Boro Review: The Money App for College Students

Jenna Gleespen - April 02, 2021

Boro Review
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Boro is an app that helps college students make sense of their finances. Its design intends to help the college student understand everything from student loans to credit cards, and then some. This Boro review will help you understand what.0is included in the service.

Boro also offers financial services in the form of personal loans and auto loans to both domestic and international students. Your credit score is not checked, nor do you need to provide a social security number.

Let’s see what all Boro has to offer when it comes to managing money and getting a loan.

Boro review

Boro Review: Overview

Boro includes money management tools and loans directed at college students. They have a simple application process for their loans and offer alternative methods to secure their loans.

Boro began as a personal loan service for international students studying the US. This was to help students that would not have a social security number, credit score, or credit history in the US. Boro understands that and can help supply auto loans and personal loans to students.

The platform now allows all college students to find financing. Students can get an auto loan or personal loan even if they don’t have a credit history or a good credit score. Boro uses active student status and GPA as lending criteria.

Boro Review: What’s Included with the Boro app?

Boro offers a few unique features when it comes to finances. Let’s take a look at all that the service offers.

With Boro you get:

  • Money Management Tool
  • StackUp Comparisons Tool
  • BoroCash
  • BoroDrive

Money Management Tool

Boro money management tool

Boro’s money management tool offers custom spending tips, automatic expense tracking, and monthly spending goals. This makes it easy for U.S. college students to keep on top of their finances.

Boro will soon offer credit score updates as well as credit-building tips for college students.

StackUp Comparisons Tool

Boro stack up comparisons

With the StackUp Comparison tool, college students can see how their credit score and other financial habits compare to those of other students. With Boro, college students can compare their credit scores against others in their school, their state, and nationwide.

With the StackUp Comparison tool, any student can see the credit score of others in situations like them. They can also see if they might be eligible for personal loans.

>> Like the FREE Boro features? Click here to sign up for an account now! <<

BoroCash Personal Loans


BoroCash can provide a personal loan anywhere from $50 to $2000. While these loans used to only be available to international students, Boro now offers personal loans to any active student, even if they are a U.S. citizen.

Credit Score

You do not have to have a good credit report or credit history to apply for a loan with Boro.

Instead of checking credit history or a social security number to determine eligibility, Boro uses active student status and GPA.

Boro also checks with your current utility service provider to limit their risk. A bank statement may also need to be provided in order to qualify for a BoroCash loan.

When you are approved for a Boro Cash loan, you will get to choose your loan amount, loan terms, and payment terms. You will be able to pay the loan over one, three, six, or twelve months. You can also choose to make a payment on a weekly or biweekly basis.

Loan Rates

Depending on your loan amount and payback terms, you will see the percentage of your interest rate as well as the amount of interest you will be charged on each payment.

While Boro Cash may be a way to get some quick funding when you are in a bind, it is important to still borrow responsibly. You will want to make sure you can make the payments on time to avoid financial issues and harm to your credit score.

You can become eligible to borrow a higher amount if you pay off your loan on time. This is great news for college students who have ongoing expenses.

As of writing this, Boro loans were only available in 30 U.S. states. If a student is not a resident in one of the states where Boro is then they will not qualify for a loan.

>> Interested in getting a personal loan from Boro? Click here to go to the site and apply in minutes! <<



In addition to personal loans, Boro also offers auto loans. BoroDrive is the auto loan arm of the company. With BoroDrive you can get a car loan in as little as one day. The application process is completed electronically.

BoroDrive offers car loans ranging from $5,000 to $3 million. The loan term can be anywhere from 12 months to 60 months.

You can fill out a loan application online and receive funding for an auto loan quickly. However, just as with any type of loan you should always borrow responsibly.

BoroDrive requires that you meet a minimum insurance requirement once you qualify for a loan. You will need to submit proof of this once your loan is approved.

As is the same with BoroCash, BoroDrive is not available in all 50 states. You will need to be in a state where the company operates to be eligible for financing.

>> Interested in an auto loan with Boro? Click here to apply for financing today! <<

Boro Cancellation Policy

Canceling your Boro subscription is fairly easy. However, if you are a BoroCash or BoroDrive customer, you will not be able to deactivate your account until you have paid your loan amount in full.

As long as you do not have a car loan or personal loan with Boro, all you need to do is to delete the app to stop using Boro. According to their website, your information is secure even once you stop using the app.

Another way to cancel your account is to fill out this form that can be found under the help section on their website.

If you cancel your account as a BoroCash customer, you will not be able to secure another loan from Boro if you later subscribe to the service again.

Automatic Renewal

If you subscribe to a plan and do not cancel then your plan will automatically renew.

Furthermore, if you have a trial subscription and cancel before the trial ends, you will not have access to the services for the remainder of the trial period.

Boro Review: How Much Does Boro Cost?

There are some costs associated with Boro, however, they come in the form of interest rates as opposed to a monthly fee.


The good news is there are no fees for using Boro. If you apply for a loan you will not pay any application fees either.

Additionally, when you apply for a BoroCash or BoroDrive loan, the company will not perform a hard credit check. This is excellent news since even if you don’t qualify your credit score will not be affected by your application. However, even if you have good credit you may pay more for financing with Boro as opposed to loans from other lenders.

Interest Rates

Both personal loans and car loans have interest fees attached to them. The annual APR for Boro is quite high around  15–19.9 percent. This is slightly lower than most interest rates on a credit card, however, it is higher than most lenders charge for a similar loan.

The fact that international students can get a loan, as well as the fact that your credit history is not checked is likely the reason why the interest rates are so high. For this reason, it may be a good idea to shop around.

Boro Review: Pros and Cons

There are both pros and cons that come along with using Boro for personal loans or an auto loan.

Boro Pros

  • Loans for international students
  • Loans for students with no credit history
  • Money management tools
  • Free budgeting and expense tracking tools
  • No hard credit check
  • No cosigner or SSN required

Boro Cons

  • High-interest rate
  • Somewhat of a hassle to cancel
  • Not available in all 50 U.S. states
  • Loan amounts for BoroCash are lower than some lenders

>> Ready to start using Boro? Sign up for an account today by clicking here! <<

Boro Review: Is the Boro App Legit?

The Boro app is indeed legit. Boro is an accredited company with the Better Business Bureau and has a rating of B+.

Although Boro may charge more for personal loans and auto loans, the company is reputable and has a solid reputation.

The fact that international students and those without good credit can access loans may make the company seem a bit dodgy. However, this is not the case. The APR may be high, especially if you compare the rates to other lenders, but Boro may be a decent choice for quick personal or auto loans.

How Long Does It Take to Get Money with a Boro Loan?

Once approved for a BoroCash loan, funds are generally available within two business days.

For BoroDrive, loans are typically approved within one or two business days.

Is Boro Right for Me?

If you are a college student with a negligible credit history or studying in the U.S. from abroad, Boro may be a good choice for you.

It is easy to apply for a loan via the app. You should, however, be aware that rates are higher than they may be from other lenders.

Additionally, if you have ongoing expenses you can become eligible for a higher amount of credit each time you make a payment on your loan.

The fact that Boro also offers money management and budgeting tools means that it still has benefits to use even if you are not eligible for a loan or simply do not need one. These tools have no fee to use, making it easier than ever to stay on top of your finances.

Boro Reviews by Users

Most of the customer reviews rate the app fairly well. The company has a 4.1 rating on the Google Play store and most customer reviews are positive.

Users who recommend the product state that they were able to borrow enough money to pay off their school expenses. One reviewer even states that she was able to borrow $700.

Boro reviews

Other reviewers on the Google Play store say that they were able to borrow more each time they would pay on their loan.

Some of the reviews that report an issue with the service are complaints about poor customer service and high APR.

Complaints on the BBB website also site problems with customer service. However, a representative for the company did submit a response to each complaint.

Final Review: Is Boro Worth It?

Boro offers personal loans and car loans for students who otherwise may not qualify via traditional lenders. There is no minimum bank balance required to apply for a loan, and loans are typically approved based on active student status, timely payments made for utility bills, and the amount of the loan requested.

Loan amounts for BoroCash are generally lower than what you may get from other lenders. However, loan amounts offered for car loans are fairly high.

Even if you do not need a personal loan, Boro may be beneficial for the money management and budgeting tools alone. All that Boro has to offer makes it potentially a great financial app for college students.

>> Need financing for a personal loan or auto loan? Click here to apply for a loan today or simply use their FREE money management tools! <<


Jenna Gleespen is a copywriter specializing in finance and investment finance. Originally from the United States, she now calls London, England home.