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LAST UPDATED: April 23rd, 2021

Jora is an online lender that offers installment loans in the range of $500 to $2,600, for first-time borrowers. Keep in mind that short-term loans have lots of rules and they depend on where you live. Jora offers installment loans, lines of credit, or flex loans, depending on the state to people in the following states:

  • Alabama
  • California
  • Delaware
  • Idaho
  • Kansas (Line of Credit)
  • Missouri
  • New Mexico
  • North Dakota
  • South Carolina
  • Tennessee (Flex Loan)
  • Utah
  • Wisconsin

Basic eligibility requirements include:

  • At least 18 years old (19 in Alabama)
  • Have a regular source of income
  • Active checking account
  • Valid email address

Customers can apply online,or via phone, laptop, or tablet. Applying for a Jora loan will use a hard credit inquiry, so your FICO score can be affected. Credit score is a factor, but high risk borrowers are the main focus. If your application information is verifiable, you can be approved in a "matter of seconds" You will get an email notification.

There are no prepayment penalties, so paying off your loan early reduces your interest fees. You can choose bi-weekly or monthly payments, based on how often you get paychecks. Late payments will accrue more interest, but there aren't any late or NSF fees.

Customer support is available via phone and an online email request form.

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The Good

  • Same-Day Funds
  • Repayment Reported
  • Installment Loans
  • Allay

Same-Day Funds

If your loan is accepted by 10:30 a.m. Central on a business day, your funds can be deposited on the same day. If your loan is processed after that time, funds can be disbursed within one business day.

Repayment Reported

Loan repayment history is reported to "one or more credit bureaus." This can either help or hurt you.

If you make payments on-time, this is an opportunity to build or rebuild positive credit history for people with bad credit and rebuilding credit. For people in those situations, opportunities to improve your credit are hard to come by.

Installment Loans

Short-term installment loans are preferable to most consumer lending payday loans. It is still at a high interest rate, but not as high, because APR has to do with how long you borrow the money for.

For example, "First-time customers typically qualify for credit in amounts between $500 and $2,600, with APRs between 170% and 349%."

Rates are high because Jora works with higher-risk borrowers than traditional lenders do. However, not everyone will be accepted. Keep in mind that in a few states, Jora only offers lines of credit. This is due to short-term lending laws in each state.

Allay

Jora borrowers benefit from a set of career tools called Allay. Tools include the Allay Income Helper and the Allay Career Planner to help educate consumers on added ways to make extra cash, evaluate their current career, and look for new opportunities.

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The Bad

  • Repayments Reported
  • Locations Available
  • Loan Amounts

Repayments Reported

Repayment of Jora loans is reported to one or more credit bureaus. If you miss payments or make late payments, etc, it will hurt your credit score.

Locations Available

Jora credit is only available to people in 13 states. If you don't live there, you need to look for a different lender.

Loan Amounts

There are limits on how much and how little you can borrow. It depends on your state. However, the thing to note is that anyone looking for less than $500 emergency money wouldn't be best served.

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The Bottom Line

Jora is a better option than a payday loan, but a traditional bank loan would be better. If you can't qualify for a mainstream loan, an installment loan for bad credit is the next best bet.

Based on what the lender shares, Jora looks like a good credit option. However, before we can fully recommend this lender, we need to gather more feedback from consumers. Let us know about your experience with Jora's lending services with a quick review below.

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