About Lender
Jora Credit is a financial technology (fintech) company based in the United States that provides personal loans to individuals. The company was founded in 2017 and is headquartered in Irving, Texas. Jora Credit was founded to serve the underbanked population in the United States. The financial institution operates in 10 states, including Missouri, Idaho, Mississippi, Delaware, Alabama, South Carolina, North Dakota, Wisconsin, and Utah.
Since its inception, the lender has been offering loans to thousands of borrowers in the United States, especially in states it is allowed to operate. Unlike other financial institutions that target customers with good credit scores, borrowers can access Jora Credit loans even with bad credit scores. The company uses a proprietary underwriting process that takes into account a borrower's credit history, income, and other factors to determine their creditworthiness and the terms of their loan.
Jora Credit operates as a direct lender, offering personal loans to individuals looking for quick cash to pay off their bills or cover other expenses. The most common type of financial service offered by the direct lender is Jora Credit personal loans, which its customers can access online and repay in monthly or bi-weekly installments.
Other than financial services, Jora Credit is among the financial services companies providing a financial advice platform via the Allay service. Allay is a financial advice platform that offers tools such as career paths, salary calculators, supplemental income, and job listings to help you improve your financial situation.
Jora Credit offers loans ranging from $500 to $2,600 with repayment terms ranging from six to 30 months, depending on the state where the borrower lives. The company's loans are unsecured, which means borrowers do not need to put up collateral to secure the loan.
One of the unique features of Jora Credit is its flexible repayment options. Borrowers can choose to make weekly, bi-weekly, or monthly payments, depending on what works best for their budget. Jora Credit also offers a grace period for missed payments, which can help borrowers avoid late fees and other penalties.
Key Features
Jora Credit is an online lender that offers personal loans to borrowers in certain states in the United States. Here are some features that differentiate Jora Credit from other lending companies:
- The loans are available online. There is no need to visit any offices to consult or apply for a loan.
- Unsecured loans. The company offers loans that usually attract high-interest rates. In particular, credit amounts ranging from $500 to $4,000 are available to first-time customers, with APRs ranging from 99% to 349%.
- Payment options. You can make payments every two weeks, and the repayment period ranges from 8 to 30 months, depending on your state. The credit check is a soft pull, so you or someone you authorize can access your credit report.
- Credit history. Jora Credit considers borrowers with less-than-perfect credit, making it an option for those who may have difficulty securing a loan from traditional lenders.
Pros and Cons
Pros
- Flexible repayment terms. Jora Credit offers borrowers the flexibility to choose their repayment terms, which can range from 4 months to 30 months. Borrowers can choose a repayment schedule that best fits their budget and financial goals.
- Fast funding. Jora Credit claims to offer fast funding, with funds deposited into a borrower's account as soon as the next business day after approval.
- Borrowing limits. Jora Credit offers personal loans ranging from $500 to $2,600, which may be higher than what other lenders offer.
- Consideration of less-than-perfect credit. Jora Credit considers borrowers with less-than-perfect credit, making it an option for those who may have difficulty securing a loan from traditional lenders.
- Online application process. Jora Credit's application process is entirely online, which means borrowers can apply from the comfort of their own home and receive a decision quickly.
- No prepayment penalty. Borrowers can pay off their loans early without incurring any prepayment penalties, potentially saving money on interest charges.
Cons
- High interest rates. Jora Credit's interest rates can be high, which means borrowers may end up paying a significant amount of interest over the life of their loan.
- Limited availability. Jora Credit is not available in all states, which means not everyone may be able to use their services.
- Late payment fees. Jora Credit charges a late payment fee, which can add to the cost of the loan if the borrower is unable to make their payment on time.
- Short repayment period. Although Jora Credit offers flexible repayment terms, the maximum repayment period is only 30 months, which may not be long enough for some borrowers.
- Origination fee. Jora Credit charges an origination fee, which can increase the overall cost of the loan.
Reliability
Determining the reliability of Jora Credit as a lender requires assessing multiple factors. Here are some key aspects to consider:
- Reputation. Jora Credit has been in business since 2017 and has received mixed reviews from customers. Some borrowers have reported positive experiences with the lender, while others have expressed concerns about high interest rates and customer service.
- State licensing. Jora Credit is licensed to operate in several states in the US, which means they have met certain regulatory requirements in those states. However, the lender is not licensed in all states, which may limit their availability.
- Privacy and security. Jora Credit uses encryption and other security measures to protect borrowers' personal and financial information. Additionally, the lender has a privacy policy that outlines how they use and share customer information.
- Transparency. Jora Credit provides clear information about its loan products, including interest rates, fees, and repayment terms. This can help borrowers make informed decisions about whether a Jora Credit loan is right for them.
- Customer support. Jora Credit provides customer support through phone and email channels. However, some borrowers have reported difficulty reaching customer support or resolving issues with their loan.
Overall, Jora Credit appears to be a legitimate lender that operates within the regulatory framework of the states in which it is licensed. However, borrowers should carefully consider the costs and terms of a Jora Credit loan before applying and should be aware of potential issues with customer service and support.
Products
Jora Credit has many perks for first-time borrowers and repeats customers, unlocking the financial capabilities of many borrowers with a bad credit history. The company's terms and fees are also set on the table for the user to see before they commit to a loan, which makes Jora Credit easy to access. Many people want loans they can access as fast as possible.
The company gives loans of between $500 and $2,600 to borrowers. However, the amount you can borrow depends on which state you live in. For example, borrowers from Utah can borrow up to $3,000, while those from North Dakota can get a minimum of $1,250.
Jora Credit offers personal loans to eligible borrowers in certain states in the United States. These are some features of Jora Credit's loan products:
- Loan amount. Jora Credit offers personal loans ranging from $500 to $2,600, depending on the borrower's state of residence and other factors.
- Repayment terms. Borrowers can choose repayment terms ranging from 4 months to 30 months, depending on the loan amount and other factors.
- Interest rates. Jora Credit's interest rates vary by state and loan amount, but they can be relatively high compared to other lenders.
- Fees. Jora Credit charges an origination fee, which varies by state and loan amount, as well as a late payment fee if a borrower misses a payment.
- Eligibility. Jora Credit considers borrowers with less-than-perfect credit, but applicants must meet certain eligibility requirements, such as having a steady income and a valid checking account.
- Application process. Jora Credit's application process is entirely online, and borrowers can receive a decision quickly. If approved, funds may be deposited into the borrower's account as soon as the next business day.
Funding a Loan
Jora Credit offers two types of loans: installment loans with no security and lines of credit. The installment loans are ideal for people who need cash for a single purpose, such as home renovation, home repairs, or buying a new home. The line of credit is for individuals who need everyday access to a smaller amount of the total loan to cover daily expenses and repay the loan regularly. Therefore, Jora Credit offers instant funds for borrowers who may need emergency funds.
However, the Jora Credit interest rates are high since the lender does not ask for collateral. Considering that the lending company does not discriminate against borrowers with poor credit scores, you can apply for a loan and get it in a few minutes.
The time between application and getting your loan disbursed is usually one business day, depending on the type of loan you apply for. Jora Credit will calculate the repayment period of loans based on the amount borrowed, the frequency of payment, and your state of residency.
Jora makes deposits into your bank account the same day after reviewing and approving your loan application. However, that is only possible if you apply and Jora approves the loan by 10:30 a.m. CST on a business day. If you prefer to receive a check in the mail, it will take 7 to 10 business days.
Jora Credit vs. SoFi
Jora Credit and SoFi are both financial companies that offer personal loans, but there are some key differences between them.
- Loan types. Jora Credit offers only installment loans, while SoFi offers a wider variety of loans, including personal loans, student loans, home loans, and investment loans.
- Loan amounts. Jora Credit offers loans from $500 to $2,600, while SoFi offers loans from $5,000 up to $100,000.
- Interest rates. Jora Credit's interest rates range from 170% to 349%, while SoFi's interest rates start at 5.99% for its personal loans and vary based on creditworthiness and other factors.
- Eligibility. Jora Credit operates in only a few states, and borrowers must have a regular source of income, an active checking account, and be at least 18 years old to qualify for a loan. In contrast, SoFi operates in all states and has more stringent eligibility criteria, including a minimum credit score of 680, a stable income, and a strong credit history.
- Additional features. SoFi offers additional features such as career coaching, financial planning tools, and community events for members, whereas Jora Credit does not offer any additional features.
While Jora Credit may be a good option for borrowers with lower credit scores who need a smaller loan amount, SoFi may be a better fit for borrowers with higher credit scores who need larger loan amounts and access to additional financial resources.
Jora Credit vs. Check Into Cash
Jora Credit and Check Into Cash are both financial companies that offer short-term loans, but there are some key differences between them.
- Loan types. Jora Credit offers installment loans, while Check Into Cash offers payday loans, title loans, and installment loans.
- Loan amounts. Jora Credit offers loans from $500 to $2,600, while Check Into Cash offers payday loans from $50 to $1,000 and installment loans from $100 to $3,000. Title loans vary by state.
- Interest rates and fees. Jora Credit's interest rates range from 170% to 349%, while Check Into Cash's payday loan interest rates can be as high as 782.14%. Title loan rates and fees vary by state. Jora Credit charges an origination fee and late fees, while Check Into Cash may charge additional fees for loan processing, late payments, and refinancing.
- Eligibility. Jora Credit requires borrowers to have a regular source of income, an active checking account, and be at least 18 years old to qualify for a loan. Check Into Cash requires borrowers to have a valid checking account, proof of income, and be at least 21 years old (18 in some states) to qualify for a loan.
- Additional features. Jora Credit does not offer any additional features, while Check Into Cash offers additional services such as check cashing, prepaid debit cards, and bill pay services.
While Jora Credit may be a good option for borrowers who need a small installment loan and have a regular source of income, Check Into Cash may be a better fit for borrowers who need short-term loans, including payday and title loans, and access to additional financial services. However, it is important to carefully review the loan terms, fees, and eligibility requirements before choosing a lender to ensure that it is the best fit for your financial needs.
