Boro Personal Loans

Boro Personal Loans Review

Boro Personal Loans is offered by Westbon Inc., a direct lender founded in 2015 and based in Chicago, IL. Boro Personal Loans is 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. In some cases, you can get your money within 1 business day*.
• Origination fees of up 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. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
• Short loan terms. Boro Personal Loans have loan terms as short as 6 months.

Boro Pros & Cons

Pros	Cons
$0 prepayment fee. Considers applicants with fair credit. Funding available within 1 business day.	Charges an origination fee of up to 4.99% of the loan amount. Do not offer pre-approval with soft credit pull. Charges a late fee of $15

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 fees does Boro charge?

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 are, of course, eligible for the services offered by Boro Personal Loans. Permanent resident / green card holders are also eligible to apply. 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

Boro Eligibility Criteria

Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
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.

Is Westbon Inc. a legit company?

Boro Personal Loans was founded in 2015. It is an established company with approximately 35 employees that has been in business for 7 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.