Jora CreditOur take: Good alternative to payday loans for customers with bad credit scores Show more
Credit Score Loan Size/Amount Loan Term APR Origination Fee 450 - 740 $500 - $12.600 1 - 30 186% - 349% 0,5% - 5%Credit Score450 - 740Loan Size/Amount$500 - $12.600Loan Term1 - 30APR186% - 349%Origination Fee0,5% - 5%Our take: Good alternative to payday loans for customers with bad credit scoresShow more
Are you ready to apply for a loan through Jora Credit?
When taking out an online loan of any kind, it’s important to thoroughly analyze potential lenders.
Researching wisely can be your key to obtaining a loan with terms you can meet.
Read on for a deep review of Jora Credit, including the pros and cons of requesting a loan from this lender.
Remember: when you are informed, your financial future is secure!
Jora Credit: The Basics
Jora Credit is very new to the online loans marketplace. It was established this year (2018) and lends or arranges loans “pursuant to the Department of Business Oversight California Finance Lenders License.”
Jora offers borrowers simple options when it comes to personal loans. Borrowers can request loans between $500 and $2,600 and are able to receive funds within 24 hours.
Jora Credit does not service all 52 states and territories in America, but that list is expanding as Jora gets new authorizations. Rates and loan amounts may vary depending on the state in which you reside.
According to its website, Jora prides itself on clear loan terms that do not have any hidden fees. When it comes to rates, potential borrowers can use a tool on Jora’s website to determine how much they will have to pay in interest on specific loan values.
For example, a Utah-based $500 loan requested through Jora will have a payback amount of $1,236.42. This equates to a 349% APR or $736.42 in interest and fees.
Jora requires its borrowers to make either bi-weekly or monthly payments on their loans. There is no penalty for early repayment. Missed or late payments, however, may accrue additional interest.
Early payments will reduce the overall amount of interest owed.
Loan terms are between 1 and 30 months.
It’s possible to apply for a Jora Credit loan through its website, via tablet, phone, or computer. Jora does require all applicants to be at least 18 years old, employed or with a viable source of income, and a resident of a state Jora serves.
Jora does not necessarily review credit history, although it does claim that online applications are subject to a review of loan history. Most applicants, therefore, experience a quick and hassle-free application process.
Finally, all Jora borrowers receive access to Allay, a tool designed to help borrowers improve their financial health, maximize their careers, and increase earnings.
The Pros: Jora Credit Loans
There are a few benefits to obtaining a loan through Jora Credit. Let’s take a look at these now.
1. Ease of Application Process
Requesting a loan through Jora Credit is fast and relatively painless. Individuals simply have to set up a free account on Jora’s website and provide basic information about income sources in order to request a loan.
Borrowers can also receive cash as soon as the next business day. This can be vital for individuals in need of financial assistance immediately.
Lastly, Jora Credit does not perform a hard credit review on applications. While it may survey your loan or financial history, it does not claim that this will be a deciding factor in the approval process. This makes the loans from Jora effectively no credit check loans, which can be very helpful for customers with a damaged credit history.
2. No Early Repayment Penalty
Jora encourages borrowers to pay off their loan amounts as early as possible. It does not charge a fee or penalty for early repayment.
It also suggests that early repayment can reduce the amount of interest a borrower pays over time. This can be an advantage to individuals who want to avoid paying over 300% in APR over their loan’s term.
In fact, if you know you have the means to pay your Jora loan off in a short period of time, a Jora Credit loan may be quite viable.
Jora Credit is unique in the fact that it offers borrowers tools designed to help them manage their financial futures. One of these tools is called Allay, which includes a supplemental income tool, salary calculator, and career path tool that can help borrowers better manage their finances.
What’s more, Allay even includes job listings, enabling borrowers to search for positions that align with their career path.
This is vital for borrowers who are seeking assistance in more effectively planning for their futures.
The Cons: Jora Credit
These are all great advantages to taking out a Jora Credit loan. But what about the disadvantages? Read on to learn more.
1. High Rates
According to Jora’s rates calculator on its website, it’s possible to pay over 300% APR for loans as small as $500. While these rates may seem high, they aren’t at the same level as payday loans no credit check. So, if you have a damaged credit history, a Jora loan may actually be a good deal for you.
On the payment side, Jora Credit requires borrowers to stick to a rigid repayment plan. Borrowers have to make loan payments bi-weekly or on a monthly basis, without exception.
These rates and rigidity can be prohibitive for some borrowers who aren’t sure if they have the means to commit to these terms in the long run. For this reason, it may be more viable to consider a cash advance, secured credit card, or lower rate loan if you can possibly qualify.
2. Limited Service
Jora Credit only services ten states. While their service is continuing to expand, if you don’t reside in those ten states, you’ll have to wait until they come to your state.
Jora also offers a maximum loan of $2,600 to borrowers. If you are in need of a higher loan amount, you may wish to look elsewhere.
At Bonsai Finance, for example, we can find you lenders for personal loans up to $15,000 in for eligible borrowers.
Final Thoughts: Jora Credit Review
Jora Credit is a new online lender that offers installment loans to borrowers with variable credit. Much like other online lenders, it caters to borrowers in specific states in the U.S. and limits the amount of money a borrower can request.
Jora does offer borrowers several advantages, including no early repayment fee and Allay, a tool that can help manage financial health. However, its personal loans have extremely high rates for the industry.
They are also an option for residents of only ten U.S. states. For this reason, many borrowers may have to find an alternative if they’re not based in those states.
Bonsai Finance can help you discover the financial aid you need, no matter your credit history. Learn more about our same day payday loans here!