth in this Section, and nothing about the Mass Procedures will preclude any party from participating in any arbitration administered according to that process.
Arbitration Fees. Your and the Bank’s responsibility to pay any NAM fees and costs will be solely as set forth in the applicable NAM fee schedules (the “Fee Schedules”). For purposes of this arbitration agreement, references to You and the Bank also include respective subsidiaries, affiliates, agents, employees, predecessors, successors and assigns as well as authorized users or beneficiaries of the Services.
Opt Out. You have the right to opt out of this arbitration agreement by sending a written notice of Your decision to opt out (the “Opt Out”) within thirty (30) days after executing this Agreement or for existing customers who agree to an amended version of the arbitration agreement as a terms update, within thirty (30) days after first becoming subject to that amended arbitration agreement.. The Opt Out must be mailed to Block, Inc., Attn: Arbitration Agreement, 1955 Broadway, Suite 600, Oakland, 94612 (please note that any correspondence not related to opting out sent to this address will not receive a reply). For Your convenience, we are providing an opt out notice form You must complete to Opt Out. To complete this form, You must provide Your name, address, $Cashtag, phone number and the email address(es) You used to sign up for and use the Services. This is the only way to opt out of this arbitration agreement. Any Opt Out will be effective only if You send it Yourself, on an individual basis, and opt outs from any third-party purporting to act on Your behalf will have no effect on Your or Bank’s rights. If You opt out of this Arbitration Agreement, all other parts of this Agreement, Additional Terms, and other policies applicable to the Services will continue to apply to You. Opting out of this arbitration agreement will have no effect on any arbitration agreements that You may currently have with us, including any previous versions of this arbitration agreement to which You agreed and did not timely opt out, which will remain in effect, and has no effect on any future agreements You may reach to arbitrate with us. Any Opt Out disputes, including disputes related to the validity of an Opt Out, are delegated to the arbitrator.
Court Proceedings. Subject to and without waiver of the arbitration provisions above, You agree that any judicial proceedings (other than small claims actions as discussed above) will be brought in and You hereby consent to the exclusive jurisdiction and venue in the state courts in the City of Oakland and County of Alameda, California, or federal court for the Northern District of California.
22. Military Annual Percentage Rate Statement
Federal law provides important protections to members of the United States armed forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the armed forces and his or her dependents may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: (1) the costs associated with credit insurance premiums; (2) fees for ancillary products sold in connection with the credit transaction; (3) any application fee charged (other than certain application fees for specified credit transactions or accounts); and (4) any participation fee charged (other than certain participation fees for a credit card account). To hear these disclosures and information about Your payment obligation over the telephone, please call the following toll-free number: (855) 949-7782.
23. English Language Controls
You acknowledge and agree that any Borrow in Spanish (i) is made available as a courtesy, for Your convenience; (ii) may vary from and/or have more limited functionality, availability, and content than the English version; (iii) provides limited customer support in Spanish, and certain support services, correspondences, agreements, terms, disclosures, and/or functionalities may only be available in English; (iv) is provided “as is” and “as available,” without warranties of any kind, whether express or implied, to the extent permitted by law; and (v) may use generative AI or AI translation assistance for Spanish-language translations, which may contain errors or inaccuracies and no guarantee is made as to the accuracy or completeness of the translation.
You further acknowledge and agree that: (i) Bank may modify, suspend, or discontinue Borrow in Spanish in part or in its entirety at any time, with or without notice; (ii) the English version of all agreements, terms, and disclosures govern your loan; and (iv) You have read the English language agreements, terms, and disclosures governing Your loan.
24. State Notices
For KANSAS residents:
NOTICE TO CONSUMER: 1. Do not sign this Agreement before You read it. 2. You are entitled to a copy of this Agreement. 3. You may prepay the unpaid balance at any time without penalty.
For MASSACHUSETTS residents: Massachusetts law prohibits discrimination based upon marital status or sexual orientation.
For MISSOURI and NEBRASKA residents: Oral agreements or commitments to loan money, extend credit or to forbear from enforcing repayment of a debt including promises to extend or renew such debt are not enforceable. To protect You (borrower(s)) and the Bank (creditor) from misunderstanding or disappointment, any agreements we reach covering such matters are contained in this writing, which is the complete and exclusive statement of the agreement between You and the Bank, except as You and the Bank may later agree in writing to modify it.
For NEW JERSEY residents: The section headings of this Agreement are a table of contents and not contract terms. Because certain provisions of this Agreement are subject to applicable law, they may be void, unenforceable or inapplicable in some jurisdictions. None of these provisions, however, are void, unenforceable or inapplicable in New Jersey.
For OHIO residents: The Ohio laws against discrimination require that all creditors make credit equally available to all credit-worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with the law.
For WASHINGTON residents: Oral agreements or oral commitments to loan money, extend credit, or to forbear from enforcing repayment of a debt are not enforceable under Washington law.
For UTAH residents: As required by Utah law, You are hereby notified that a negative credit report reflecting on Your credit record may be submitted to a credit reporting agency if You fail to fulfill the terms of Your credit obligations.
This Agreement is the final expression of the agreement between You and the Bank and it may not be contradicted by evidence of an alleged oral agreement.
For Married WISCONSIN residents: No provision of any marital property agreement, unilateral statement or court decree adversely affects our rights, unless You give the Bank a copy of such agreement, statement or court order before the Bank grants You credit, or Bank has actual knowledge of the adverse provision. All obligations under this Agreement will be incurred in the interest of Your marriage or family. You understand that the Bank may be required to give notice of this Agreement to Your spouse. Married Wisconsin residents must furnish the name and email address of their spouse to: Square Financial Services, Inc.through Cash App support, which is accessed by clicking on Your profile in the Cash App and clicking “Support” and following the in-App prompts.
This Agreement is the final expression of the agreement between You and the Bank and it may not be contradicted by evidence of an alleged oral agreement.
By clicking “Borrow Instantly”, You sign and agree to the terms of this Agreement, and You acknowledge receipt of a completed copy of this Agreement.
Executed via electronic signature on the Execution Date.