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  Boro Personal Loans

Boro Personal Loans

in Personal Loans from Westbon Inc.

Claimed

Boro Personal Loans

Claimed

in Personal Loans from Westbon Inc.

SuperMoney Net Recommendation Score +71% Recommendation score measures the loyalty between a provider and a consumer. It's at +100% if everybody recommends the provider and at -100% when no one recommends.

Strongly recommended

6 users recommend
0 users are unsure
1 user doesn't recommend
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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount $400 - $3,000
APR  (Fixed APR) Starting at 15.9%
Loan Term 6 - 24 months
Number of Reviews 7

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.

What rates and terms does Boro Personal Loans offer?

Boro Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.

What personal loan APRs does Boro Personal Loans offer?

Boro Personal Loans offers a fixed APR personal loan product that starts at 15.9% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via Boro Personal Loans?

Loan amounts start at $400 and go up to $3,000.

What can a personal loan from Boro Personal Loans be used for?

Personal loans from Boro Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.

What is the maximum loan term you can get with Boro Personal Loans?

Boro Personal Loans offers personal loans with terms ranging from 6 to 24 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

Boro Personal Loans Rates & Terms
Loan Amount $400 - $3000
Loan Term 6 - 24 months
APR Starting at 15.9%

What fees does Boro Personal Loans charge?

Does Boro Personal Loans charge an origination fee?

Boro Personal Loans charges a loan origination fee of 0% to 4.99% of the loan amount. Boro Personal Loans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does Boro Personal Loans charge a late fee?

Yes, Boro Personal Loans may charge borrowers a late payment fee of up to $15, which is triggered if you're 15 days late.

Does Boro Personal Loans charge prepayment fees?

No, Boro Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

Boro Personal Loans Fees
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 are 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 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 Personal Loans 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 Personal Loans?

    Boro Personal Loans will typically approve (or deny) a loan application within 8 hours and fund personal loans within 1 business day of approval.

    Does Boro Personal Loans report your account activity to credit bureaus?

    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 can help improve your credit score.

    BORO PERSONAL LOANS Disclosure: To qualify for the lowest rates, you must have a responsible financial history and meet other conditions.
    SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Contact

    • Headquarters
    •   500 W Madison St, Suite 1000B, Chicago, IL, 60661
      Chicago, IL 60654
    •   Visit Site

    Message from Westbon Inc.

    Westbon is the first lending platform for international students in the U.S. We specialize in providing auto loans and personal loans for our customers, who have always been an underserved group due to the lack of SSN and credit history. With our innovative underwriting approach we are able to provide international students and expats with unprecedented access to convenient and affordable financing options.

    Hours of Operation

    • Sunday Closed
    • Monday 7:00am - 4:00pm
    • Tuesday 7:00am - 4:00pm
    • Wednesday 7:00am - 4:00pm
    • Thursday 7:00am - 4:00pm
    • Friday 7:00am - 4:00pm
    • Saturday Closed

    Other Services by Westbon Inc.

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 18 states
    • Alabama
    • Arizona
    • Arkansas
    • California
    • Florida
    • Illinois
    • Indiana
    • Iowa
    • Michigan
    • Nebraska
    • New Jersey
    • New York
    • North Carolina
    • Ohio
    • Pennsylvania
    • Utah
    • Washington
    • Wisconsin

    Feature Breakdown

    No Prepayment Fee  
    Late Fee After (number of days) 15
    Late Fee Amount $15
    Origination Fee (%) 0% - 4.99%
    Checking Account Required  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Self-Employed
    • Unemployed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • U.S. Temporary Resident Visa Holders
    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Non-Military
    Minimum Age 18
    Supported Income Types
    • 1099 Misc. Income
    • Cash
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    Verification Documents Required
    • Government Issued Photo ID
    • Proof of Identity
    • Proof of Income
    • Proof of Residence
    • Driver License (or other photo ID)
    • Proof of citizenship/residence (Green Card)
    Funding Time Range (in days) 1
    Approval Speed (Hours) 8
    Credit Bureau Reporting
    • Experian
    • TransUnion
    Customizable Payment Dates  
    Payment Options
    • Automatic Payments
    Loan Amount $400 - $3K
    APR (Fixed APR) Starting at 15.9%
    Loan Term 6 - 24 months

    Boro Personal Loans Community Reviews

     

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