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  Boro

Boro

in Personal Loans

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Boro

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in Personal Loans

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Overview

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 are the APRs offered via Boro?

Boro offers a personal loan product.

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:

  • Business Formation Documents
  • Proof of Graduation
  • Proof of Insurance
  • References
  • Proof of residence
  • Applicants must have an active and valid checking account
  • Proof of identity
  • 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:

    • Experian
    • Transunion
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    Contact

    • Headquarters
    •   320 W Ohio St, STE 300
      Chicago, IL 60654 USA

    Message from Boro

    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.

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. 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 Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 14 states
    • Alabama
    • Arizona
    • California
    • Illinois
    • Indiana
    • Iowa
    • Michigan
    • New Jersey
    • New York
    • Ohio
    • Pennsylvania
    • Utah
    • Washington
    • Wisconsin

    Feature Breakdown

    No Fees
    No Origination Fee
     
    No Prepayment Fee
     
    List of Fees
    Late Fee After (number of days)
    15
    Late Fee Amount
    $15
    Minimum Age
    18
    Credit Score Range
    640 - 850
    850 300 640
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • Non-Resident
    Bank Account Required?
     
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Self-Employed
    • Unemployed
    Military Status
    • Non-Military
    • Veterans
    Supported Income Types
    • 1099 Misc. Income
    • Cash
    • Direct Deposit (W2, SSA, SSDI)
    • Payroll Check or Prepaid Card
    Joint Loan Applications Accepted
    • Individual Applications
    Verification Documents Required
    • Business Formation Documents
    • Loan Payoff Statements
    • Proof of Graduation
    • Proof of Identity
    • Proof of Insurance
    • Proof of Residence
    • References
    Dollar Amount
    Loan Amount
    $1K - $3K
        $100 $100K+
    Integer
    Loan Term (Months)
    12 - 36
        1 180
    Percentage
    APR
    Starting at
    15.9%

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