Jora Credit Review and Analysis: 2020 Edition

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Is your bad credit standing in the way of that emergency funding you need?

Don’t worry — you still have lending options!

With Jora Credit your odds of approval are good even if you don’t have a good credit history.

Our Jora Credit review will give you information about:

  • What type of personal loans Jora Credit offers and who they are best for
  • How to borrow money from Jora Credit
  • The Jora Credit terms and requirements
  • Third-party Jora Credit reviews
  • The pros and cons of using Jora Credit
  • The costs associated with using Jora Credit
  • The privacy policy of Jora Credit
  • How to contact Jora Credit’s customer service
Jora Logo

Editorial Rating

Strengths

  • Accepts applicants with a bad credit score
  • Doesn’t charge additional fees
  • Funds can be received within one business day

Weaknesses

  • High APR
  • Not available in all states
  • Potential impact on credit score
  • Your account may be sold to a third-party collection agency if you fail to repay your loan

Jora Credit Recap

Loan Amounts

$500 – $2,600

Loan Terms

8 to 30 months

APR Range

170% - 349%

Min. Credit Score

Not specified

Funding Time

24 hours

Years in Business

N/A

Years in Business

3

BBB Rating

Not accredited

Min. Revenue

Not specified

Availability

Alabama Delaware Idaho Kansas Mississippi Missouri New Mexico North Dakota South Carolina Tennessee Utah Wisconsin

What Is Jora Credit?

Jora Credit is a direct lender that offers the following types of personal loans:

  • Installment loans
  • Lines of credit

Who Is Jora Credit Best For?

Jora Credit is best for people that need personal loans for bad credit. They have no minimum score requirements and you also have the option to borrow money online.

Getting Started With Jora Credit

We will now walk you through the Jora Credit application process.

Visit joracredit.com to apply.

Click on ‘Get Started’ and fill out a free application form.

You will then need to create an account and provide the following information:

  • First name and last name
  • State of residence and Zipcode
  • Date of birth

You can then view the amount you have been approved for. If you agree and accept the offer, you will receive the funds within one business day.

There may be some delays if you are required to provide additional documents or information.

Terms & Requirements

To apply for a Jora line of credit or loan, borrowers need to meet the following loan requirements:

  • Be at least 18 (19 if you reside in Alabama)
  • Have a steady stream of income
  • Have a valid email address
  • Have a valid checking account

Jora  Loan Terms

Jora loan rates: 170% – 349% APR

Jora loan amount: $500 – $2,600

Jora loan terms: 8 to 30 months

Collateral: No

Jora Credit  minimum credit score: not specified

Jora Credit minimum income requirement: not specified

Jora loans are not available in all states. You can only apply if you reside in one of the following states:

  • Alabama ($2,100 – $3,000)
  • Delaware ($500 – $3,000)
  • Idaho ($500 – $3,000)
  • Kansas (a line of credit between $800 and $2,000 for new customers)
  • Mississippi ($600 – $2,400)
  • Missouri ($500 – $3,000)
  • New Mexico ($500 – $3,000)
  • North Dakota ($1,250 – $3,000)
  • South Carolina ($1,250 – $3,000)
  • Tennessee (a line of credit between $800 and $2,000 for new customers)
  • Utah ($500 – $3,000)
  • Wisconsin ($700 – $3,000)

The minimum loan amount you can borrow starts at $500, depending on the state you reside in.  The maximum loan amount you can borrow is $3,000. First-time customers can typically qualify for a maximum loan of $2,600.

The annual percentage rate (APR) ranges between 170% and 349%.

To view the estimated annual percentage rate of the loan, use the ‘What it costs’ calculator on the platform’s official website.

Jora Credit hasn’t specified the minimum personal credit score requirement, but they have stated that you don’t need good personal credit to apply. That’s because they consider other factors as well when it comes to loan approval.

A bad credit loan is always associated with a high APR. Your credit score represents your creditworthiness. Or in other words, people with poor credit are high-risk borrowers. This is why lenders use your score to evaluate the risk of lending money. A higher credit score means the likelihood that a person will pay their debts is higher.

What this all means is that legit bad credit loans are expensive.

While the minimum income requirement is not specified either, you need to have a proven source of income.

After you submit your application, Jora Credit may access your credit report. This can negatively affect your score.

Jora Credit also reports your credit history. This means that late or missed payments will negatively impact your score. And if you fail to repay your loan, they may sell your account to a debt collection agency.

User Reviews

We looked up Jora Credit reviews online, and we will now sum up what customers are saying.

There are 349 Jora Credit reviews on Trustpilot and the company has a 3.9-star rating. The majority of the positive Jora Credit user reviews are about the fast approval. Customers are further satisfied with how fast the funds are deposited in their account. The feedback, therefore, suggests that Jora Credit is a good lending option if you need to borrow money online instantly.

Unfortunately, most of the Jora loan reviews are about the extremely high Jora Credit interest rates. The amount customers owe on interest ends up being higher than the principal loan amount.

There are also a few Jora reviews from customers that got denied. Their main complaint was that the process hurt their credit score.

Jora Credit also has a BBB profile. The profile is not accredited and there is only one 1-star Jora Credit review. There are also 11 closed Jora complaints on their BBB profile.

Lastly, we also checked what customers had to say about Jora Credit on Reddit. One user complained that Jora didn’t report on-time payments. This means that your credit score won’t be improved. They only report missed or late payments, which can hurt your credit score. So, Jora approves unsecured loans for bad credit, but you won’t be making a positive impact on your score.

Features

Rates & Fees

Jora Credit’s rates range between 170% and 349%. The total cost of your loan will depend on the state you live in, your credit and loan history, and the amount you borrow.

Jora Credit doesn’t charge:

  • An origination fee
  • Prepayment penalties
  • Late payment fees
  • Non-sufficient funds (NSF) fees

Privacy & Security

The personal information that Jora Credit collects about you, includes your:

  • Social Security Number
  • Income
  • Payment History
  • Credit History
  • Credit Score

Your information is used and  shared for the following purposes:

  • Everyday business purposes
  • Marketing purposes
  • Everyday business purposes and marketing purposes of Jora Credit affiliates

To limit the sharing of your personal information contact Jora Credit support.

Customer Support

You can contact Jora Credit customer support via the contact form on their website, or by calling at 1-888-256-6083.

Alternatives

How does Jora Credit compare to other lenders?

Jora Credit vs CashAdvance.com

Unlike Jora Credit, CashAdvance.com is not a direct lender. It is an online lending network where you can get matched with the best available lenders.

The amount you can borrow ranges between $100 and $999, depending on the state you reside in. CashAdvance.com also has low borrower requirements with no listed minimum score needed to apply.

As is the case with Jora Credit, this lending platform offers quick money loans with extremely high fees.

For more details about CashAdvance.com, check out our lending platform review here.

Jora Credit vs Ace Cash Express

Ace Cash Express is a financial services company that offers payday loans.

A payday loan is a type of personal loan which can help you cover expenses until your next paycheck. Once your payday arrives, you will need to repay the loan.

This type of loan is good if you need emergency funding and have no other lending options, however, it is not a long term financial solution.

Ace Cash Express loan amounts range between $100 and $1,500. However, the average annual percentage rate (APR) is around 300%.

For more details about Ace Cash Express, check out our review.

Jora Credit vs Self Lender

The main difference between Self Lender and Jora credit is that with Self Lender, you need to pay off the loan before you can access your funds.

Self Lender is not a good option if you need funds right away, however, it is one of the ways to improve your credit score. Each on-time payment you make will be reported to the major credit agencies. Your score should gradually increase. And once you have improved your score, you will be able to apply for personal loans for good credit. Loans intended for borrowers with a good score have better terms and lower fees in general.

Jora Credit is a lender for borrowers that need the funds immediately but don’t have the time to improve their score.

Final Verdict

Now, let’s sum up what we liked and didn’t like about Jora Credit.

What we liked the most is that they are a legit lender for bad credit. Applicants with bad credit usually have a hard time getting approved for a loan. Jora’s requirements are so low, that almost anyone can qualify.

We also liked the fast and easy online application process. You are able to borrow money from the comfort of your own home. And if you get approved, you will receive the funds in just a few business days.

What we didn’t like are the high fees. Getting a loan with Jora Credit is easy, yet repaying one is difficult. The full amount of the APR can end up being higher than the amount you have borrowed.

Missing your payments will negatively affect your score, yet on-time payments won’t improve it.

And as stated on Jora’s official website, failure to repay the loan may result in your account being sold to debt collection agencies.

Jora Credit should only be an option if you cannot qualify for a traditional loan. If you exceed the borrower requirements, check out some other best personal loan companies we have reviewed on our website.

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Editorial Rating

FAQ

Is Jora Credit legit?

Yes, Jora Credit is a legitimate direct lender. However, the company can only provide personal loan services in select states.

Is Jora Credit safe?

Jora Credit takes safety measures in order to protect your personal information. You can read more about their security policy here.

Is Jora a payday loan?

No, Jora Credit does not offer payday loans. You can apply for an installment loan or a personal line of credit in certain states.

Is Jora Credit a flex loan?

Jora offers flex loans for bad credit in certain states, such as Tennessee. To see which type of loan you can get in your state, click here.

What are the requirements for a Jora Credit loan?

To apply for a loan, you just need to be of age and have a source of income. You also need to check if you reside in one of the states where Jora Credit can lend.

When will I receive my funds?

If you sign the loan agreement before 10:30 a.m. central time on working days, you may receive your funds the same day. If you sign the agreement after 10:30 a.m, the funds will be deposited the next business days. Paper checks take around 10 days.

Can you get a personal loan with a credit score of 550?

Jora Credit doesn’t have a minimum credit score requirement listed on their website. While credit score is one of the factors considered before reaching a lending decision, it is possible to get a loan from Jora with bad credit too.

Does Jora Credit report to the credit bureaus?

Jora Credit only reports missed or late payments, which can damage your score. Your on-time payments won’t be reported, so these types of loans aren’t a good way to build credit. This was also confirmed in one of the Jora Credit reviews on Reddit.