Borro Personal Loans
in Personal Loans from Borro Inc.Unaffiliated
Borro Personal LoansUnaffiliated
in Personal Loans from Borro Inc.
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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).
- 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 560 are considered for Borro Personal Loans.
- 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 Personal Loans Pros and Cons:
What rates and terms does Borro Personal Loans offer?
Borro Personal Loans has higher interest rates than the average for lenders reviewed on SuperMoney.
What APR rate does Borro Personal Loans offer?
Borro Personal Loans offers a personal loan product that ranges from 35.88% APR up to 59.88% 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 Borro Personal Loans?
Loan amounts start at $5,000 and go up to $5,000,000.
What can a personal loan from Borro Personal Loans be used for?
Personal loans from Borro Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.
What is the maximum loan term you can get with Borro Personal Loans?
Borro Personal Loans offers personal loans with terms ranging from 18 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||$5000 - $5000000|
|Loan Term||18 - 36 months|
|APR||35.88% - 59.88%|
What fees does Borro Personal Loans charge?
Does Borro Personal Loans charge an origination fee?
Borro Personal Loans may charge a loan origination fee.
Does Borro Personal Loans charge a late fee?
Yes, Borro Personal Loans may charge borrowers a late payment fee
Does Borro Personal Loans charge prepayment fees?
Yes, Borro Personal 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 loan early.
|Late Payment Fee||N/A|
What do you need to qualify for Borro Personal Loans?Applicants with a credit score of at least 560 and up to 700 are 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.
|Bank Account Required?||No|
|Application Types Accepted||
|Credit Score||560 - 700|
What is the estimated funding time for a personal loan via Borro Personal Loans?
Borro Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia