2020 Jora Credit Review
Jora Credit Review Summary: Jora Credit’s personal loans are very expensive, with APRs ranging from a minimum of 185% to a maximum of 349%. Plus, Jora only offers small loans of $500 - $3,000, which borrowers pay back over 8 to 30 months, depending on the loan amount.
Jora Credit states on their website that they consider applicants who have bad credit, and the lender offers quick approval and funding. You may even be able to receive your money the same day you apply. In addition, Jora Credit doesn’t charge fees on their loans.
Despite these draws, Jora Credit’s rates are just too high. Borrowers should be able to find other lenders that accept bad credit but charge much lower APRs.
Below, you’ll find more details on Jora Credit loans, along with WalletHub’s ratings for them in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Jora Credit Personal Loan Terms
|APRs||185% - 349%|
|Loan Amount||$500 - $3,000|
|Loan Terms||8 - 30 months|
|Minimum Credit Score||Not disclosed*|
|Minimum Income||Not specified|
|Loan Purpose||Debt Consolidation, Refinance, Home Improvement|
|Time to Receive Loan Money||1 - 2 business days|
Jora Credit Interest Rates, Fees & Other Terms
Category Rating: 1.3/5
Jora Credit’s interest rates are very expensive, with the lowest being 185% and the highest being 349%. While Jora Credit isn’t technically a “payday lender,” since they give you 8 to 30 months to pay loans off, their rates can end up being almost as expensive as what many payday lenders charge. And their rates are enormous compared to those of a typical personal loan provider, whose maximum is typically no more than 36% and often a lot lower. Therefore, Jora Credit gets a very low score when it comes to their APR.
There are no major fees on Jora Credit’s personal loans. There’s no origination fee to open the loan and no fee for making a late payment. In addition, there’s no prepayment penalty for paying off the loan in full early – which customers should absolutely try to do with interest rates this high.
While Jora gets credit for the lack of fees, it doesn’t do much to make up for the high interest rates. Jora Credit also loses points for only offering very small loans, with a maximum of $3,000. The repayment periods can be decent, though, at up to 30 months.
Jora Credit Requirements & Application Information
Category Rating: 2.5/5
Only residents of eight states are able to apply for a loan from Jora Credit: AL, DE, ID, MO, NM, ND, SC, UT, WI. In two other states, KS and TN, Jora offers lines of credit. Furthermore, only U.S. citizens or permanent residents with a Social Security number are eligible. You must be 18 years of age or older, too. Jora Credit requires that all applicants have an active checking account.
Jora Credit does not disclose a minimum credit score needed to qualify for a loan, but they say on their website that they offer loans to “all types of people – including those with bad credit.” Jora scores points for being available to borrowers of all credit levels.
Jora Credit doesn’t give a minimum income requirement, either, but having an income is indeed one of their requirements. It can come from a source other than a job, though.
Jora Credit loses points for not having a pre-qualification process. To apply for a loan from Jora Credit, you’ll need to submit an application online. Jora says most applicants get a decision in minutes. They do not accept joint applications.
Jora Credit Reviews & Transparency
Category Rating: 5/5
- Better Business Bureau: Jora Credit is not accredited with the BBB and receives an “A” rating.
- Consumer Financial Protection Bureau: There is no complaint information available on Jora Credit.
- WalletHub: Jora Credit lacks sufficient user reviews to give a rating.
- Transparency: It’s easy to look up interest rates by state on Jora Credit’s website, and they are clear about what it takes to apply. Jora gets high marks for transparency as a result.
Jora Credit vs. Other Lenders
|APRs||185% - 349%||60% - 299%||99% - 199%|
|Loan Amounts||$500 - $3,000||$500 - $5,000||$500 - $10,000|
|Loan Terms||8 - 30 months||5 months||Up to 36 months|
|Minimum Credit Score||Not disclosed*||Not disclosed*||None*|
In order to provide the most accurate review for Jora Credit, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back.
For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. For Jora Credit, that happens to be Missouri.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
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