Block says that the new feature has strong built-in protections to keep users from so-called debt spirals.

The Block-owned payments platform on Tuesday unveiled Pools, a new peer-to-peer feature designed to make group payments simple. It's the company's first major P2P product launch in nearly two years.

The new capability allows Cash App users to translate “recent” P2P transfers into short-term installment loans, Block says. The sum of the payment is immediately credited to the user’s account, and ...

Tiffany Wendeln Connors was a senior editor for CNET Money with a focus on credit cards. Previously, she covered personal finance topics as a writer and editor at The Penny Hoarder. She is passionate ...