If you have poor credit or no credit at all, you might be thinking of getting funding from Jora Credit. But before you do, how well do you understand the service?
Take a look at our in-depth review of the platform and find out all you need to know about them. Once you are through, you will be in a position to make an informed decision on whether or not to borrow from the platform.
- 1 What is Jora?
- 2 Pros and Cons of a Jora Loan
- 3 How does a Jora loan work?
- 4 What loan products does Jora offer?
- 5 What other store services does Jora offer?
- 6 Jora Account Creation and Borrowing Process
- 7 Eligibility Criteria for Jora Loan
- 8 Information Borrowers Need to Provide to Get Jora Loan
- 9 What countries are accepted for Jora loans?
- 10 What are Jora loan borrowing costs?
- 11 Jora Customer Support
- 12 Is it safe to borrow from Jora?
- 13 Jora Review Verdict
- 14 FAQ
What is Jora?
Founded in 2017, Jora Credit is a trading name of Jora Inc. offering services as a direct lender in the US. Its head office is in Addison, Texas and it currently serves 10 US states.
Pros and Cons of a Jora Loan
How does a Jora loan work?
Though it is a relatively late entrant into the financing market, Jora has sought to establish a niche for itself. It offers short-term installment loans to borrowers in select states and specifically targets poor and bad creditors.
However, this comes at a costly premium, as is to be expected from a short term lender. As an online only platform, it offers a wide range of loan limits starting from $500 all the way to $2,600.
You can take out a loan for between 4 and 30 months, which offers lots of flexibility in terms of repayment. However, the longer the loan term, the more you will pay due to the high interest rates. It is possible to make your application from a desktop or phone.
The terms of any loan agreement will depend on multiple factors. First, state laws on short-term lending vary significantly and thus, financing terms differ from one state to the next. Additionally, other factors including your credit history and affordability will also come into play.
Applying for a loan on the platform should take between 5 and 10 minutes as the application form is brief and straightforward. In a majority of cases, you will receive on-screen pre-approval almost instantaneously.
But that will depend on whether or not they can verify the data you provide via external sources.
The lender does not perform a hard credit check until you actually sign up for a loan. That means you can go through the application process without it having an impact on your score. However, once you sign up, they will check your score and this will leave a footprint.
Though Jora requires that you have a regular monthly income, this does not have to be limited to employment earnings. They also consider unemployment checks as well as inability or retirement income. And there is no set minimum income for applicants.
In order to ensure that you never miss a payment, you can choose to set up an automatic debit agreement. Even though the lender does not charge late payment fees, late repayments will mean higher interest payments. They will also reflect on your credit and make it harder to access funding in future.
Since the lender reports to the major credit bureaus, you can use the opportunity to rebuild your credit by repaying early. That way, you will be able to access cheaper financing options in future.
What loan products does Jora offer?
Jora specializes in offering installment loans.
What other store services does Jora offer?
Jora does not offer any other store services.
Jora Account Creation and Borrowing Process
As mentioned earlier, the application and borrowing process on Jora is quite easy and straightforward.
1. To start with, visit the site, and on the homepage, fill out your name and email address under “Apply Now.”
2. Next, click “Get Started” to access their detailed online application form.
You will first need to create an account using your email address and a password.
3. Select the amount you want to borrow as well as the duration for which you want to borrow it, according to state limits.
4. Provide the lender with the required personal information including your home address, telephone number and date of birth.
5. You will also need to provide employment and income details and verify your identity using your social security number and driver’s license.
6. After entering your bank account details, you will get a notification on whether or not you have prequalified for the loan.
At this point you can review your individual loan terms and if you find them acceptable, you can sign the agreement and wait to receive funds within 1 or 2 business days.
Eligibility Criteria for Jora Loan
The eligibility criteria for Jora loans are quite friendly. Take a look at the conditions you will need to meet:
- Be at least 18 years old or the statutory minimum
- Have a valid US checking account
- Have a government issued ID
- Be a permanent resident or citizen of the US
- Have a regular source of income
Information Borrowers Need to Provide to Get Jora Loan
When applying for a loan here, you will need to provide a number of details including:
- Full name
- Date of birth
- Email address
- Social security number
- Driver’s license number
- Employment information
- Income details
- Telephone number
- Home address
- Details on outstanding debts
- Checking account details
- Frequency of pay
What countries are accepted for Jora loans?
Jora offers services in a total of 10 states. These are:
What are Jora loan borrowing costs?
Borrowing costs on Jora vary from one state to the next and on individual basis. But here is the range of rates you can expect to pay:
- APR – 179% to 349%
- Origination fees – nil
- Late payment fees – nil
- Prepayment fees – nil
Jora Customer Support
According to online reviews from existing and previous customers, Jora has a good customer support team. They get an average rating of 8.4 out of 10 on TrustPilot for their good service among other things.
Is it safe to borrow from Jora?
Jora makes use of multiple security features on its site to keep user information safe. This ranges from encryption and virus protection to automatic log out from the account after inactivity.
Jora Review Verdict
On the plus side, Jora offers high loan limits and long repayment terms and does not charge any extra fees. Though you cannot determine the exact cost of a loan without making an application, you can get the rates without having it affect your score.
But on the downside, services are only accessible in a handful of states and the rates are quite high.
Overall, it is a great choice of platform, but only as a last resort.
Yes, but only when you actually sign up for one of their loans. Yes, the lender does not charge any prepayment penalties. Jora reports loan defaulters to credit reporting agencies and this will negatively affect your credit score. Yes. The only condition is to have your application verified and the agreement signed by 10:30 AM central time. You will get an on-screen decision within seconds, as well as an email notification.
Yes, but only when you actually sign up for one of their loans.
Yes, the lender does not charge any prepayment penalties.
Jora reports loan defaulters to credit reporting agencies and this will negatively affect your credit score.
Yes. The only condition is to have your application verified and the agreement signed by 10:30 AM central time.
You will get an on-screen decision within seconds, as well as an email notification.