Boro College Student Money App Pros: $5 Bonus & Give $5, Get $5 Referrals

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Boro (getboro.com) is welcoming new users with a $5 cash bonus when you join with a referral link. You’ll get an additional $5 cash bonus for every person who uses your unique referral link to claim their welcome bonus. See our referral page for more deals.

As a college student, you’re just starting to manage your finances and getting access to a loan is quite the feat. 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, geared specifically to college students. On top of that, they provide loans to students using an untraditional application process. Let’s get into all that, as well as their current offers, below.

Boro App $5 Welcome Bonus

Get a $5 welcome bonus when you use a referral link to join Boro and connect your bank or credit account. This offer is for new members only.

Boro Give $5, Get $5 Referral Program

After you create a free Boro account, you can participate in the referral program. Share $5 bonuses with your friends, and you get a $5 bonus for every person who uses your unique referral link to register for Boro and connect their bank or credit account. There is no limit to how many referral bonuses you can earn. See their referral program terms.

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.

Bottom Line

Boro is a money management app that also offers loans to college students without any credit histories or cosigners. Join with a referral link and get a $5 cash bonus when you connect a bank or credit account.

You might also be interested in Pluto. It’s a free money app for college students.

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