Boro (getboro.com) is now welcoming new users with a $5 cash bonus when you sign up with a referral link. Plus, you’ll get an extra $5 cash bonus for each person who uses your personal referral link to claim their welcome bonus. More referral bonuses here.
As a college student, you’re just starting to manage your finances and getting access to a loan is quite difficult. Banks want you to have credit history and a good credit score before lending you any cash. This is where Boro comes in. The app offers solid money management and budgeting tools, designed specifically to college students. With this, they also provide loans to students using an untraditional application process.
Read below for more information on what they have to offer.
Boro App $5 Welcome Bonus
Recieve a $5 welcome bonus when you use a referral link to sign up for Boro and connect your bank or credit card account. However, this offer is available for new members only.
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Boro Give $5, Get $5 Referral Program
After you make a free Boro account, you’ll be able to partake in the referral program. Share $5 bonuses with your friends, you’ll get a $5 bonus for each person that uses your personal referral link to sign up. Then, they must connect their bank account or credit account.
Furthermore, there are no limitations on the amount of referral bonuses you can earn. More referral bonuses here.
Boro App Features
Boro is a personal finance app that’s designed for college students. Not only does it offer money management tools, it also provides installment loans.
Money Management
With the Boro app, you have access to automatic expense tracking, monthly spending goals and custom spending tips. You’ll get regular credit score updates, as well as tips on how to build your credit. You can also see how your financial habits compare to other students in your school, state and nationwide.
Loans for College Students
College students may qualify for an installment loan and auto financing via Boro. By using a proprietary underwriting system, Boro is able to approve students who otherwise would not qualify for a loan, no credit, cosigner or Social Security Number required. Instead, the app considers other information – your school enrollment status, GPA, utility bills, and checking account transactions – to make its decision.
BoroCash (available in 15 states) works much like a line of credit, with interest rates ranging from 15.00% to 19.99%. Once you create your account, the $2,000 line is available if you need it. The application takes only a few minutes, you’ll know the results in seconds, and funds are made available within one or two business days.
Once you pay off the borrowed amount, you don’t need to apply a second time to borrow again. Simply access the amount you need and pay it back over time. The whole process also helps you build credit.
BoroDrive (available in 30 states) lends funds to college students for car purchases. Loan amounts range from $5,000 to $3 million, with terms from 12 to 60 months. Rates range from 6.00% to 13.99% and requires a down payment:
- Loan amount < $30,000 = 25% of pre-tax car price
- Loan amount > $30,000 = 35% of pre-tax car price
The approval process takes at least a day, and all paperwork can be signed electronically.
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Conclusion
Boro is a money management app that also offers loans to college students without any credit histories or cosigners. Sign up with a referral link and receive a $5 cash bonus when you connect a bank or credit account.
Also, check out Pluto, a free money app for college students.
