About Lender
Echo Credit is a line of credit provider by Jora, Inc., a direct lender based in Addison, Texas and incorporated in Delaware since 2017. They operate in 11 states and offer short term borrowing solutions to high risk borrowers with bad credit. They are all about accessibility, they offer credit lines to cover unexpected expenses.
Echo Credit reports to the 3 major credit bureaus—Equifax, Experian and TransUnion—so on time payments can help improve credit scores and late payments can hurt them. Although they have an A+ rating with the Better Business Bureau they are not accredited by the BBB which means they don’t need to follow their code of ethics to maintain a good reputation.
Key Features
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Electronic Cash Advance. Borrowers can request an electronic cash advance and it will be funded the same day if requested before 10:30 a.m. Central time (Monday – Friday, excluding bank holidays).
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No Fees. No application fee, no cash advance fee, no prepayment fee, no late fee and no annual fee.
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Credit Reporting. Echo Credit may report the borrower’s payment history to one or more credit bureaus which can affect their credit score. Late or non-payment of a loan or Line of Credit may negatively affect the borrower’s credit score.
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Collection Practices. If the borrower fails to pay their Account according to the terms of their Agreement, Echo Credit may send their Account to or sell their Account to a third-party collection agency or other company that buys and/or collects delinquent consumer debt.
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Costly Credit. Echo Credit acknowledges that their services are a costly form of credit and encourages borrowers to consider other forms of credit such as credit cards, personal loans, home equity lines of credit, existing savings or borrowing from a friend or relative before applying for a loan.
Pros and Cons
Pros
Easy. You can withdraw the loan in portions as you need as long as you stay within the credit limit.
Simple Requirements. The requirements are not strict. You just need to meet the basic requirements. Your credit score can be bad.
Bad Credit OK. You can be approved even with bad credit.
Cons
Limited Availability. They don’t operate in all states.
Costly. An expensive form of credit. The APRs are triple digits; you need to pay them back short term.
Only Lines of Credit. You can only get a line of credit. No other options.
Reliability
BBB Rating. Echo Credit is not accredited by the Better Business Bureau (BBB) but has an A+ rating which means they have strong overall performance based on customer feedback, complaint history and regulatory compliance.
Transparency. The company provides clear and detailed information about their services, eligibility requirements and loan terms which makes them more trustworthy to potential borrowers.
Legal Compliance. Echo Credit claims to be in compliance with all applicable laws and regulations and follows industry standards and customer protection.
Data Security. The website has a Privacy Policy and Terms of Use that explains how customer data is used, so they take data privacy and security seriously.
How to Apply for an Echo Credit Loan?
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Go To The Website. Visit the Echo Credit official website.
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Click "Apply Now." Find and click the "Apply Now" button on the homepage.
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Enter Zip Code And Residence State. Provide your zip code and state of residence in the required fields.
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Enter Personal Information. Input your name, email, date of birth, and create a secure password for your account.
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Click "Continue." Once all the information is entered, click the "Continue" button to proceed with your loan application.
Conditions and Requirements
Conditions
Loan Amount. Borrowers can apply for loans up to $3,000.
APR Range. APRs for Echo Credit loans range from 122% to 349% depending on the loan and borrower qualifications.
Revolving Terms. The terms for lines of credit are revolving so you can borrow and repay based on available credit.
Requirements
Age Requirement. Applicants must be at least 18 years old (19 if residing in Alabama).
State Residency. You must live in a state where Echo Credit operates.
Income Verification. A proven income source is required.
Valid Email Address. Applicants must have a valid email address.
Checking Account. An active checking account is needed for approval.
Ways to Recieve the Money
You need to apply online. It’s encrypted and secure so you can safely give them your Social Security Number, income source, employment and checking account info. You’ll get the amount you qualify for. Cash advance requests made before 10:30 am CT Monday to Friday are funded the same day. To get this cash you can withdraw money to your bank account anytime up to the credit limit.
Products
The Echo Credit website offers borrowers with access to a Line of Credit (LOC). A Line of Credit is a flexible form of borrowing where borrowers can access funds up to a certain credit limit as needed. Echo Credit’s LOC also has flexible repayment terms. Borrowers can make minimum payments or pay off the balance in full at any time. The website also states that borrowers can request a credit limit increase after making consecutive on-time payments.
Other Personal Loans
Reasons for Loan Refusal
Echo Credit may deny a loan for several reasons including insufficient income, low credit score or high debt-to-income ratio meaning you can’t handle more debt. Incomplete or incorrect information provided during application can also result to denial as well as not meeting the minimum requirements such as age or residency criteria. State specific restrictions may also affect loan approval if Echo Credit’s services are not allowed in your area.
How to Repay an Echo Credit Loan?
To pay an Echo Credit loan, borrowers can choose to have automatic electronic payments directly from their bank account so you don’t have to lift a finger. Or you can manage payments through the Echo Credit customer portal or contact customer service. Payments are scheduled based on the installment plan and you can pay off the loan early without any prepayment penalty so you have flexibility in paying.
Loans like Echo Credit
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
