Mobile Banking

Boro App Review: An Ideal Money Management Tool For College Students

This Boro app review will focus on providing you important details on what makes it an ideal choice for college students who want to have access to loans and build their credit score and credit history at such a young age.

Boro App Review: An Ideal Money Management Tool For College Students

College is one of the most exciting times in one’s life. It is a phase in your life when you get to enjoy more freedom, at the same time, start having serious responsibilities like managing finances and tracking your money.

According to a survey conducted by DepositAccounts by LendingTree, one in every three college students, or 34% has at least saved $1,000, while 11% have nothing at all.

Furthermore, the survey revealed that nearly 44% of college students in the country are saving for tuition fees. Specifically, 51% of the respondents have student loans, while 35% have no loans but are saving for tuition payments.

The data above shows that college students these days are more responsible when it comes to handling money, and where they spend their money to.

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One thing that we want to focus on, though, in the data we provided is the number of students who are on student loans. The number is quite high, and that is totally understandable because getting into college is really expensive.

Now, here’s the thing gaining a loan as a college student can be challenging since most banks require borrowers to have a credit score and a credit history.

To build a credit score and credit history, though, means you have to have access to credit and have a history of making payments. Ironic, it may seem, but that is how it really goes, right?

Now, while it seems like it’s a hopeless case, well, it’s really not. Thanks to money management tools like Boro. Apart from providing solid finance management and budgeting tools specifically to college students, it also provides loans to students by using a non-traditional, non-conventional application process.

In the next few sections, we are going to tell you more about the Boro app, and what makes it a great choice among college students who want to build their credit score and credit history, and eventually have access to more loans in the future.

Specifically, this Boro app review will provide answers to these very important set of questions:

  • What is Boro?
  • Who is Boro best for?
  • What are the products offered by Boro?
  • How to apply for a Boro loan?
  • Is Boro safe?
  • What to like about Boro?
  • What not to like about Boro?


While some may already have an idea of what Boro is all about, we believe a lot of people still do not know what it is.

So, before we even proceed with the more technical stuff, let’s get to know what Boro is all about first.

To be honest, when we first heard about the Boro app, we thought it was too good to be true. Well, it basically offers really good things especially for newbies in financial management — and yeah, we are talking about college students.

Boro is a company that started only in 2015. This money management app was created to help college students get their first loans out — because, as we have mentioned earlier, getting a loan in banks is hard especially when you do not have a credit score and credit history.

Primarily, Boro helped international students in the United States, but, over time, it eventually expanded to national students. Ever since, Boro has already healed millions of students get loans, and build a good credit history in a very simple process.

By providing loans to both international and national students, these young people get to start building their credit score and credit history, and eventually, become eligible to borrow money from larger financial institutions.

Apart from all these, what makes it even more shocking is that Boro is credit-free, which means it does not need the borrowers to have a special bank account or a credit card even. The only requirement is that you have a bank account that is based in the United States to be able to receive the loaned amount.

Additionally, the service does not charge annual fees, which makes sense because after all, it is a personal loan service that is specially created in order for college students to develop their credit score and credit history.

If you want to know more about Boro along with other finance apps targeting college students, we recommend you check out the video below by The College Hustle:


Now, before we even get into details of what Boro offers, it is important to know who Boro is for.

Unfortunately, Boro is not available for everyone.

Boro is only available for national and international college students who are in the U.S. Additionally, it also works for recent graduates, as well as people holding specific Visas such as A5, C8, F1/OPT, G, H1B, J1, L1, O1, as well as Green Card holders who are 18 years old and above.

It is also important to note that Boro is only available in 18 states. However, the company is already planning to expand its coverage. So, maybe in just a few years, it already is available across all 50 states.

Furthermore, as mentioned, Boro should appeal most to college students, as well as recent graduates and specific Visa holders who wanted to acquire their first loan and start building their credit score and credit history for future loans in bigger financial institutions.

Of course, as a general rule, you must be at least 18 years old to qualify.


In the previous sections, we provided you a short background of what Boro is, and also who it is best for.

This part of our Boro app review will focus on the product that this money management tool has to offer.

The Boro app was designed with college students in mind. It provides both money and budget-planning features, as well as offers microloans and auto loans specific to college students, as well as recent graduates and certain Visa holders.

So, let’s focus on the two essential offerings of the Boro app, which are:

  • Money Management Tools
  • Loans

Money Management Tools

Boro is serious when it comes to teaching young people to handle their finances. Thus, it offers various money management tips and tools in the app — all for free.

Boro app users have access to app features like automatic expense tracking, monthly spending goals, as well as custom spending tups.

The company is also already working on being able to send users a regular credit score update, as well as credit-building tips.

Boro offers the StackUp Comparison tool, which allows users to see how their financial habits are compared to other students of the same school, state, as well as on a national scope.


Now, the most important product offering that Boro has is, of course, loans.

Boro offers two types of loans — the Boro Cash and Boro Drive.

But before we talk about these products, it is important to note that while Boro does not have the lowest rates out there, it does cap the loan amount at $2,000.

In addition, it comes with a fixed period in which the loan must be paid off, which is good because it helps keep student borrowers from falling into a spiral of ever-increasing debt.

If compared, Boro works more similar to a line of credit than a credit card. The moment a student creates a Boro account, the $2,000 line is automatically available as needed. Once you are able to pay off the borrowed amount, you no longer have to re-apply to access cash again. Just get what you need and pay it back on time.

As mentioned, by using Boro, students get to build their credit score and credit history, which is also why paying the debt on time is really important.

Now, let’s talk about the two types of Boro loans —

Boro Cash

For personal loans, you can apply for the Boro Cash. Loans could range from $50 up to $2,000. Loan terms vary from one, three, six, and 12 months.

What’s nice about it is that students get to choose whether to pay it off on a biweekly or on a monthly basis — whichever is more feasible or more doable.

More so, Boro breaks out the interest and amount of interest so students get to easily see how much of their payment is going toward interest.

For Boro Cash, interest rates vary from 15% to 19.99%. The Boro Cash option is only available in 15 states.

Boro Drive

As the name suggests, Boro Drive is intended for auto loans. Unlike Boro Cash applications, Boro Drive applications take a little longer — for up to at least a day. Also, unlike Boro Cash, the Boro Drive is available across 30 states.

Loan terms range from 12 to 60 months with loan amounts that range from $5,000 to $3 million. Meanwhile, interest rates range from 6% to 13.99%.

It is also important to note that Boro Drive requires a down payment that varies depending on the loan amount. For loan amounts under $30,000, it’s 25% of the pre-tax car price, while for loan amounts of more than $30,000, the down payment is 35% of pre-tax car price.


This part of our Boro app review will focus on providing you a guide on how to apply for a Boro loan, whether it be a personal loan or an auto loan.

First of all, it is important that you are at least 18 years old and a college student with at least a GPA of 2.0 for undergraduates or a graduate student with a GPA of 3.0.

Additionally, you must be a student or a graduate student in colleges in Arkansas, California, Florida, Illinois, Iowa, Michigan, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Utah, Washington, and Wisconsin.

For the application process to start, you must the download the Boro app, which is available for both Android and iOS users.

Once installed, you will be asked to provide some basic information such as your .edu email (which, by the way, is mandatory) and your phone number. This information will be used to do a soft credit pull.

What is nice about the Boro app is that it works with an automated system that lets you know immediately if you qualify for a loan or not. If approved, you will then have to specify the amount of money you want to borrow and how many months you intend to pay it back.

Please note, though, that if your application is denied, you can try again after 90 days. Unfortunately, the app does not indicate the reason or reasons why an application is denied.

Now, while the Boro app does not charge any application or annual fees, you will have to pay for ongoing interest on any outstanding loan balances.

Also, Boro currently gives $5 bonus when you open an account and then link a bank or credit account to it.


The safety and security of your personal data are usually one of the major concerns of anyone dealing with online financing tools.

So, with that, we are looking into how safe to use Boro is.

Generally, the Boro app is safe as there is no deposit on it. Also, the app and the website uses encryption to ensure that all personal information provided are safe and secured.


This Boro app review will not be complete without a list of things to like and not to like about this online money management tool.

So, to start with, below are some of the things that we particularly like about the Boro app:

  • Easy Loan Application Process – As compared to other online lenders out there, Boro provides an easy loan application process. Needless to say, everything is done entirely online, which helps save a lot of time.
  • Fast Approval – With both loan offerings, Boro offers a quick approval process as compared to other online lending companies. For personal loans, approval is received right after completing the application requirements. Meanwhile, it could take at least a day to get approved for a car loan.
  • Free Budgeting and Expense-Tracking Tools – Boro app was designed to help college students learn how to handle their finances, at the same time, to have easy loan access. With Boro’s budgeting and expense-tracking tools, it will surely help users to be more mindful of their finances.
  • No Co-Signer or SSN Required – For both its loan offerings, Boro does not require any co-signer or SSN, which is definitely great.
  • No Application or Annual Fees – Unlike other online lenders, Boro does not charge application as well as annual fees, which makes it even more appealing to its target market, which of course are college students and recent graduates.
  • Helps Build Credit Score and Credit History – Boro app aims to help college students build their credit score and credit history so they get to be eligible for other loan options in larger financial institutions.
  • Available for Both International and National Students in the U.S. – The Boro app was initially established to cater to the needs of international students in the United States, and then, eventually, it expanded its products and services among national college students as well. Right now, Boro also extended it to recent graduates as well as holder of certain Visa types.


So, in the previous section, we provided you with a list of things to like about the Boro app. This time, to complete our Boro app review, we are giving you a list of things to not like (or things to improve on) about Boro.

The list includes the following:

  • Limited Availability – Unfortunately, the Boro app is not available across 50 states. Only students in these colleges and universities can avail it: Arkansas, California, Florida, Illinois, Iowa, Michigan, Nebraska, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Utah, Washington, and Wisconsin. However, as mentioned earlier, Boro is working on making it available to a few more states, and hopefully, in a few years, all 50 states will be covered.
  • Limited Loan Options – Boro only offers two loan types and these are a personal loan and auto loan.
  • Interest Rates Are Quite High – Boro does not offer the best interest rates in the market, that’s for sure. So, if you want more competitive rates, you may have to look for other financial institutions.
  • Requires a .edu Email Address – Unless you have a .edu account, you won’t be able to qualify for Boro’s loan offerings. The .edu email address is mandatory.


Boro is a money management app that provides college students the opportunity to learn how to manage their finances, at the same time, be able to apply for a loan, and build credit score and credit history.

While it does not offer the best rates in both its personal and auto loan offerings, we got to say that Boro still offers amazing features and opportunities that could help college students have better credit to help them become more eligible for better loans in bigger financial institutions in the future.

So, do you agree that Boro is a good stepping stone for college students who want to build better credit?

We do hope that this Boro app review was able to provide you with everything you need to know and convince you that it is indeed one of the best choices for college students out there.

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