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 available in 18 states across the USA.
- Fast access to cash. In some cases you can get your money within 1 business day.
- Poor credit accepted. Even if you have bad or poor credit, you can apply. Borrowers with a credit score as low as 500 are considered for Boro Personal Loans.
- Hard credit pull required. You can't check your rates or see if you prequalify for Boro Personal Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
- 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 offers loan terms as short as 6 months. Most personal loans have a minimum term of 12 to 36 months.
Boro Personal Loans Pros and Cons:
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 APR rate 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.
|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 may charge 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.
|Origination Fee||0% - 4.99%|
|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
|Bank Account Required?||Yes|
|Application Types Accepted||
|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:
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
- North Carolina
|No Prepayment Fee|
|Late Fee After||15 days|
|Late Fee Amount||$15|
|Origination Fee (%)||0% - 4.99%|
|Checking Account Required|
|Employment Statuses Considered||
|Immigration Status Considered||
|Joint Loan Applications Accepted||Individual Applications|
|Supported Income Types||
|Verification Documents Required||
|Credit Score Range||
500 - 850
|Approval Speed||8 hours|
|Credit Bureau Reporting||
|Customizable Payment Dates|
|Funding Time Range||1 day|
|Payment Options||Automatic Payments|
|Loan Amount||$400 - $3,000|
|APR (Fixed APR)||Starting at 15.9%|
|Loan Term||6 - 24 months|