- New lender with experienced team.
- Loans up to $2,600. No or bad credit ok.
- State Licensed. Based in TX. Since 2017
|$2,600||Maximum First Loan|
|HTTPS (SHA-2) encrypted|
|State licensed lender|
|?||BBB unresponded issues|
The Jora website does a very good job of describing its products, processes, requirements, and terms. It also displays state licensing information. As a licensed lender Jora is a reasonable choice for a short term loan.
To apply for a Jora installment loan be sure that,
- You reside in a state they currently serve.
- You are at least 18 years old (19 if residing in AL).
- You have a job or other proven source of income.
- You have a valid e-mail address.
- You have an active and valid checking account.
Their site lists out four basic features,
- Simple. You can apply from your phone, laptop, or tablet anytime.
- Secure. Complete an online application to see the loan amount for which you are approved.
- Fast. First-time Jora customers can generally get between $500-$2,600 as soon as the next business day.
- Helpful. Allay from Jora provides helpful tools.
The first three features are typical of any lender we rate above three stars so is nothing special. The fourth feature is interesting as it provides some educational resources around ways to make money. These features require an account so we were not able to review them but in general we are guessing they are not that unique. It appears they link to some common job boards and resources. The idea is great -- before you take a short term loan make sure you've explored other options and that you really need this money. Short term loans, including those from Jora, are generally expensive so it's better to not borrow if you can avoid it.
Once you apply online, Jora provides a decision in a matter of seconds. If conditionally approved and subject to verification of your application information, you will be able to request the amount you need to borrow up to your maximum approved amount. In the event Jora is unable to approve your application for credit, they will notify you with the reason for denial.
If your application is approved, verified, and a loan agreement signed by 5:00 p.m. CST, Jora can electronically deposit cash into your bank account as early as the next banking business day. You can also request that they mail you a paper check which can take 7 – 10 days for delivery.
You are responsible for making your loan payments by the due date. To make it easier, you can schedule automatic electronic payments from your checking account or you may pay with check or money order. If you pay late, fail to pay, or your payment is returned, you may incur additional interest. If a payment is returned, they may submit the payment to your bank for reprocessing. This means if you do not have sufficient funds the second go around, you may get additional NSF (nonsufficient funds) fees charged by your bank which can be around $25 to $35 per incidient -- make sure you have the funds in our checking account when you send payment!
It does not appear that Jora reports your loan to the standard credit bureaus which means taking a loan with them will most likely not build your credit rating but not paying your loan could impact your credit score. Read Do Payday Loans Affect Credit Score for more information.
Jora is a state licensed lender. We think they are a reasonable choice for short-term emergency cash.