Boro Review: Fast, Easy And Credit Free Student Loans

April 7, 2020
Boro-Review-Borocash-Borodrive-Personal-loans-students-" class="img-responsive wp-image-731235 wp-post-image" alt="Photo by Priscilla Du Preez on Unsplash" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

Boro focuses in helping both national and international college students get their first loans and start their credit history.

Here in this Boro Review we detail the wide array of tools this service gives, how they work and how they stack up to other loan companies. But if you’re an international or national college student in the U.S. and you’re in need of a quick loan between $50 and $3,000, there’s simply no better place to go.

Have you ever been in the position where you’re starting or getting into College? A lot of new options, pathways and experiences are opening to you, but this also means a lot of new hardships. One of those hardships is your financial future, especially if you’re an international student in the U.S. So buckle up and get ready for our Boro Review, a service guaranteed to ease some of your financial concerns.

What Is Boro, And Who Can Use It?

When we first heard of Boro we thought it was too good to be true. The whole company has been working as of 2015 in a way to help college students get their first loans out. They also aim to help students build a good FICO credit score even if they don’t have much credit history.

This company started helping international college students in the U.S., but later expanded to national students. Since then, it has helped millions of students get loans and good credit history in a simple process.

Boro comes up as the solution to the problem a lot of International students face in the U.S. This being their credit score and history, which are almost non-existent. Most of the international college students struggle to get loans once they start studying since they don’t have a valid or good credit score. This service fixes that problem by helping students get their first loans out.

The best part of Boro is that it’s credit free. This means it doesn’t need you to have a special bank account or even a credit card. The only thing you need is a U.S. based bank account to receive your loan, no secret annual fees. After all, it’s a Personal Loan Service created in order for students to develop their Credit Score.

But before we get into the meat of how good Boro is, you gotta know it’s not available as broadly as it should be.

Boro Review: Where Can You Use Boro?

For a service that is so good and easy to use, it’s almost sad to admit it has some downsides, especially when it comes to availability.

The most important detail to know is that Boro is only available to both National and International college students in the U.S. It also works for recent graduates and people with specific Visas like A5, C8, F1/OPT, G, H1B, J1, L1, O1 and even Green Card holders over 18 years old.

Another downside comes with where Boro is available, which is not in a lot of places, but let’s break that into 2 pieces:

The Borocash Service (we’ll get back to this later down the post) is only available in 18 states, leaving out: Oregon, Nevada, Idaho, Montana, Wyoming, Colorado, New Mexico, North and South Dakota, Kansas, Oklahoma, Minnesota, Missouri, Louisiana, Mississippi, Alabama, Tennessee, Kentucky, West Virginia, South Carolina, Maine, Vermont, New Hampshire, Rhode Island, Connecticut, Delaware or Maryland. Although it’s not all bad news since they plan to expand into Arizona, Texas, Indiana, Georgia, and Virginia. It’s also only available for students in the U.S., so if you study anywhere else, like in Canada, you won’t have access to this service.

Related: Lendingmate gives guarantor loans to Canadians with no credit (like students) or with bad credit.

When it comes to Borodrive, this one is a little bit more available at a national level, but it still doesn’t cover all the states of the country. It’s not available in Nevada, Idaho, Montana, North and South Dakota, Minnesota, Missouri, Louisiana, Mississippi, Tennessee, Kentucky, West Virginia, Maine, New Hampshire, Rhode Island, Delaware, and Maryland.

Getting their first loans usually involves a very lengthy and complicated process for college students.

Benefits Of Using Boro To Get Some Much-Needed Money

This service has gained quite a following in the U.S. for how much easier it makes the lives of students. Some of the most important benefits are:

  • Not needing previous or much credit history to apply for a loan.
  • If you’re approved you’ll get your money in only 1-2 business days.
  • You don’t need to submit a lot of unnecessary documentation to apply for a loan. It’s pretty quick and simple.
  • You can apply for a quick loan right from your smartphone.
  • No monthly or annual fees for using the service.
  • You can use the money in whichever way you want, even if it’s not school-related.
  • You aren’t held back by a credit card or annual rates, you get the money right into your bank account.
  • There’s no need for a cosigner to be called to apply for you.

How Is Boro Different From Using a Credit Card?

In this Boro Review, you’ll learn how using this service is way easier than handling all the responsibilities a Credit Card comes with. First, most likely you’ll be handling loans and payments over your phone with the Borocash app. Once your profile is approved you’ll gain access to ask for your first loan, which can range from a minimum of $50 to a maximum of $2,000.

In terms of your first, third or even hundredth loan, you’ll be able to check all the interest rates before signing a contract. This means that the interest rate and APR (which starts at 15.9%), are the only things you need to be aware of at all.

Boro also lets you choose the terms of the loan when you ask for it. This includes in how much time you want to pay the loan (from 1 to 12 months). That way, you’ll know exactly how much you will end up paying at the end of your loan.

So, in summary, you basically get a lot of control over how and when you take out a loan, the APR, the amount of money it’ll cost you and when you’ll pay it. After all, Boro is a way to help both National and International students build a decent credit score.

What Does Boro Offer And How Does It Benefit You?

At its core, Boro is a loan service marketed towards college students, but it does this in a unique way. The first way it helps students build a better credit score is via the mechanism we’ve already mentioned, Borocash. The second way it supports students financially is via its other main product, Borodrive.

With the 2 products we mentioned, the loan service fulfills students’ needs by giving them quick options for loaning money and using it. The best part is that Borocash is pretty lenient, letting students use their loans in food, vacations, appliances and a lot more stuff.

It’s also worthy of note that besides Borocash and Borodrive the company also offers Personal Loans to students who have no credit history. These range from loans of up to $1,000 to $3,000 depending on the state you’re living and studying in. The applications usually take a little bit longer to process than when using Borocash, but it’s a valid way to start your credit history either way.

Whether you would like to loan $50, $100 or even get your first car, there’s a feeling of straightforwardness and security you can’t get anywhere else. In this Boro Review we should go a little more into detail about what Borocash and Borodrive exactly are and their benefits, so buckle up!

Borocash: Quick, Easy, Simple And Effective

Have you ever been in the need of some quick cash while in college? If so, you’d wish you had known Boro sooner. The loan service company offers this method of getting a loan in a couple of easy to follow steps. The first thing you’ll need is the Borocash app, one of the easiest ways to get loans in the U.S. Keep reading our Boro Review to know all the benefits!

This app lets you borrow a minimum of 50$ and a maximum of 2,000$ in just a couple of business days. The signing up process is pretty simple and will only ask trivial and very little information out of you. This lets the company do a soft credit pull (without affecting your credit score) to check if you qualify.

If you do qualify, that’s it, it’s time to get that loaned money into your account. From the app, you’ll be able to set the amount of your loan, and in how much time you want to pay it, ranging from 1 to 3 to 6 and 12 months.

With Borocash getting a loan will be as easy as tapping your phone a couple of times.

Let’s Take A Deeper Look At The Benefits in our Boro Review:

Most of the app benefits come from the service being reliable, quick and easy to handle, but here are the best features:

  • Minimum loan of $50.
  • Easy to use and quick to learn interface.
  • Loaned money will be delivered to your account in only 1-2 business days.
  • Being able to choose between 1,3,6 and 12 months to pay the loan.
  • Develop your Credit Score via the loans you ask and pay for.
  • You don’t need an outstanding Credit Score to be eligible for these loans.
  • Being able to use the money in Spring Break Trips, textbooks and everything else a student needs or wants.

It doesn’t matter from what angle you decide to view it. Boro is just too good for students to pass this opportunity up, although there are a couple of things you should have in mind. This being the part of the process where you might not qualify.

Eligibility And How To Apply

If you feel like you’re going to use Borocash or you’re gonna tell your friends about it, then you should know how to apply for a loan. Here in our Boro Review, we’ll explain this process to it’s fullest.

To apply for a Borocash loan, you should first download the app on either the Play Store or the App Store. Once you’ve installed it, they will ask for some basic information like your .edu email (mandatory) and phone number, which they use to do a soft credit pull. Once you’ve signed up and provided your data, you’ve basically applied to get a loan.

The app works with an automated system that lets you know instantly whether you qualify for loans or not. If you’ve been approved, then you’re set, the only step left on the list is to specify the amount of money you want to borrow and in how many months you plan to pay it. On the other hand, if your application has been denied, you can always try again in 90 days.

And here is where some details stop being pink coloured and turn into a bit of a frustrating mess. If your application’s been denied, it’s probably because you’re not eligible according to their terms and conditions. These terms include being over 18 years old and having a GPA of 2.0 for undergraduates or 3.0 for graduates, but they also take your credit score into account. The thing is, your application might be denied without you ever knowing why.

Also, let’s not forget the fact that Borocash is only available for students registered in colleges in Arkansas, California, Florida, Illinois, Iowa, Michigan, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Utah, Washington, and Wisconsin.

Feeling like you already want a loan out of Borocash?

Borodrive: Apply For A Car, Sign A Deal, And It’s Yours

This wouldn’t be a complete Boro Review if we didn’t talk about Borodrive. Borodrive is similar to Borocash except for the fact that its loans are specifically intended to pay for a car (like if you hadn’t figured that one out).

The other main service of the company takes the shape in which eligible students can apply for the car of their dreams. Boro is pretty kind to let students apply for a minimum $5,000 loan and a whopping maximum of $3,000,000. Students could get their hands on virtually any car they desire, given that they meet the eligibility criteria, of course.

In a similar way as with the Borocash app, you can apply for a Borodrive loan online without having to go to an office. The process consists of finding a car you like (within certain conditions) and then linking to that vehicle in your Borodrive application (only done through their website). If you’re in luck, you should be able to make the down payment in a couple of business days when they approve your loan.

Borodrive will let you get the car of your dreams while you study at campus.

The Benefits Are Better Than You Think

You might have a rough idea of how Borodrive works, but being honest here, it’s much better than what you think, here’s how:

  • Maximum loan of a whopping $3,000,000
  • An easy process that should not last longer than a whole week.
  • Once Boro approves your loan, it gives you the money to make the down payment at the dealership.
  • You don’t need an outstanding credit history to apply for this loan.
  • Enjoying the car of your dreams on campus!
  • Low APR starting from 4.49%

Eligibility And How To Apply

If you feel ready to apply for this sort of credit free loan, then you should absolutely know how to do so. The process involves a little bit more meddling than using Borocash, but it’s well worth it.

The first thing you should do is look for a car you like in a dealership in your state. The second step is checking if the car is eligible for the loan. Eligible cars meet the following criteria:

  • No older than a 2011 model.
  • They have 90K or fewer miles.
  • No accident records on Carfax.

You will also have to pay at least 25% of the down payment before anything goes.

In terms of YOU being eligible, you’ll have to basically follow the same steps as in the Borocash process with some slight differences. Also remember, Borodrive is only available for students in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Massachusetts, Michigan, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

Why are you not applying for the car of your dreams right now?

Are There Any Drawbacks To Borocash Or Borodrive?

Throughout this Boro review, we’ve been pointing to the better parts of Boro and its services, but to call it perfect would be a lie. Even if it has some areas where it shines the most, it also has some where it doesn’t, especially in terms of who may apply and where it is available.

Here are some of the cons that shine as brightly as its benefits:

  • It’s not available outside of the U.S.
  • It only applies to students, recent graduates and F-1/ OPT / H1B / J1 / L / O-1 / G Visa holders.
  • The maximum loan you can get for personal expenses is $2,000, which is not a lot.
  • Only available for students over 18 years old.
  • Your application might be denied without an explanation.
  • Recharges (subsequent loans after the first one) can take up to 5 business days or even more.
  • Only available in 18 states.
  • APR for Borocash starts at 15.9%, which is pretty high in our opinion.

Besides being a great help to students who want to develop and start a credit score, there’s not much more than Boro offers. You could say the service is restrictive since it seems it could include or expand through some other states and even to other countries. But hey, don’t panic, we’ll cover some alternatives in this Boro Review, so keep going!

Less Restrictive Alternatives To Boro

Boro might only be for students in some states of the U.S., but the important thing is that there are other alternatives to look at. These services shine bright where Boro doesn’t, working in their own terms to satisfy needs like yours.

#1 Credible Personal Loans

With its credible network of professional lenders, you’ll be in the hands of leaders of the financial industry. You’ll be getting a competitive loan rate from a very reputable network.

#2 Fiona Personal Loans

It’s basically the same thing as Credible, but it focuses its network of lenders in a more competitive way. You will probably get the exact deal you want over here.

#3 Monevo Personal Loans

Monevo prioritizes easy to find and reach loans to work with. It does all the job for you when it comes to research, so their network of lenders reach out to you instead of you reaching out to them.

#4 LoanConnect

If you’re Canadian, this is one of the best ways to find loans tailored for your particular financial situation. LoanConnect doesn’t offer loans; it “connects” you to different lenders who do, based on some basic information you provide. It’s like a search engine designed to find the best loans for you.

#5 Mogo

If you’re a Canadian millennial (not living in Quebec) with little to no credit and you’re looking for a mortgage or a small personal loan, Mogo is a good place to start. However, beware of higher than average interest rates in some of their products.

Final Thoughts Of Our Boro Review

As you’ve managed to see in our Boro Review, the downsides to Boro, Borocash and Borodrive are basically its limitations. It’s set up as a mechanism to help students grow and develop a good financial future, but it could be much more if it expanded beyond what it already does well.

This service could be a good solution for people who are not students and people outside the U.S.. All it would take is for Boro to decide to expand. It could have a much wider audience ready to use it to its fullest, especially here in Canada’s colleges and universities. Who knows? Perhaps we’ll see that come true as Boro continues to grow.

But, for what it’s worth, it does what it wants to do in a near-perfect way. It’s helping the futures of millions of students in a stage of life where they need to be helped the most.

If you fit the bill and are lucky to be a college student in one of the covered U.S. states, we definitely recommend taking out a loan with Boro and start building your financial future. It’s simple, it’s easy, it’s quick and applying for these loans won’t cost you a penny, so what are doing still thinking about it?.

Get More Of Our Best

2021's Financial & Travel Essentials

Get our special report highlighting the 4 tools you need to build wealth and protect your assets in 2021.