Borro personal loans review February 2018 | Secure with your luxury items

Borro personal loans review

Need a loan and have luxury items? You may be able to exchange them for a cash advance.

If you’re looking to liquidate your jewelry and diamonds, fine art, antiques or gold and precious metals, Borro provides a safe and secure way to exchange them for a loan. We detail how it works and the types of loans Borro offers to raise capital from your high-end assets.

What types of assets does Borro accept?

Borro works with luxury items, so you’ll need an expensive asset in these categories before applying for a loan:

  • Luxury watches. Acceptance depends on the brand and model, condition, age and scarcity.
  • Jewelry and diamonds. Considers maker, material and gemstones.
  • Fine art and antiques. Broad ranges of artists, items and categories.
  • Luxury cars. Personal inspection accounts for year, make, model and overall condition.
  • Gold and precious metals. Yellow, white or rose-colored gold of all karats.
  • Fine wine. Bottles and collections.
  • Luxury handbags. Value determined by brand and model, material, condition and more.

What is a Borro personal loan?

Borro offers three types of personal loans for your luxury assets. Each requires that you mail your items to Borro, which appraises your goods to determine a loan or cash advance amount.

  • Sale Advance Loans. If your luxury goods total a minimum of $5,000, you can sell them for cash right away. Borro advances you up to 70% of your item’s value and then gets to work finding the right market in which to sell it. Once it’s sold, you pay Borro a small commission.
  • Bridge Loans. Exchange your luxury item for a short-term loan of up to six months. Mail your item in to Borro for an appraisal. Borro then extends a loan offer for the estimated value of your item. It’s like a pawn shop loan for expensive goods.
  • Term Loans. Like a bridge loans, a term loan lets you borrow $250,000 or more over 18 to 36 months. It’s similar to a personal loan secured by your luxury item.

Here’s how Borro’s three types of personal loans compare on features, potential rates, fees and terms:

Sale Advance LoansBridge LoansTerm Loans
Features70% advance on the estimated sale price of your luxury itemsShort-term loan for your luxury itemsBorrow $250,000 or more based on the value of your luxury items
Rates1% to 2% monthly interest2.99% to 3.99% (up to 4.99% for California residents)Varies
Fees15% to 20% sales commissionAppraisal and logistics feeAnnual service charge, appraisal and logistics fee, prepayment penalty
TermVaries6 months18, 24 or 36 months

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Rates last updated February 23rd, 2018

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Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.96% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (fixed)

Compare up to 4 providers

What are the benefits of a Borro personal loan?

  • Quick service. Borro processes within a few days, meaning you get quick cash for luxury items without much hassle.
  • No credit checks. Because you’re providing a luxury good as collateral, your loan is secured — meaning little risk and no need for a credit check.
  • Returns any surplus from sale. If you can’t repay your loan, Borro sells it to recover its losses. Any surplus from that sale is returned to you — a small consolation if you’ve put up an item you love.

What to watch out for

  • Doesn’t accept all expensive items. Borro does not accept property, stocks, bonds, livestock, firearms or electronics.
  • You’ll lose your item if you default. If you can’t afford to repay your loan, Borro sells your item, returning any surplus your way.
  • It’s still a loan. Despite dealing in luxury goods, at the end of the day, Borro is a lender. Consider other options before you agree to its terms to make sure you’re making the best decision for you.
  • You won’t get a loan amount for the full value of your time. If you can sell your luxury item yourself, you could stand to save money by receiving a good amount of cash and avoid taking out a loan altogether.

What does the Internet say about Borro?

Borro is accredited by the Better Business Bureau since 2014 and has an A+ rating on BBB’s website. Likewise, its rated “Excellent” on Trustpilot, but that’s based on just 16 reviews.

Customers praise Borro’s “great, prompt service” and “easy transactions,” as well as friendly customer service — a nice perk when you’re handing over precious items. More infrequent are complaints about having to wait an excessively long time for the return of your items and even lost items. Eliminate any confusion by carefully reading the terms and conditions of your offer, and ask about anything that is unclear.
Find out how to spot personal loan scams

Am I eligible?

Borro doesn’t advertise specific eligibility requirements for its three types of loan.

If you’re thinking about borrowing with Borro, it looks like your most important factor is your collateral — the luxury assets or items you’re putting up for your loan. You’ll typically also need to be at least 18 years old or your state’s age of majority.

How do I apply?

Applying for a loan through Borro isn’t as simple as with other lenders. This is because you’re required to nail down a initial loan amount before sending off your item for appraisal.

  1. Go to Borro’s site and select from the Free Online Appraisal drop-down the category your asset falls into. Click Go.
    Borro application step one homepage
  2. Clearly and honestly provide information about your asset, including an estimated value. Then choose the Borro product you’re most interest in, and click Get Offer.
    Borro application step two, online form
  3. If the initial estimate doesn’t meet Borro’s $5,000 minimum loan amount, add more items to increase your offer. Once you reach this minimum, Borro electronically estimates a value for your loan.
  4. If you agree with your loan estimate, enter your contact information and account details. You’ll then need to allow Borro to appraise your items.

Borro offers three methods of appraisal. You can choose to send your items to Borro, take your items to Borro’s New York office or request an appraiser visit you at the site of your luxury item. Borro insures transporting your items, and once delivered and appraised, you’re offered a final loan amount.

I got the loan! Now what?

For cash advances, Borro charges you a holding fee for your item and takes up to a 30% commission on the sale of your items.

If Borro offers you a loan contract — either through the Bridge Loan or Term Loan — and you agree with how much they’ve appraised your items for, read your loan’s contract carefully. Depending on the type of loan, you may have only six months to repay what you borrow with interest. Consider if you have enough money to cover the full cost of the loan before signing. If you fail to repay, Borro may sell your items to recoup its losses.

If you don’t agree with how much they’ve appraised your items for or you change your mind, Borro will return your items to you.

Bottom line

If you have luxury assets that you know are worth a bundle, Borro is a resource that allows you can to trade them for quick cash. It’s safe and secure, but applying can be cumbersome, and you’re offered only a generic loan before you ship your items to Borro for an appraisal.

To find a loan that doesn’t require hocking your personal items, you could consider an unsecured loan.

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