Jora Credit Loans — Honest Lending

If you have been shopping for alternative lenders, you might notice that it’s somewhat hard to figure out how much the loan will cost. The APRs may not be fully disclosed on the lender’s website. You might not even find some representative samples — small examples showing the loan’s cost.

Well, Jora Credit is downright the most honest company you’ll find. Full disclosure — their loans might be a little costlier than what a bank may offer you. There is an explanation for this. See, Jora will lend to customers who have got no other place to turn to in an emergency. So, let’s move to a short Jora Credit review.

Jora Credit Loan Review

The close of 2019 will mark the two years Jora Credit Holding has been in business. The company was established in Addison, Texas. Initially, they were in 8 states but have now grown to 12 states.

They don’t have physical loan stores. Loans are offered through their website. You can access them if you’re a resident of Utah, Idaho, Kansas, Alabama, Missouri, Delaware, California, Wisconsin, Tennessee, New Mexico, North Dakota, and South Carolina. If their loans are not currently available in your state, they might be in the future.

Services Offered by Jora Credit

First off, there are no Jora Credit Cards issued by this company. Their specialty is in installment loans and lines of credit. So, what does each of Jora Credit loans entail?

1. Installment loans

What is it?

You may also call them personal loans or traditional loans. There are “traditional” because they resemble personal bank loans. For instance, you can borrow $1,000 for 1 year. You’ll repay the loan in fixed monthly installments (small manageable amounts).

It’s best for:

This product suits borrowers who know the amount of cash they need for their emergency. Also, borrowers who want to receive the entire loan amount in their bank account in one payment.

Loan amount:

The amount available ranges from $500 to $3,000. The max and min loan amounts may differ from state-to-state due to different lending laws.

Example of loans

In South Carolina and Missouri, you can currently borrow $500 to $3,000. Jora Credit interest rates for these states range from 185% to 200%.  For North Dakota customers, they can borrow $1250 to $3,000 at an APR of 326%.

Loan duration

The duration is stated in terms of months. It ranges from 4 to 30 months. You can choose to repay the loan on a biweekly or monthly basis. If your loan has a term of 30 months, paying the loan every fortnight means you’ll have 60 equal repayments.

2. Line of credit

What is it?

Jora Credit will extend a fixed credit line. For instance, if it’s $1,000, you can take out small amounts based on your needs, but not beyond the allocated amount.

It’s best for:

Customers who have not made up their mind about the loan amount they require. It’s suitable for unpredictable expenses. You also don’t have to reapply every time you need funds.

Cost:

The interest rate is only charged on the amount you have used.

What Are Some Things People Have Said About Jora Credit?

On sites like TrustPilot, you can find a Jora Credit review from a past customer. As expected with any company, there are both positive and negative reviews. However, the overwhelming majority are positive.

People have lauded them for the quick service they provide. They have been noted for being transparent about their loan products and not hiding fees in the fine print. You’ll also find information on Jora Credit Rates for other states by checking out their “What it costs” page on the main website.

Pros of Choosing Jora Credit Loans

1. No additional feesWhile similar lenders will charge up to $30 for missed or late payments, Jora Credit doesn’t have such fees in place.
2. Pay earlyAs the cost of the loan might be a little higher than a bank loan, you get to pay off your loan early and avoid fees. Some banks have penalties to stop borrowers from discharging their loans early.
3. Takes your security seriouslyJora Credit takes the security of its customers seriously. They are one of the progressive lenders with a “Security page” where you can read up on measures they take to keep your information safe.
4. Same day fundingApply before 10:30 a.m, and Jora Credit will ensure you have funds in your account before the close of the business day.

Will I Get Scammed by This Lender?

Absolutely not! And in case you’re wondering “is Jora Credit legit,” they are genuine. You will not miss another Jora Credit loan review from third-party websites. If they were a scam, everyone would be screaming ‘Wolf!”

Frequently Asked Questions

1. What is the minimum Jora Loan credit score required to apply?
   Jora Credit doesn’t have a minimum credit score in place. They allow all customers with poor, bad or no credit at all to apply. What’s considered is other factors like whether you have a steady verifiable source of income.
2. How do you get Jora Credit Pre-approval?
   Just apply for your loan by visiting their website. They have a three-step process. You even get your own user portal.
3. What’s the process of getting Jora Credit as second loan?
   If you are a previous customer, you can get your second loan provided 1 to 10 days have elapsed since your last loan.