Regardless of your credit history, Jora Credit will offer you a loan agreement.
But, on the flip side, it’s a risky solution to short-term cash flow problems. You will pay a price for this convenience with less-than-desirable loan terms.
We’ll get into the specifics of Jora Credit’s loan terms shortly. But the abridged version of this Jora Credit review is this:
If you’re strapped for cash and most lenders won’t give you the time of day, accepting a loan offer from Jora Credit might make sense. However, you should fully understand the pros and cons of this credit product before you make a decision.
If you’re in a bind, you can borrow from Jora Credit. It’s simple, secure and your money will come lightening fast–often the same day–but the interest rate is exorbitantly high, so pay back what you owe fast.
Here’s a sample loan for $1250:
Notice that APR is through the roof. So again, if you searching for bad credit personal loans, they’ll do. But just know what you’re getting into (i.e., 326% APR) before pulling the trigger.
Bad Credit Personal Loans
Bad credit results from a series of negative reports to credit bureaus, and whenever your credit score drops below 600, you’ll start having problems establishing your creditworthiness.
Listen: here’s how to boost your credit score overnight.
Even if you have a steady source of income, bad credit will make banks view you as a risk, so even if you qualify, you’ll have to pay hefty interest rates.
Personal loans with average credit: read this Avant Loan review.
Plenty of loan companies will give you financing options with high interest rates even if you have bad credit, but what sets Jora Credit apart from a normal bank is that it actually caters specifically to consumers with bad credit.
While a traditional bank will make a fuss about going out of its way to offer credit to a risky consumer, Jora Credit already expects your credit check to come back with negative results.
No matter what your credit history may be, Jora Credit will offer you a loan agreement option.
At the same time, be prepared to pay dearly for your cash advance; this financial institution’s minimum annual percentage rate (APR) is 170%, and things just escalate from there.
Jora Credit Loan Products
Jora Credit offers two different types of financial services:
This credit option provides you with a lump sum that you pay back with bi-weekly or monthly payments. A Jora Credit installment loan provides you with a fixed loan amount, which makes it similar to a payday loan. Due to accruing interest, your payback amount will gradually increase the longer you owe money to Jora Credit.
Lines of Credit
Instead of a fixed cash loan, a line of credit operates essentially like a credit card. This Jora Credit financial product provides you with a certain amount of credit you can accrue (such as $1,000) until you reach your credit limit. Remember that late payments will increase your already-enormous accrued interest even more.
Jora Credit Requirements
Your state of residence matters.
Unlike some other loan providers, Jora Credit only operates in a handful of states around the nation. You’ll need to be a resident of one of these states to gain access to Jora Credit financial products, and you’ll be asked for various types of documentation to prove your residency. Here’s a list of the states where Jora Credit currently operates:
- New Mexico
- North Dakota
- South Carolina
Does Jora Credit Have Hidden Fees?
According to consumers who have taken advantage of the credit products Jora Credit offers, this service provider doesn’t impose any hidden fees. At the same time, however, the up-front fees that Jora Credit charges are enough to make you think twice about pursuing this risky solution to your financial situation.
Will I Qualify For Jora Credit?
It depends. Even though you don’t need to have good credit to qualify for Jora Credit, you will need to provide a variety of types of personal information via an online form to get started.
You can access this form from any internet-connected device browser, and Jora Credit also offers a mobile app for your convenience. Here’s what you’ll need to do to secure a Jora Credit loan:
Proof of Residency
It isn’t enough to simply say you reside in a state where Jora Credit operates. You’ll need to provide proof of residency, which might consist of power bills, phone bills, or other documentation that ties you to your stated address.
Proof of Age
In most states, you need to be 18 or over to access Jora Credit’s services. In Alabama, however, you need to be 19. To prove to Jora Credit that you’re as old as you say you are, you’ll need to submit a copy of a valid driver’s license or another form of government-issued identification.
Proof of Income
Jora won’t give you a loan that you can’t pay back. You’ll need to provide some form of proof of income to proceed with the Jora Credit application process, and paystubs from the last few months usually suffice. If you’re self-employed, however, you might need to provide bank statements, and most applicants will be asked to provide tax return information no matter what their employment situations might be.
You need to have some form of bank account to get credit from Jora. To take care of this requirement, have the routing and account numbers for your checking account ready.
Verifying your email address will allow Jora Credit to determine that you’re a real person.
Jora’s Online Application Process
Once you’ve qualified for a Jora Credit loan, you’ll need to apply for the loan itself.
Whether you’re using Jora’s desktop or mobile interface, you’ll be provided with a simple slider that allows you to choose your loan amount between the following values:
- Jora Credit Maximum Loan Amount: $2,600
- Jora Credit Minimum Loan Amount: $500
As you can see, you can’t borrow all that much from Jora Credit, so don’t get your hopes up that this service will solve all your financial woes. At the same time, you wouldn’t want to borrow much more than $2,600 from Jora Credit considering this loan provider’s incredibly high interest rates.
When you move the slider to select your ideal loan amount, you’ll see a variety of other values change as well:
- Amount Per Payment: You have the option to select either bi-weekly or monthly repayments. The amount you pay with each payment will vary based on the interest rate for which you qualified.
- Total Cost to You: This value refers to the total cost of the loan service. Considering the high interest rates Jora Credit imposes, this value will be larger than the loan amount.
- Total Payback Amount: This value is the total cost of the financial service plus the value of the loan. If your loan value was $800 and the cost of the service was $1,400, for instance, your total payback amount would be $2,200
Your total payback amount will be higher or lower depending on the interest rate that Jora Credit offered. As I mentioned, the minimum interest rate for this financial service is 170%, but the maximum interest rate is… 349%.
That’s right; you could end up paying more than three-and-a-half times your loan amount just to get quick credit from Jora.
No matter which Jora Credit loan you choose, the following factors won’t change:
- Maximum Loan Terms: 24 months
- Collateral Required: None
Get Your Money By The Next Business Day
One of the best things about working with Jora Credit is the short period of time you have to wait to receive your funds.
If you submit your loan request before 10:30 AM CST, you’ll receive your funds the same day. Any requests placed after that time will be fulfilled the following day.
When you need cash in a hurry, you can count on Jora Credit to deliver the goods. In this way, working with a service like Jora Credit might be even more reliable in a pinch than a payday loan or another type of credit traditionally offered to consumers with bad credit.
Does Jora Credit Affect Your Credit Score?
Your agreement with Jora Credit will affect your credit score just like any other loan agreement. Payments made early or on time will increase your FICO score, and any missed or late payments will drive your score down.
Therefore, taking out a loan with Jora Credit may be an effective way to increase your credit score. Keep in mind, however, that increasing your credit utilization and hard inquiries might hurt your score. Also, there are plenty of other ways to improve your credit that don’t involve the serious detractors of taking out a loan with Jora Credit.
Jora Credit: Pros and Cons
So far, I’ve given you plenty of reasons to both like and dislike the idea of taking out a loan with Jora Credit. This type of bad credit, high-interest loan is neither good nor bad; it all depends on how you use it. Here are some of the most notable pros and cons of taking out loans with Jora Credit that might help you make your decision:
Jora Credit Pros
- Minimal Creditworthiness Requirements: It doesn’t matter if your credit is high or low; Jora Credit will lend to you anyway.
- Same-Day Cash: As long as you submit your loan request relatively early in the day, you’ll receive the cash you requested the same day.
- Various Credit Options: With both installment loans and lines of credit available, you have a variety of options to choose from when you work with Jora Credit.
Jora Credit Cons
- Incredibly High Interest Rates: A credit card with an 18% interest rate is considered to be in the high range. With Jora Credit, however, you could end up paying dozens of times that typical credit card interest rate.
Predatory Business Model: There’s no doubt that Jora Credit was founded to cater to people with bad credit and a desperate need for cash. While this company offers a legitimate service, take the morals of any company with those goals with a grain of salt.
- Disproportional Repayment Cost: Whenever you take out a loan, you expect to pay back more than the original amount of the loan. With interest rates as high as 349%, however, things get crazy fast. Ask yourself if it’s really worth it to dig yourself into an even deeper hole in the long run just for some extra cash today.
Jora Credit For Quick Cash?
Pro tip: pay back what you owe right away.
The longer you wait to pay Jora back, the more interest will accumulate. Keep in mind that the total loan cost Jora provides when you sign up for a loan reflects the specified repayment window. If you pay your loan back faster, the total cost of this financial service will decrease.
Make sure you consider all your options before moving forward with a loan from Jora. If you have any friends or family who might be willing to give you a small loan, you’re sure to find a better interest rate going down path.
Also, are you sure your credit score is as bad as you think it is? Call a few conventional banks to make sure that you can’t get a normal personal loan. While the simple, no-nonsense approach might be alluring, but keep in mind that you’ll have to pay an incredible amount of interest if you take the full loan period to pay Jora what you owe.