Where does Boro do business?
Boro is a direct lender based in Chicago, IL. Founded in 2015, Boro offers access to personal loans in 14 states across the USA.
What personal loan APRs are offered via Boro?
Boro offers a personal loan product that ranges from 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.
Does Boro charge an origination fee?
No, Boro does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Boro charge a late fee?
Yes, Boro may charge borrowers a late payment fee 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 loan off early.
How much can you borrow via Boro?
Loan amounts start at $1,000 and go up to $3,000.
What can a personal loan from Boro be used for?
Personal loans from Boro are typically used for special purchases or similar purposes.
What is the maximum loan term you can get with Boro?
Boro offers personal loans with terms ranging from 12 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.
What do you need to qualify for a loan with Boro?
Applicants with a credit score of at least 640 can apply for a loan via Boro . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.
Boro will consider borrowers regardless of their employment status if they can prove their ability to repay the loan requested.
Active duty servicemembers and their covered dependents cannot apply for a loan via Boro. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.U.S. citizens, permanent residents, and non-residents can all apply for a Boro loan.
To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a personal loan via Boro?
Boro will typically provide a credit approval decision in less than an hour and fund the loan within 1 day.
Does Boro report loan payments to credit bureaus?
Boro may report credit data to the following credit reporting agencies:
- New Jersey
- New York
|No Origination Fee|
|No Prepayment Fee|
|Late Fee After (number of days)||15|
|Late Fee Amount||$15|
|Credit Score Range||
640 - 850
850 300 640
|Immigration Status Considered||
|Bank Account Required|
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Loan Amount||$1K - $3K|
|Loan Term (Months)||12 - 36|
|APR||Starting at 15.9%|