Jora Credit Review 2020 | The Bad Credit Lender | Learnbonds

Jora is a US-based lender offering installment loans with flexible terms in 10 states.
Author: Nica San Juan
Last Updated: February 6, 2020

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.

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    Jora is a US-based lender offering installment loans with flexible terms in 10 states. Their loan limits are high, loan terms are long and they specifically target poor and bad creditors. The application process is simple and funding is relatively fast.

    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


    • Direct lender
    • Targets poor and bad creditors
    • Offers a high loan limit of $2,600
    • Offers lengthy loan terms of up to 30 months
    • They do not perform hard credit checks for pre-qualification
    • Does not set a minimum income limit
    • Provides educational tools on its Allay program to help you better manage finances


    • Operates only online
    • Serves a handful of states
    • You have to go through the entire application process to know how much your loan will cost
    • Funding can take up to 2 business days

    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.

    It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

    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:

    • Alabama
    • California
    • Delaware
    • Idaho
    • Missouri
    • New Mexico
    • North Dakota
    • South Carolina
    • Utah
    • Wisconsin

    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.

    Apply for a Payday Loan Now! | Best Payday Lender 2020

    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
    Viva payday loan app company logo


    Will applying for a loan on the platform affect my credit?

    Yes, but only when you actually sign up for one of their loans.

    Can I make an early repayment?

    Yes, the lender does not charge any prepayment penalties.

    What will happen if I miss payments?

    Jora reports loan defaulters to credit reporting agencies and this will negatively affect your credit score.

    Can I get funding on the same day?

    Yes. The only condition is to have your application verified and the agreement signed by 10:30 AM central time.

    How will I know if they approve my application?

    You will get an on-screen decision within seconds, as well as an email notification.

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    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

    Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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