Boro is one of the few lenders willing to cooperate with college students, especially international ones. While its interest rates aren’t as low as those of a regular personal loan, it is one of the most cost-effective financing options for the clients it serves.
What is Boro?
Boro is a smartphone application that focuses on providing personal loans and auto financing to college students. Boro gets to cash in the hands of students who would not otherwise qualify for a loan by using a proprietary underwriting system that bypasses the usual credit check.
The idea is to provide students with meaningful opportunities to develop healthy borrowing habits that will benefit them well beyond their college years. Boro breaks the mold by assisting users in obtaining stress-free financing that helps them build financial confidence while also protecting them from high interest rates and hidden expenses.
What types of personal loans does Boro offer?
Boro provides two types of loans: Boro Cash and Boro Drive.
Boro Cash is a personal loan company that offers loans ranging from $50 to $2,000. The loan can be for one, three, six, or twelve months.
Students can pay on a monthly or bimonthly basis. Students can quickly determine how much of their payment goes toward interest by looking at the interest rate and amount of interest. The interest rate ranges from 15% to 19.99 percent.
Boro Drive is a car-buying service that is accessible in over 30 states. Boro Drive process takes a little longer than Boro Cash applications because the approval procedure takes at least a day.
Loan amounts range from $5,000 to $3 million, with terms ranging from 12 to 60 months. The rates vary between 6.00 percent and 13.99 percent. Boro Drive requires a down payment that varies based on the amount of the loan:
Under $30,000, the loan amount is 25% of the pre-tax car price.
Over $30,000 in loans 35% of the pre-tax automobile price
Are there any fees?
Boro doesn’t charge a fee to apply for a loan, and the process has no impact on your credit score. The loan, like any other line of credit, is subject to interest charges.
Borrowers will look at the interest rate, total interest dollar amount, and how much of each payment goes toward interest before accepting the loan, even if interest rates are on the higher end, ranging from 15–19.9% APR.
What do you need to qualify Boro loan?
You must meet the following qualifications to meet Boro’s general eligibility standards:
- Enrolled in a school in the United States.
- You must be a US citizen or hold a visa that allows you to enter the country.
- For graduate students, a 2.0 GPA is required, or a 3.0 GPA is required.
- You should be a resident of a qualifying state.
Boro has no credit or income requirements. However, having good credit and a consistent income will help your application.
How do I apply?
- To be routed to Boro’s application, click Go to Site.
- Verify your account by checking your school email.
- To finish the application, follow the instructions.
What information do I need to apply?
To expedite the application process, have the following documents on hand before you begin:
- The number assigned by the Social Security Administration (US citizens)
- I-20 or a copy of your green card (international students)
- A copy of a government-issued identification document, such as a driver’s license or passport
- Transcripts from recent events or the outcomes of standardized tests
- Information about your bank account
Boro will review your application and contact you if it has been approved. You may be able to have your loan cash placed into your bank account the same day you sign your loan documentation.
Boro employs various methods to evaluate creditworthiness because many college students don’t have a credit history (86 percent of Boro clients don’t have one). Furthermore, neither a Social Security number (SSN) nor a cosigner is necessary, which is a significant benefit for international students.
Boro looks into a student’s utility bills, bank account transactions, school enrollment status, and grade point average. This data is fed into the company’s risk management engine, which determines a student’s creditworthiness.
What is the expected time for a Boro personal loan to be funded?
Boro normally approves (or denies) loan applications in 8 hours and funds loans in 1 business day after approval.
How does Boro handle repayments?
Your contract should specify how much you owe each month. Boro offers two repayment options: automated payments or checks. Automatic payments provide less effort: connect your bank account, and Boro will deduct your monthly payment when it is due.
When you pay by check, make sure you send it a few days before the due date to ensure Boro receives it on time.
Boro imposes a $15 late fee if you are more than 15 days late on a payment. It might appear on your credit report, negatively impacting your credit score. Call 800-840-6604 if you’re worried about being late or have any other questions concerning your loan.
Is it worth it?
Boro could be a good choice if you’re seeking a good money management application to use while in college. It includes many of the same tracking and goal-setting capabilities as other budgeting apps, but it focuses more on students’ financial challenges.
Boro Cash or Boro Drive may be worth considering if you don’t have access to funds and need a little additional cash for school-related expenses or a car purchase.
However, before taking out a Boro loan, it’s a good idea to look around for a better deal with other cash advances, personal loans, or auto loan providers.
Pros and cons
The Bottom line
You may have more than simply tuition expenditures to consider as a student. Getting a car loan or a personal loan can indeed be a quick way to cover unexpected expenses.
What is Boro
Boro is a smartphone application that focuses on providing personal loans and auto financing to college students.