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  Borro Personal Loans

Borro Personal Loans

in Personal Loans from Borro Inc.

Unaffiliated

Borro Personal Loans

Unaffiliated

in Personal Loans from Borro Inc.

SuperMoney Net Recommendation Score 0

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

0

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.

Mostly recommended

2 users recommend
1 user is unsure
2 users don't recommend
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Highlights
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.
  • Hard credit pull required. You can't check your rates or see if you prequalify for Borro Personal Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • 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
  • Considers applicants with fair credit.
  • APRs as high as 59.88%.
  • Charges an origination fee.
  • Do not offer pre-approval with soft credit pull.
  • Borro Personal Loans does not report to credit bureaus.
  • Charges prepayment fees.
  • Charges a late fee.
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.

Borro loans Interest Rates & Loan Terms
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?

Yes, Borro loans may charge borrowers a late payment fee if you miss one of the monthly payments.

Does Borro loans charge prepayment fees?

Yes, Borro loans may charge additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a personal loan early.

Borro loans Fees
Origination Fee No
Prepayment Fee Yes
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.

Borro loans Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Individual Applications
  • 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.

    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.

    Contact

    About Borro Personal Loans

    Availability

      Available in 49 states and Washington, D.C.
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Washington, DC
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Iowa
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • Nevada
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    Joint Loan Applications Accepted
    • Individual Applications
    Military Status
    • Non-Military
    • Veterans
    Minimum Age 18
    Credit Score Range 560 - 700
    Loan Amount $5,000 - $5,000,000
    APR 35.88% - 59.88%
    Loan Term 18 - 36 months

    Borro Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is mostly not recommended by SuperMoney users with a score of 0, equating to 3 on a 5 point rating scale.

    0

    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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