Borro Private Finance personal loans review
High-dollar funding backed by your luxury assets, but there's no online application.
- Best for borrowers with luxury assets that can't qualify for a traditional personal loan.
- Pick something else if you have decent credit — you can find better rates elsewhere.
First, am I eligible?
Borro Private Finance doesn’t advertise many eligibility requirements, aside from meeting these two criteria:
- Must be 18 years or older
- Must provide luxury collateral
- Applications typically processed within a few days
- No credit check
- High borrowing amounts available
- High interest rates compared to other personal loans
- Loan amount could be limited to just 50% of asset’s value
- No online application
- Property, stocks, bonds, livestock, firearms or electronics not accepted
Compare more personal loan providers
Borro Private Finance reviews and complaints
|BBB customer reviews||4.6 out of 5 stars, based on 20 customer reviews|
|Trustpilot Score||4.5 out of 5 stars, based on 15 customer reviews|
|Customer reviews verified as of||19 October 2020|
Borro isn’t accredited by the Better Business Bureau (BBB) and doesn’t have any reviews or complaints filed against it. Borrowers on Trustpilot have stated that customer service is good and that loan funds are delivered quickly — but there are no reviews past 2017.
How do I apply?
Borro keeps its process discreet, which means you won’t find much on its website. You’ll need to call the lender to learn more about the application process. Follow these steps to get started:
- Call Borro at 888-778-0156 to set up an account.
- Arrange an appraisal and inspection of your luxury assets.
- Receive a quote and loan paperwork.
- Review your documentation to ensure the loan suits your needs.
- Agree to the loan terms and release your assets for safe storage.
Borro will then transfer your loan funds to your account. While this isn’t the quickest way to apply for a loan, it does provide you with access to assistance during all stages of the appraisal and lending process.
What information do I need to apply?
Borro doesn’t state what documents or information you’ll need to complete the application process. When you contact Borro, a representative should be able to provide more details.
What happens after I apply?
If you’re approved for a loan, Borro will send loan documents for you to sign. From here, your assets will be picked up and stored safely with Borro. It will then transfer you loan funds to you.
How do repayments work with Borro Private Finance?
Borro Private Finance doesn’t list much information on its website about how to make repayments. However, depending on your loan, you may have only three months to repay what you borrow with interest. If you fail to repay, Borro Private Finance may sell your items to recoup its losses.
For funding that doesn’t require collateral, consider an unsecured personal loan.
Frequently asked questions
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
If you have luxury assets you know are worth a bundle, Borro Private Finance allows you to trade them in for quick cash. It doesn’t require a credit check and offers funding up to $5 million.
But with no online application, applying can be cumbersome. And you may be limited to borrowing just 50% of your assets’ appraised value. It also comes with high rates compared to other secured personal loans out there.
Not looking to back your loan with collateral? Compare your unsecured personal loan options below.