Boro Personal Loans
in Personal Loans from Westbon Inc.Claimed
Boro Personal LoansClaimed
in Personal Loans from Westbon Inc.
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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 offered in 14 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 $1,000 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 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 12 to 36 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.
|Loan Amount||$1000 - $3000|
|Loan Term||12 - 36 months|
|APR||Starting at 15.9%|
What fees does Boro Personal Loans charge?
Does Boro Personal Loans charge an origination fee?
Boro Personal Loans does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
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.
|Late Payment Fee||$15|
What do you need to qualify for Boro Personal Loans?
Applicants with a credit score of at least 640 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, permanent residents, and non-residents can all apply for a Boro Personal Loans loan.
To qualify, applicants may need to provide the following documentation:
- Proof of graduation
- Loan payoff statements
- Applicants must have an active and valid checking account
- Business formation documents
- Proof of insurance
- Proof of identity
- Proof of residence
|Bank Account Required?||Yes|
|Application Types Accepted||
|Credit Score||640 - 850|
What is the estimated funding time for a personal loan via Boro Personal Loans?
Boro Personal Loans will typically provide a credit approval decision in less than an hour and fund the loan within 1 business day.
Does Boro Personal Loans report your account activity to credit bureaus?
Boro Personal Loans reports your account activity to the following credit reporting agencies:
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.
- New Jersey
- New York
|No Origination Fee|
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$15|
|Credit Score Range||
640 - 850
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$1K - $3K|
|Loan Term||12 - 36 months|
|APR (Fixed APR)||Starting at 15.9%|