How Boro Gives International Students Access to New Financing Options
Let’s suppose you’re an international student attending – for the sake of example – the University of Illinois Urbana – Champaign. Since you want to live close to campus, you tour several apartments and find the perfect place down the street to call your temporary home for the next four years.
There’s just one little matter left to deal with: Paying for everything. It’s no secret that moving into a new apartment can be expensive – between your security deposit, setting up utilities, and buying furniture you’re going to need a lot of money to get settled. For furniture alone, most people spend over $1,000 furnishing a new apartment, and security deposits are often at least one months’ rent.
After a little research, however, you decide to get a personal loan from Boro. More than easy to afford and flexible when it comes to loan terms, their payment plans promise to make college life easier by financing whatever you’re looking to purchase or lease. And you can receive the money you need in less than 24 hours.
So after submitting an application and setting up a plan, you pay for your new furniture, move in, and start adjusting to American college life. You keep in mind, however, that you can’t pay each month’s rent with a personal loan. But that’s a story for another article.
After all this, chances are you’re probably wondering…
What Boro is (and What it Does)
An innovative digital lending platform, Boro specializes in helping domestic and international college students finance purchases ranging from $1000 to $3000 through customized monthly payment plans. Additionally, Boro is one of the only platforms in the industry that doesn’t require a Social Security Number (SSN) or a cosigner to qualify for a loan, allowing all international students access to financing. With APR starting at 15.9%, and monthly payments starting at $36 for $1000 purchases, Boro’s personal loans are specifically tailored to whatever the student’s needs may be.
Unlike other loan providers, or credit card companies, which may require you to repay in full on a fixed date (and charge serious penalties in the event you repay the loan after said date), Boro payment plans are designed so that the sum you owe is split up into individual monthly payments. All you need to do is pay back a small amount each month of the payback period (which can last from 12 to 24 months) until the loan is repaid in full.
As an added bonus, all Boro payment plans are interest-free for the first two weeks. So if you’re considering paying back your loan during said two week period, you won’t be charged any interest or fees should you choose to do so.
But the greatest difference between Boro and other lenders is that Boro helps build your credit score as you go. It’s no secret that having a good credit score will be helpful during your time in the US. Most loans you may obtain in the future likely will look at your credit score and use that, among many factors, to determine your eligibility as well as interest. From buying a car, to getting a new cell phone, to renting another apartment, a solid FICO score will help you save money by likely getting a lower interest rate, and in-turn making smaller monthly payments. That’s why Boro personal loans are designed so that each on-time payment you make positively affects your credit score and helps you establish a strong financial history.
If you have any questions about how Boro’s monthly payment plans work, visit the payment plan guide for all the answers. If you want to learn how to start building credit, check out this article to discover five quick tips that will point you in the right direction. And as always, visit our website to start your application for a monthly payment plan.