What states are BoroCash installment loans available in?
BoroCash installment loans are available in the following states:
- Arkansas
- California
- Florida
- Illinois
- Iowa
- Michigan
- Nebraska
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Utah
- Wisconsin
BoroCash is one of the only installment loan options designed exclusively for college students. It not only offers the same fixed rates for all borrowers, but it can also build your credit while you’re in school. But it’s not available in all states, and its simple application might make it a little too easy to overborrow.
$100
Min. Amount
$2,000
Max. Amount
1 to 2 business days
Turnaround time
Product Name | BoroCash |
---|---|
Min. Amount | $100 |
Max. Amount | $2,000 |
Loan Term | 1 month to 1 year |
Turnaround Time | 1 to 2 business days |
Requirements | College student or recent graduate, Live in an eligible state, 18+ years old |
A BoroCash installment loan is a short-term loan of $100 to $2,000 tailored toward college students — including international students — and recent graduates. You have between one and 12 months to pay it back at an APR from 15.9% to 19.9%. And if you can repay the loan in a month, you won’t have to pay interest at all.
You can apply online or by downloading the BoroCash app.
BoroCash installment loans are available in the following states:
From its flat APR to its online chat feature, here are a few perks of borrowing from BoroCash:
Consider these potential drawbacks before taking out a BoroCash installment loan:
The convenience of BoroCash can be a double-edged sword. While it saves you time when you apply, such a convenience might make it too easy to borrow when you don’t actually need it. A 19.9% APR might be low for a short-term loan, but it still isn’t free. If you can’t repay it in a month, and it isn’t essential, you might want to look elsewhere.
Boro has merged its personal loans and installment loans into one product called BoroCash. BoroCash comes with similar rates and terms as its personal loans program did, but with fewer requirements. One major change is the 0% APR option on the one-month term.
Generally, yes. BoroCash encrypts any information you enter on its online application. It only shares your personal information with other companies for business purposes, and it only uses your information internally for marketing and business purposes.
However, it’s never guaranteed your information will stay 100% secure when you apply online.
BBB accredited | Yes |
---|---|
BBB rating | B+ |
BBB customer reviews | 1.67 out of 5 stars, based on 3 customer reviews |
BBB customer complaints | 6 |
AppStore score | 4.6 out of 5 stars, based on 2,331 customer reviews |
Google Play score | 4.2 out of 5 stars, based on 141 customer reviews |
Customer reviews verified as of | 16 October 2020 |
BoroCash barely has any online reviews, which is common for lenders that work with such a niche market. It only has three reviews on the Better Business Bureau and doesn’t have a Trustpilot page. A few customers complained on the BBB that it had incorrectly processed repayments or simply hadn’t gotten back to them after submitting an application. But Boro responded to two of the three comments — which is a good sign.
You must meet the following requirements to get a BoroCash loan:
You can apply online or through the app. Before you get started, check the eligibility requirements to make sure you qualify. Then follow these steps to apply online:
Once you get the loan, you’ll soon start making repayments. Depending on the terms of your loan, you’ll make between one and 12 repayments — your due date should be available on your loan document. You can make repayments online or through the app.
If you have any questions or concerns, reach out to customer service as soon as possible.
BoroCash can be a helpful tool to help you cover expenses and build your credit while you’re in school. But it’s not available to residents of all states, and you may put yourself at risk of overborrowing. You can learn about your other short-term loan options by reading our guide to installment loans.