Boro personal loans for college students review
Personal loans are no longer available through this lender.
Must read: Boro perosnal loans aren’t available, but installment loans are
Boro is no longer offering personal loans to college students. But you can still apply for an installment loan through BoroCash — which now come with similar rates and loan amounts as its personal loan program did. Or, compare other providers
that you might qualify with.
Max. Loan Amount
15.9% (starting at)
Min. Credit Score
Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like CNBC, Business Insider and The Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Boro is one of a handful of lenders willing to work with college students — especially international students. While its rates don’t start as low as your standard personal loan provider, it’s one of the most competitive financing options out there for the borrowers it works with.
You need to be a resident of one of the 18 states it lends in to qualify, however. And it’s not ideal for students looking to borrow large amounts — its loans are capped at $3,000.
Not sure Boro is right for you? Compare more personal loan options below.
First, am I eligible?
To meet Boro’s general eligibility requirements, you must meet the following requirements:
- Enrolled in a US school.
- Be a US resident or have an applicable visa.
- 2.0+ GPA or 3.0+ for graduate students.
- Live in an eligible state.
- New Jersey
- New York
- North Carolina
- Pay for college and related expenses
- Accepts international students
- No credit score necessary
- Low maximum APR of 19.9%
- Referral program
- Only practical for small expenses
- High minimum APR of 15.9%
- Minimum GPA requirement
- Only available in 18 states
Compare more personal loan providers
How do I apply?
Follow these steps to begin the online application:
- Click Go to Site to be redirected to Boro’s application.
- Check your school email and confirm your account.
- Follow the directions to complete the application.
What information do I need to apply?
Before you get started, have the following documents on hand to speed up the application process:
- Social Security number (US citizens)
- Copy of green card or I-20 (international students)
- Copy of government-issued ID, such as a driver’s license or passport
- Recent transcripts or standardized test results
- Bank account information
Step-by-step instructions to apply with screenshots
What happens after I apply?
Boro will process your application and notify you of your approval status. Once you sign your loan documents, you may be able to have your loan funds deposited into your bank account as soon as the same day.
How do repayments work with Boro?
How much you owe each month should be outlined in your contract. Boro has two options for repayment: automatic payments or check. Automatic payments involve less work — just connect your bank account and Boro automatically deducts your repayment each month when it’s due. If you pay by check, you’ll need to send it a few days before your payment is due to make sure Boro receives it in time.
If you’re more than 15 days late on a payment, Boro charges a late fee of $15. It might also show up on your credit report and hurt your credit score. If you’re concerned you’ll be late or have any additional questions about your loan, call 800-840-6604.
Frequently asked questions
Image source: Boro.com