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Borro Private Finance personal loans review

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High-dollar funding backed by your luxury assets, but there's no online application.

$5,000,000

Max. Loan Amount

Details

Product NameBorro loans
Min. Loan Amount$5,000
Max. Loan Amount$5,000,000
Interest Rate TypeVariable
Maximum Loan Term3 years

Expert review

Aliyyah Camp

Review by


Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.

Expert review

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 40% of your assets’ appraised value. It also doesn’t have information about potential rates or how repayments work on its website.

Not looking to back your loan with collateral? Compare your unsecured personal loan options below.

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

Pros

  • Applications typically processed within a few days
  • No credit check
  • High borrowing amounts available

Cons

  • Potential rates aren’t listed on website
  • Loan amount could be limited to just 40% of asset’s value
  • No online application
  • Property, stocks, bonds, livestock, firearms or electronics not accepted

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What do customers say about Borro Private Finance?

BBB accreditedNo
Trustpilot score4.5 out of 5, based on 15 customer reviews
Customer reviews verified as of05 November 2019

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:
  1. Call Borro at 888-778-0156 to set up an account.
  2. Arrange an appraisal and inspection of your luxury assets.
  3. Receive a quote and loan paperwork.
  4. Review your documentation to ensure the loan suits your needs.
  5. 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

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2 Comments

  1. Default Gravatar
    Basia
    October 24, 2018

    Please call me to discuss my fine art. I own $38,000 worth of fine art and need a loan of $7,000. I’m buying my husband a plane ticket here from Yemen. He’s a neurosurgeon with $6million in his bank account.

    • Default Gravatar
      joelmarcelo
      October 24, 2018

      Hi Basia,

      Thanks for leaving a question on finder.

      If you have done your comparison and ready to go with Borro Private Finance, you can follow the steps on where it says “How to apply” above. If you would still like to compare and weigh your options when it comes to personal loans, you can click here.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

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