2019 Jora Credit Review
Jora Credit Review Summary: Jora Credit’s personal loans are very expensive, with APRs ranging from a minimum of 165% to a maximum of 350%. 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.
But despite these draws, their rates are just too high. Borrowers should be able to find other lenders that accept bad credit but charge much lower APRs. Read on for the full details of Jora Credit loans, along with a comparison to other lenders that accept applicants with damaged credit.
Important Terms for Jora Credit Loans
|Minimum/maximum APRs||165% - 350%|
|Loan periods||8 - 30 months|
|Loan sizes for returning customers||$500 - $3,000|
|Decision timeline||24 hours|
|Funding timeline||1 business day|
|Credit score required||Not specified|
|Income required||Not specified|
|Other requirements (all must apply)||
|States where Jora Credit does business||DE, ID, MO, NM, ND, SC, UT, WI, TN, KS|
Jora Credit Interest Rates & Fees
Jora Credit interest rates are very expensive, with the lowest being 165% and the highest being 350%. While Jora Credit isn’t technically a “payday lender,” since they give you 8-30 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.
There are usually 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. But the lack of fees doesn’t do much to make up for the high interest rates.
Jora Credit Requirements & Application Information
Only residents of eight states are able to apply for a loan from Jora Credit: DE, ID, MO, NM, ND, SC, UT, WI, TN and KS. 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 give a minimum credit score 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 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 doesn’t have a pre-qualification process. To apply for a loan, 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
It’s easy to look up interest rates by state on Jora Credit’s website, and Jora is clear about what it takes to apply. However, despite being transparent, they’re still a very expensive lender.
- Better Business Bureau: Jora Credit is not accredited with the BBB and only receives a “B” rating, lower than many of the other lenders WalletHub has reviewed.
- WalletHub: Because of how expensive Jora Credit’s loans are, WalletHub’s editors give them a score of 0.5 out of 5.
Jora Credit vs. Other Lenders
|APR||165% - 350%||5.99% - 29.99%||9.95% - 35.99%|
|Loan amounts||$500 - $2,600 (new customers)||$7,500 - $40,000||$2,000 - $35,000|
|Loan lengths||8 - 30 months||24 - 60 months||24 - 60 months|
|Credit score required||Not specified||620||600|
To determine a score for OppLoans installment loans, our editors went down a list of 23 important loan factors. We divided those metrics into larger categories including such things as the requirements to get a loan, APRs, customer satisfaction and fees. Read on for a full description.
- APR: WalletHub took a look at Jora Credit’s APRs, from the lowest to the highest.
- Fees: We checked what important fees Jora Credit has. We mainly were concerned with whether they charged prepayment penalties, origination fees and late payment fees.
- Loan amounts: We found out how big or small of a loan you can get from Jora Credit, plus the timeframes allowed to pay off the loan.
- Requirements: We determined Jora Credit’s approval requirements, including those pertaining to state of residence, U.S. citizenship and identification. We looked for credit score and income requirements as well.
- Application process: WalletHub looked into whether Jora Credit has a pre-qualification process. We found out how to apply for a loan and got information on how long getting a decision and getting funded takes. We also checked if you can submit a joint application.
- Customer satisfaction: Our editors looked at data on WalletHub.com as well as the websites for the Better Business Bureau and the Consumer Financial Protection Bureau.
- Transparency: We graded Jora Credit based on how clearly they express loan terms and how upfront they are about approval requirements.
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