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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 +56

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +56, equating to 4.1 on a 5 point rating scale.

+56

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

7 users recommend
0 users are unsure
2 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) Starting at 15.9%
Loan Amount $400 - $3,000
Loan Term (Months) 6 - 24 months
Number of Reviews 9

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.
  • 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 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 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?

Business loan amounts start at $400 and 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.

Boro Interest Rates & Loan Terms
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 before depositing your money, 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.

Boro 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 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.

    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...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    Message From Boro Personal Loans

    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.

    Contact

    Hours of Operation

    • Sunday Closed
    • Monday 9:00am - 5:00pm
    • Tuesday 9:00am - 5:00pm
    • Wednesday 9:00am - 5:00pm
    • Thursday 9:00am - 5:00pm
    • Friday 9:00am - 5:00pm
    • Saturday Closed

    Other Services by Westbon Inc.

    Availability

      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 Amount $15
    Late Fee Grace Period 15 days
    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)
    Credit Score Range 500 - 850
    Approval Speed 8 hours
    Credit Bureau Reporting
    • Experian
    • TransUnion
    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

    Boro Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is strongly recommended by SuperMoney users with a score of +56, equating to 4.1 on a 5 point rating scale.

    +56

    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.

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