Let’s suppose a first-year student is looking to buy a new laptop computer. They’ve had their current one for several years and it’s never failed them but the latest model is – for lack of a better phrase – calling to them. There’s just one problem: Money.
Laptops can be expensive (just look at the prices for a 13-inch MacBook Air). So they decide to get a personal loan from Boro. It’s affordable, customized to the student’s needs and can be deposited into a bank account less than one business day after the payment plan is set up.
So the student does just that. They start an application, sign the loan agreement, set up the plan and, as soon as the money’s in their account, they get their brand spanking new laptop. Now’s the matter of repayment.
The student did, after all, sign up for a plan that requires a monthly payment. But they don’t want to find themselves forgetting payment dates (even though Boro does send reminders!) or misremembering how much they owe each month. What, then, do they do? They pay back the loan in full a few days after purchasing their laptop and get back to college life.
But wait, you must be asking yourselves. How is it so simple and easy to pay back a loan like that? What about prepayment fees or penalties? The simple answer to both questions is there are no fees or penalties. Boro users have a two-week period in which they can either cancel or pay back your Boro loan without interest or hidden fees. It’s that easy.
Keep in mind, however, that while paying back a Boro loan early will relieve you of your loan, it won't actually save you any money. But it will allow you to put all your energy into your coursework and extracurricular activities so you can be the best college student you can be.
Interested in our loans for students? Looking to buy a new car or computer? Searching for the perfect vacation destination. Click here to find out more about our personal loans and click here to learn about our auto loans.