Jora Credit Personal Loan Review: Fast Money, High Rates

Many people find themselves in need of a personal loan at some point — and sometimes, it doesn’t need to be a large loan. Even a few thousand dollars can help with a big purchase, family vacation, or emergency home repairs.

When you need to borrow, Jora Credit is an online direct lender headquartered in Texas that offers personal loans to borrowers in eight states who are in need of some quick cash. Founded in 2018, Jora Credit’s focus is small loans and up to $2,600. In some cases, Jora can provide funding the same business day.

In this review:

• Getting a Loan Through Jora Credit
• Jora Credit Rates & Fees
• The Benefits of Jora Credit
• The Downsides of Jora Credit

Getting a Loan Through Jora Credit

Jora loans are easy to get approved for as long as you meet basic eligibility criteria. You’ll need to be employed or have a source of steady income, be a United States citizen, and have an active and valid checking account as well as an email address. You’ll also need to be over the age of 18 or over the age of 19 if you reside in Alabama.

Jora Credit’s application process is simple. You can apply from any online device including your phone or at joracredit.com. As soon as you complete the online application, you can find out how much you’ll be approved for. If you accept your loan offer and submit your completed loan agreement by 10:30 AM Central Time, you can get your funds deposited into your checking account the same day, making Jora loans extremely convenient if you need cash in a hurry.

You also don’t need to have stellar credit to get approved for a loan, which means most people can qualify with bad credit.

Jora Credit Rates & Fees

Rates

Interest rates for Jora credit differ by state and there’s a tool on Jora Credit’s website where you can see what your interest and fees would be. The rates range from 170.00% – 349.00%. Part of the reason for rates being this high is due to the credit score requirements being so lax.

>> Read More: Personal Loan Interest Rates

In Utah, for example, a $1250 loan repaid over 16 months would have a 326% APR. You would end up paying back $5,544 by the end of the loan. That same loan in Tennessee would have an APR of 274.85% and a total repayment cost of $3,718. These are rates similar to those charged for payday loans. 

Loan Terms

Jora loans can be paid back with either biweekly or monthly payments. Their terms run up to 30 months.

Fees

There are no origination or pre-payment fees. In fact, Jora encourages borrowers to pay their loans off early to save on interest. You’re free to pay the loan in full at any time with no additional fees.

>> Read More: Personal Loan Fees

Loan Amounts

First-time borrowers with Jora Credit are eligible to borrow between $500 and $2,600. The amount you’ll be approved for depends on a credit check, income, and other factors.

The Benefits of Jora Credit

If you’re trying to come back from a bankruptcy or other financial disaster and can’t get approved for credit cards or other credit with traditional lenders, Jora can help you rebuild your credit with a small loan you can pay off quickly. Paying off your loan on time helps improve your credit rating and can help get you back on the path to financial stability.

If you have less than perfect credit but find yourself in an emergency and need money, Jora’s speed and easy application process can get you money fast. And, since Jora offers both loans and lines of credit, you can choose the best option based upon your personal financial situation. Those who need money for a medical bill or other fixed one-time expense would benefit more from an installment loan but you may be more interested in the line of credit if you don’t know exactly how much you’ll have to borrow.

Jora also offers several tools for borrowers to identify extra income opportunities, compare your salary with others, plan your next career move, or even find a new job that pays better in your area.

Jora’s customer service reviews are excellent as well; Trustpilot gives Jora a rating of four out of five stars, and 72% of their customers rated the lender as “excellent.” Less than 10% rated Jora Credit as “poor” or “bad.”

The Downsides of Jora Credit

The first drawback to borrowing with Jora Credit is the very high interest rate. It’s so high, in fact, that Jora can’t offer credit to active duty military members and their families because members of the military cannot be charged more than 36% interest by law. However, Jora is very up front about the cost of their products and makes clear that catering to high-risk borrowers comes at a cost. The lender’s customers seem to agree, giving Jora high marks for products and customer service.

>> Read More: Best Personal Loans

The company also doesn’t operate in many states; while it plans to continue expanding into other areas, right now loans are only offered in eight states. Before attempting to apply with Jora, you’ll want to check out the lender’s site to find out if loans are available in your area.

Jora’s small loan limits could also be a problem for some borrowers and may not appeal to those who need a larger loan. With maximum loan values of $2,600, Jora is really only looking to provide small loans to those who may not otherwise be approved to borrow.

Bottom Line

Jora isn’t for everyone. Its products are very expensive and geared toward high-risk borrowers. If you can qualify elsewhere, you should probably pass up Jora Credit. If, however, you need a small amount of cash and can pay it back quickly, Jora might be a solid option for you.