Just because the 2018-2019 academic year is over doesn't mean you should stop taking out loans with Boro.
From cars and computers to vacations and valuable gifts for loved ones (as well as everything in-between), Boro is here to help students every step of the way with affordable monthly payment plans that are customized to whatever their needs may be and allow you to access the money they need less than one business day after they set up their plan.
That, however, isn't the only thing Boro is known for.
We Help You Build Credit
At Boro, our core philosophy is that every college student and graduate, domestic and international alike, deserves affordable, equal access to financing opportunities. Which is why unlike traditional lending platforms, Boro choose to concentrate on the applicant's financial status and future earnings rather than solely focus on their Social Security number or current FICO credit score.
The one major difference that sets Boro apart from said lending platforms, however, is that it helps its clientele build their credit score with each payment they make, allowing them to spend less time worrying about having poor credit history and more time enjoying the things they love (hanging out with friends and family, treating themselves to a spa day, going on a shopping spree, preparing for the new Avengers movie by binge-watching all the Marvel Cinematic Universe movies produced over the last eleven years, what have you).
So how can building your credit score be so easy? The answer to that question is simple and is in the title of this blog post. The more payments you make, the more credit you build. And the longer your payback period, the more positive your credit score.
Why Would I Want to Payback for a Longer Period of Time?
But wait, you must be asking yourselves. Why do I need a longer payback period when I can just repay my loan in full and be done with it? Well, you can choose to go with a lending platform that provides short-term borrowing opportunities (Affirm and Thrive Cash, to name a few) in addition to affordable payment plans for college students.
The problem, however, is that while paying back your loan in full early will definitely take the burden of repayment off your shoulders, it will not help your FICO credit score for two reasons:
A. It doesn't – does not – affect your credit score at all and;
B. It condenses the money you owe into three to six payments.
Boro, on the other hand, will allow you to build your credit score over the course of its monthly payment plans, which allows consumers to make twelve to twenty-four payments.
In short, the more payments you make will cause your FICO credit score to increase far more than it would if you made three to six. And that means Boro customers can take solace in the fact that they are on the way to a more secure financial future.
Interested in setting up a monthly payment plan? Looking to buy a new car, upgrade your computer, or find the perfect vacation destination? Click here to learn about our personal loans and click here to learn about our auto loans.