Lender
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Jora Credit

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About Lender

Jora Credit establishes itself as a reliable financial institution by being a state-licensed, direct lender that provides online loans. It emphasizes transparency and efficiency in its operations, aiming to offer quick financial solutions to its customers. The process of applying for a loan with Jora Credit is designed to be simple and fast, enabling applicants to submit their requests via phone, laptop, or tablet at any convenience. The company assures applicants of quick decisions, typically within minutes of application submission, and the possibility of receiving funds on the same business day, provided the loan is accepted by 10:30 am Central time. This commitment to speed and transparency, combined with no hidden fees and the option for early payment without penalties, reinforces Jora Credit's reliability in the financial services sector.

Jora Credit offers installment loans as its primary financial product, catering to customers who need access to funds quickly for various emergencies or expenses. The loans provided can range up to $4,000, making them suitable for covering a wide array of needs such as emergency expenses, home repairs, auto services, and other unforeseen financial necessities. The company’s model allows for the flexibility of receiving funds on the same day if the loan agreement is completed before a specific time, catering especially to those in urgent need of financial support.

The conditions and requirements for obtaining a loan from Jora Credit are crafted to ensure accessibility while maintaining responsible lending practices. First-time customers can qualify for credit amounts between $500 and $4,000, with Annual Percentage Rates (APRs) varying between 75% and 349%. This range demonstrates Jora's intent to accommodate diverse financial needs, albeit with high-interest rates reflecting the unsecured nature of the loans. Applicants must complete a simple online application, after which they receive a quick decision. If approved, and the loan is accepted by the stipulated morning cutoff time, the funds can be disbursed on the same business day. However, Jora Credit advises potential borrowers to consider alternative, less expensive forms of credit and emphasizes responsible borrowing by encouraging customers with continued credit difficulties to seek credit counseling.

Key Features

  1. State-Licensed Direct Lender. Jora Credit is a state-licensed, direct lender that provides access to online loans, ensuring a reliable and regulated lending process.

  2. Simple and Fast Application Process. Applicants can apply in minutes from anywhere, at any time, using a phone, laptop, or tablet. The process is designed to be straightforward and quick, requiring only a couple of minutes to complete.

  3. Quick Decision Making. Jora Credit offers quick decisions on loan applications, typically within minutes of submission, facilitating faster access to funds.

  4. Same-Day Funding Available. Funds can be available on the same business day if the loan is accepted by 10:30 am Central time, offering immediate financial assistance when needed.

  5. No Hidden Fees. The company is transparent about its fee structure, with no hidden charges. Plus, there are no prepayment fees, allowing customers to pay off their loans early and save on interest.

  6. Installment Personal Loan. Jora Credit loans up to $4,000, catering to various financial needs from emergency expenses to home repairs and auto services.

  7. Flexible Repayment Options. Customers typically qualify for small personal loans with APRs between 75% and 349%, with the option to make bi-weekly or monthly payments, making it easier to manage repayments.

  8. Wide State Coverage. Jora provides services in multiple states, including Alabama, South Carolina, Delaware, Tennessee, Idaho, Texas, Kansas, Utah, Missouri, Wisconsin, and Mississippi, among others.

  9. Commitment to Fairness and Transparency. Jora Credit emphasizes a commitment to fairness in lending practices and ensures transparency in all its dealings with customers.

  10. Responsible Lending. While offering access to immediate funds, Jora also advises customers on considering alternative, less expensive forms of credit and encourages seeking credit counseling for those with continued credit difficulties.

Pros and Cons

Pros

Quick and Easy Application. The online application process is straightforward, allowing you to apply from anywhere and anytime with just a phone, laptop, or tablet.

Immediate Decision and Funding. Jora Credit provides quick decisions typically within minutes of application submission and offers the possibility of receiving funds on the same business day.

No Hidden Fees. Transparency in the fee structure with no hidden charges or prepayment fee, enabling early loan payoff to save on interest.

Direct Lender. As a state-licensed direct lender, Jora Credit offers a reliable and regulated service, ensuring a secure lending process.

Commitment to Fairness. The company emphasizes fairness and transparency in its lending practices, aiming to provide a trustworthy service.

Cons

High-Interest Rates. Jora Credit interest rates is sky-high, loans come with Annual Percentage Rates (APRs) between 75% and 349%, which can be quite high compared to traditional bank loans.

Limited First-Time Amounts. First-time customers typically qualify for credit in amounts between $500 and $4,000, which may not meet everyone's financial needs.

State Availability. Not available in all states, limiting access for potential borrowers in certain areas.

Potential for Negative Credit Impact. Late or non-payment of loans may negatively impact your credit rating, as payment history may be reported to credit bureaus.

Cost of Borrowing. Jora Credit acknowledges that it's an expensive form of credit and advises considering alternative forms of credit that may be less expensive and more suitable for financial needs.

Debt Collection. In cases of failure to repay according to the agreement, accounts may be sold or handed over to third-party collection agencies, adding to the borrower's stress and financial burden.

Reliability

  1. 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.

  2. 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.

  3. 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.

  4. Transparency. Jora Credit provides clear information about its loan products, including interest rates, origination fee, and repayment terms. This can help borrowers make informed decisions about whether a Jora Credit loan is right for them.

  5. 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.

How to Apply for a Jora Credit?

Apply for a Loan

  1. Visit Website. Navigate to official website to start Jora Credit's application process. You'll find "APPLY NOW" button prominently displayed on the homepage. Clicking it will take you to the application form.

  2. Complete the Application Form. Fill out the application form with the required information. This includes your personal details, employment information, and any financial information that Jora requests.

  3. Submit Your Application. After filling out all the necessary fields, review your application to ensure all the information is correct and complete. Then, submit your application.

  4. Wait for a Decision. Jora Credit will typically provide a decision within minutes of submitting your application. This quick decision process is designed to expedite the lending process.

  5. Accept Your Loan. If you're approved and agree with the offered terms, accept your loan. To receive funds on the same business day, ensure to accept the loan by 10:30 am Central time (Monday - Friday, excluding holidays).

  6. Receive Your Funds. Once your loan is accepted within the specified timeframe, you can expect to receive your funds on the same business banking day, providing quick access to the funds you need.

Conditions and Requirements

Conditions

  1. Loan Amounts. First-time customers can qualify for Jora Credit personal loans ranging from $500 to $4,000, which caters to a variety of financial needs.

  2. APR (Annual Percentage Rate). The APRs for loans provided by Jora Credit vary between 75% and 349%, dependent on the state of residence and other determining factors.

  3. Repayment Terms. Loans are subject to repayment terms that could involve bi-weekly payments. The specific terms, including the total number of payments and the loan duration, are detailed upon approval.

  4. Same-Day Funding. Loans/cash advances accepted before 10:30 a.m. Central time (Monday - Friday, excluding bank holidays) can be funded the same day, providing quick access to funds when needed.

Requirements

  1. Application Process. Applicants must complete an online application form accessible through Jora Credit's website. The process is designed to be quick and can be done from anywhere using a phone, laptop, or tablet.

  2. State Residency. Jora Credit is not available in all states. Applicants must reside in a state where Jora operates to be eligible for a loan.

  3. Age and Identification. Applicants must be of legal age (at least 18 y.o.) to enter into a loan agreement and provide valid identification.

  4. Financial Information. Prospective borrowers must submit financial information, which might include proof of income, employment status, and bank account details, as part of the application process.

  5. Credit Consideration. While Jora Credit offers loans to individuals with bad credit, the decision to extend credit will include an assessment of the applicant's creditworthiness.

Ways to Receive the Money

Jora Credit offers a straightforward and efficient way for borrowers to receive their loan funds. Upon acceptance of the loan terms by 10:30 am Central time on a business day (Monday through Friday, excluding holidays), Jora Credit enables customers to access their funds on the same business banking day. This rapid processing ensures that borrowers can meet their financial needs without unnecessary delay. The process is designed to be as convenient as possible, allowing for quick decision making and funding, directly into the borrower’s bank account. This method emphasizes Jora Credit's commitment to providing fast financial solutions to its customers, ensuring they can cover emergency expenses, home repairs, auto services, or any other needs promptly.

Products

Installment Loans are designed to provide borrowers with a larger sum of money upfront, which they can then repay over a set period in a series of fixed, regular payments. The loans offered by Jora Credit can range up to $4,000. This product is aimed at individuals who need access to funds to cover emergency expenses, home repairs, auto services, or other personal financial needs. Installment loans from Jora are tailored to help individuals even with bad credit, providing them with a financial solution that can be quickly accessed, often on the same business day if the loan is accepted by 10:30 am Central time.

Other Personal Loans

Reasons for Loan Refusal

Check Credit Score

Loan refusal from Jora Credit, or any financial services companies, can occur for several reasons related to the applicant's failure to meet specific requirements. Common factors include residing outside the states where Jora operates, not meeting the age and identification verification criteria, insufficient proof of income or unstable employment history that raises concerns about the applicant's ability to repay the loan, and a credit check that reveals a history of bankruptcy, extensive debt, or a pattern of late payments. Additionally, if the information provided during the application process is incomplete or inaccurate, or if the applicant has previously demonstrated an inability to repay a loan with Jora or other lenders, these could also lead to loan refusal. It's crucial for potential borrowers to review the lender's requirements closely and ensure they provide accurate, comprehensive information when applying.

How to Repay a Jora Credit?

Repay

To repay a Jora Credit installment loan, ensure timely payments by opting for automatic deductions from your bank account on a fixed date each month, facilitated by an electronic debit service to avoid overlooking payments. You have the flexibility to choose between monthly or bi-weekly payment schedules offered by the lender. Adhering to the repayment terms is crucial, as late payments could result in negative credit report to bureaus, adversely affecting your credit score. Despite catering to borrowers with poor credit, Jora Credit empowers them to rebuild their financial standing through tools and resources provided by the lender. Their user-friendly platform facilitates seamless communication and swift debt settlement. Upon loan agreement, the predetermined repayment amount is established, with deductions automatically withdrawn from the checking account specified during the application process, ensuring a straightforward repayment experience.

Loans like Jora Credit

OppLoans

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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.

Opploans

Rise Credit

Apply for a Loan

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.

Rise Credit

OneMain Financial

Apply for a Loan

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.

OneMain Financial

Universal Credit

Apply for a Loan

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.

Universal Credit

Editorial Opinion

Jora Credit emerges as a responsive and accessible option for those in immediate need of financial assistance, particularly catering to individuals with less-than-ideal credit histories. The company's straightforward application process and the prospect of receiving funds quickly are significant advantages for borrowers facing urgent expenses. However, the high interest rates associated with their loans highlight the critical need for potential borrowers to carefully consider their repayment capacity before proceeding. While Jora Credit's transparency regarding fees and the lack of prepayment penalties are commendable, the emphasis on responsible borrowing and exploring less expensive credit alternatives cannot be overstated. In essence, Jora Credit offers a necessary service within the realm of high-cost lending, underscored by a commitment to fairness and customer education on financial wellness.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. 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.

  2. 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.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. 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.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

What is Jora Credit?

Jora Credit is a financial company that offers installment loans to consumers. Based in Texas, Jora Credit operates in select states in the United States and offers loans ranging from $500 to $4,000, which are typically repaid over a period of 4 to 30 months.

The company's loans are designed to help individuals with unexpected expenses, such as car repairs or medical bills, or to help them consolidate debt. Jora Credit offers a simple online application process and provides funds quickly, often on the same day.

The company charges interest rates that range from 75% to 349%, depending on the borrower's creditworthiness, and may also charge origination fees and late fees. Jora Credit is committed to responsible lending practices and encourages borrowers to use their loans wisely to avoid falling into a cycle of debt.

Who owns Jora Credit?

Jora Credit is owned by a company called Lift Credit, LLC. Lift Credit is a financial technology company that was founded in 2013 and is based in Utah. The company specializes in providing installment loans to consumers through its various brands, including Jora Credit. Lift Credit is backed by several investors, including Ignition Partners, Bowery Capital, and BIP Capital.

How do you qualify for a Jora Credit loan?

To qualify for a loan with Jora Credit, you must meet certain eligibility requirements. These include:

  • Age. You must be at least 18 years old.
  • Residency. You must be a resident of the state where Jora Credit operates.
  • Income. You must have a regular source of income, such as a job or government benefits.
  • Bank account. You must have an active checking account in your name.
  • Credit. Jora Credit considers a variety of factors, including credit history and income, when evaluating loan applications.

If you meet these eligibility requirements, you can apply for a loan with Jora Credit online. The application process is quick, and you will typically receive a decision within a few minutes. If you are approved, the funds will be deposited into your bank account the next business day. Review the loan terms and conditions before accepting a loan to ensure that it is the right fit for your financial needs.

Is Jora credit a legitimate company?

Yes, Jora Credit is a legitimate company. Jora Credit is a financial technology company that offers installment loans to consumers.

The company is based in Texas and operates in select states in the United States. Jora Credit is owned by Lift Credit, LLC, a company that specializes in providing installment loans to consumers through its various brands.

Jora Credit is licensed and regulated in the states where it operates and follows all applicable state and federal laws and regulations. Additionally, it has an A+ rating with the Better Business Bureau and has received positive reviews from customers.

While Jora Credit's interest rates can be high, the company is committed to responsible lending practices and encourages borrowers to use their loans wisely to avoid falling into a cycle of debt. Review the loan terms and conditions before accepting a loan to ensure that it is the right fit for your financial needs.

Company documents

Policy on Responsible Lending
Privacy Policy
Terms of use

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© Jora Management, LLC.
Financial products
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
800.00 – 3000.00 $
Rate
i

Effective interest rate on the product

to 274.85 %
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
500.00 – 4000.00 $
Rate
i

Effective interest rate on the product

99.00 – 350.00 %
Term
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Loan term for the financial product

8 months – 33 months
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100.00 – 20000.00 $
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Effective interest rate on the product

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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100.00 – 4000.00 $
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Recommended FinScore™
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2000.00 – 100000.00 $
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Effective interest rate on the product

6.34 – 35.89 %
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Loan term for the financial product

2 months – 72 months
Rating by Finanso®
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4.25
(20 Ratings)
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Effective interest rate on the product

up to 160%
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Loan term for the financial product

9-18 months
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