Borro Personal Loans
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| Community Rating | Mostly recommended |
| APR | 35.88% - 59.88% |
| Loan Amount | $5,000 - $5,000,000 |
| Loan Term (Months) | 18 - 36 months |
| Number of Reviews | 5 |
Borro Personal Loans Review
Borro Personal Loans is offered by Borro Inc., a direct lender founded in 2008 and based in New York, NY. Borro Personal Loans is available in 49 states (and Washington, DC).
Key Takeaways
- Fast access to funds. In some cases, you can get your money within 1 business day*.
- Large loan amounts. You can apply for loan amounts of up to $5,000,000 with Borro Personal Loans.
- Charges a prepayment fee. This is rare for personal loans. It means you will have to pay a fee if you pay off your Borro Personal Loans early.
Borro loans Pros & Cons
| Pros | Cons |
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Borro loans FAQ
What interest rates and personal loan terms does Borro loans offer?
Borro loans has higher than average interest rates for lenders reviewed on SuperMoney.
What interest rates does Borro loans offer?
Borro loans offers a personal loan product that ranges from 35.88% APR up to 59.88% APR.
How much can you borrow via Borro loans?
Business loan amounts start at $5,000 and go up to $5,000,000.
What is the maximum loan term you can get with Borro loans?
Borro loans offers loans with terms of up to 36 months.
| Personal Loan Amount | $5000 - $5000000 |
| Loan Term | 18 - 36 months |
| APR | 35.88% - 59.88% |
What fees does Borro loans charge?
Does Borro loans charge an origination fee?
Borro loans may charge a personal loan origination fee.
Does Borro loans charge a late fee?
No, Borro loans will not charge you a late fee if you miss one of the monthly payments.
Does Borro loans charge prepayment fees?
No, Borro loans 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.
| Origination Fee | No |
| Prepayment Fee | N/A |
| Late Payment Fee | No |
What do you need to qualify for Borro Personal Loans?
Applicants with a credit score of at least 560 and up to 700 may be eligible for Borro Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.Borro Personal Loans does not have or does not disclose a minimum annual income eligibility requirement.
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 Borro 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.
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
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| Credit Score | 560 - 700 |
What is the estimated funding time for a personal loan via Borro loans?
Borro loans will typically approve (or deny) a loan application within 24 hours and fund loans within 7 business days of approval.
Is Borro Inc. a legit company?
Borro Inc. was founded in 2008, it is a well-established company that has been in business for 14 years. Borro Personal Loans are mostly recommended by SuperMoney community users.
Contact
- Headquarters
-
767 3rd Avenue
New York, NY 10017 USA - (888) 205-1944
- Visit Site
- Email Support
About Borro Personal Loans
Availability
- Alaska
- Alabama
- Arkansas
- Arizona
- California
- Colorado
- Connecticut
- Washington, DC
- 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
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Virginia
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Feature Breakdown
| Joint Loan Applications Accepted |
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| Military Status |
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| Minimum Age | 18 |
| Credit Score Range | 560 - 700 |
Borro Personal Loans Community Reviews
Would you recommend Borro Personal Loans to your friends?
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