Residents of 10 states could qualify for up to $2,600 with this lender.
finder.com’s rating: 3.5 / 5.0
You may need a loan to cover your bills after an expensive month, but you don’t qualify for a traditional bank loan because your credit isn’t the best. An installment loan from Jora could be a way out of a number of financial emergencies.
Read our review to learn about the pros and cons of borrowing as well as what you’ll need to know if you decide to apply.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Do you live in one of Jora’s eligible states?
Jora offers installment loans in the following states:
If you don’t live in one of those states, check out our guide on loan options by state to find a provider for you.
How does an installment loan from Jora work?
An installment loan from Jora allows you to borrow money to cover any type of expense. Jora offers loans between $500 to $2,600, although some states have varying minimum amounts. Unlike some other installment loan lenders, Jora doesn’t require you to have a set minimum income and doesn’t limit your income to what you earn from a job. If you have retirement, disability or unemployment checks, you may still qualify for a loan.
The application process is quick, and you’ll know if you’ve been approved within minutes. Jora doesn’t charge fees for early or missed payments. Jora also offers its users a series of budget and career planning tools under its Allay program that can help you determine how you can shape your future financial situation.
As with most installment loans, Jora has high interest rates. APR ranges between 170-349%, depending on how much you borrow, what state you live in and how often you make a payment.
What are the benefits of an installment loan from Jora?
Quick application process. If you’re in a hurry, Jora’s application only takes a few minutes to complete, and you’ll know if you’ve been approved shortly after.
Personal finance resources. Jora provides a series of tools through its Allay program to help you understand your finances, debts and what you can do to take control of your situation.
Apply with bad credit. Not everyone has the best credit, and Jora understands. No matter your current financial situation, you can apply with Jora and it bases its decision on more than just your credit score.
Use your loan as you see fit. If you’ve been approved, use your loan funds for just about any purpose, whether you need a car repair or pay down debt.
Jora is a high-cost credit option. Before you apply, be aware that you’ll likely see loan terms with high interest rates and large twice-monthly or monthly payments.
High costs. Like many installment loans, you’ll see high interest rates. This — in addition to fees — affects the total cost of your loan, causing you to pay much more than the initial loan amount. If you try out Jora’s cost calculator, it may be jarring to see how much higher the total payback amount is than the initial loan amount. Keep in mind you can pay off your loan early without any penalty charges.
Not available everywhere. If you don’t live in one of the states serviced by Jora, you won’t be able to get a loan through this provider.
Frequent repayments. Although using auto pay is convenient, if you don’t have enough money in your checking account to cover the payment, you may be subject to your bank’s overdraft fees.
Loan funding may take days. If you apply for a loan through Jora after it’s hours of operations, funding for your loan could take days.
How does Jora compare to other installment loan providers?
Yes. Jora uses a number of physical and electronic technologies to keep your information safe and protected against potential hackers. This includes website encryption, virus protection software and it automatically logs you out of your account after inactivity. It’s a good idea to take general precautions when entering personal and financial information online — such as changing your passwords regularly and not saving info on shared computers.
Jora reviews and complaints
Jora gets mixed online reviews. Many customers cited the easy application and good customer service as reasons to go with the loan. The few negative reviewers were upset by the high interest rate, but as with these type of high-cost installment loans, you should expect a significant amount of your monthly payments to go toward interest.
Am I eligible?
You’ll need to meet the following criteria to qualify for a loan from Jora:
Regular source of income
Active checking account
Live in eligible state
How do I apply?
1. Click Visit Site on this page, enter your full name and email address to begin.
2. Create your account by selecting your state of residency and date of birth. You’ll need to create a password and agree to the privacy disclosure before moving to the next page.
3. Provide your personal information including your address, Social Security number, driver’s license number and a phone number. Enter information about your income and your finances including your bank account number and your bank’s routing number.
4. Submit your application on the fourth page. If you’re sure you’re ready to apply, agree to the terms and click Submit.
After you apply, Jora will display an approval decision. Jora will provide one of three responses: approved, denied or conditionally approved. If you’re conditionally approved, you may need to submit extra information to confirm your identity.
After you receive your loan funds, you’ll be able to spend the cash how you want. Consider budgeting for your payments by select bi-weekly (twice a month) or monthly payments, and have the payment amount in your account on the due date. If you’ve chosen to pay by money order or check, mail these off ahead of time.
Your loan contract will have all the important details, so read it over, and don’t hesitate to contact Jora if you have any questions about your payment schedule or loan terms.
At the end of the day, an installment loan from Jora can help you out of a rough situation. Be sure to budget for the potential costs and compare your options so you can get the best terms for your needs.
Frequently asked questions
You can apply for a loan though Jora if you’re a resident of one of the following states:
Yes, Jora will request your credit report after you’ve submitted your application. But there is no minimum credit score to qualify.
Yes. Jora can report a late payment, missed payment or loan default to a credit reporting agency. Missed payments may negatively affect your credit score.
No. Payday loans are short-term credit options for people who want to borrow less than $1,000 and pay it back within a few days or weeks. An installment loan works differently. You’ll be able to borrow more, and rather than having to repay your loan on your next payday, you have months to pay back your loan.
Yes. Jora doesn’t have a prepayment penalty. This means you can pay back your full loan amount at any time, which will reduce the total cost of interest you’ll pay.
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