Gen-Z college students can get up to $400 for personal expenses, pay back over time and build their credit history, all from their phone.
CHICAGO, October 02, 2019 /PRNewswire-PRWeb/ -- Chicago-based fintech start-up Boro has launched its flagship app for iOS and Android, focused on helping college students build strong financial futures through financial education, resources and services. Boro is powered by $100 million in debt funding from Arcadia Funds.
The first product featured on the app, BoroCash, offers college students up to $400 through a simple, fast and smart application and underwriting process. Students pay it back in small, monthly installments over three to nine months and build their credit history.
"Traditional lenders don't treat college students fairly," Boro CEO Hao Liu said. "Students without credit history or poor FICO scores have a hard time getting approved, much less getting affordable rates. In this current financial system, students are set up to graduate with no credit score and no knowledge of how to use credit. With the Boro app, we are looking to change that."
Boro's underwriting system utilizes alternative data sources as well as FICO to determine the creditworthiness of college students and this streamlines the financing process for college students in the U.S. The new app will also offer quizzes and other opportunities for students to get smarter about their finances.
"BoroCash is very accessible to college students and a great way to get money fast for textbooks and supplies," Knox College sophomore Emily Gately said. "I used my cash to buy Japanese textbooks and dorm decorations."
BoroCash is affordable with low interest rates; $100 BoroCash paid back over six months will owe about $6 in interest .*
"I was stuck with an overdrafted account and a paycheck that wouldn't come for another week," Utah Valley University senior Heather Nielsen said. "I had tried other options just to end up paying an arm and a leg in interest and service fees. After seeing the ad for Boro, I decided to try it out even though it seemed too good to be true. I honestly couldn't believe how quick and easy it was to borrow from Boro and with the lowest interest I've seen from a personal loan."
Boro is kicking off the App launch with a tour of college campuses, hosting events and handing out Boro merchandise at University of Illinois at Urbana-Champaign, University of Iowa, Loyola University Chicago, Michigan State University, Rutgers University and University of Wisconsin-Madison. Follow Boro on Instagram at @getboro to see what campuses Boro is headed to next.
"Talking about finances can be awkward and difficult," said Jose Duarte, Head of Marketing and Growth. "The Boro College Tour will help kickstart the conversation about students' financial futures and how BoroCash is designed to help prepare them. The Boro College-Preparedness packs with helpful items like water bottles, battery packs, and school supplies are a great way to turn that conversation into action on the Boro app."
The Boro App is now available on both the Apple App Store and the Google Play Store. Download at http://www.getboro.com/app.
Boro is a digital lending platform that specializes in helping domestic and international college students finance purchases through monthly payment plans specifically customized to their needs. Overcoming the barriers put in place by the credit score system, Boro aims to revolutionize consumer financing and ensure every college student receives affordable financial opportunities that will help them succeed in their post-graduate lives. For more information, visit getboro.com.
*A $100 BoroCash loan repaid over 6 months with an APR of 19.9% would have monthly repayments of $17.65, and average monthly interest payments of $1.66.