
Boro Personal Loans
Would you recommend Boro Personal Loans to your friends?
Community Rating | Mostly recommended |
APR (Fixed APR) |
Starting at 15.9% (Verified 08/04/2023)
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Loan Amount | $400 - $3,000 |
Loan Term (Months) | 6 - 24 months |
Number of Reviews | 11 |
Boro Personal Loans Review
Boro Personal Loans is offered by Westbon Inc., a direct lender founded in 2015 and based in Chicago, IL. Boro are available in 18 states across the USA.
Key Takeaways
- APRs starting at 15.9%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Boro Personal Loans are on the higher end of the spectrum.
- Fast access to funds. If approved, you can sometimes get your money within 1 business day*.
- Origination fees of 0% to 4.99%. This is on the low end for lenders that charge an origination fee. However, plenty of lenders don't charge an origination fee. Don't forget that these fees are deducted from the loan amount, so take them into account when deciding how much money to borrow.
- Short loan terms. Boro Personal Loans have loan terms as short as 6 months.
Boro Pros & Cons
Pros | Cons |
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Boro FAQ
What interest rates and personal loan terms does Boro offer?
Boro has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Boro offer?
Boro offers a fixed APR personal loan product that starts at 15.9% APR.
How much can you borrow via Boro?
Personal loan amounts start at $400and go up to $3,000
What is the maximum loan term you can get with Boro?
Boro offers loans with terms of up to 24 months.
Personal Loan Amount | $400 - $3000 |
Loan Term | 6 - 24 months |
APR | Starting at 15.9% |
What fees does Boro charge?
Does Boro charge an origination fee?
Boro may charge a personal loan origination fee of 0% to 4.99% of the personal loan amount. Boro deducts the origination fee directly from your personal loan amount, so make sure you take this fee into account when deciding how much you need to borrow.
Does Boro charge a late fee?
Yes, Boro may charge borrowers a late payment fee if you miss one of the monthly payments of up to $15, which is triggered if you're 15 days late.
Does Boro charge prepayment fees?
No, Boro does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
Origination Fee | 0% - 4.99% |
Prepayment Fee | No |
Late Payment Fee | $15 |
What do you need to qualify for Boro Personal Loans?
Applicants with a credit score of at least 500 and up to 850 may be eligible for Boro Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.Boro Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Boro Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Boro Personal Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Boro Personal Loans. Not all companies will work with visa holders. Westbon Inc. does offer its services to temporary resident visa holders such as F1 or H1B holders.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Proof of income
- Driver's license
- Government issued photo ID
- Proof of identity
- Proof of citizenship or residence permit
- Proof of residence
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | 500 - 850 |
What is the estimated funding time for a personal loan via Boro?
Boro will typically approve (or deny) a loan application within 8 hours and fund loans within 1 business day of approval.
Does Boro Personal Loans report your account activity to credit bureaus?
Yes, Boro Personal Loans reports your account activity to the following credit reporting agencies:
- Experian
- Transunion
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Are Boro Personal Loans legit?
Boro Personal Loans was founded in 2015. It is an established company with approximately 35 employees that has been in business for 8 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
Message From Boro
Contact
- Headquarters
-
500 W Madison St, Suite 1000B, Chicago, IL, 60661
Chicago, IL 60654 USA - Visit Site
- Email Support
Other Services by Westbon Inc.
Availability
- Alabama
- Arizona
- Arkansas
- California
- Florida
- Illinois
- Indiana
- Iowa
- Michigan
- Nebraska
- New Jersey
- New York
- North Carolina
- Ohio
- Pennsylvania
- Utah
- Washington
- Wisconsin
Feature Breakdown
Late Fee Amount | $15 |
Late Fee Grace Period | 15 days |
No Prepayment Fee | |
Origination Fee (%) | 0% - 4.99% |
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