Originally posted on https://bonsaifinance.com/everything-you-need-to-know-about-getting-installment-credit-from-jora-finance/
If you’ve found yourself in need of a personal loan, you’re not alone. In the past year, nearly 35% of Americans took out small personal loans.
Whether you’re in need of cash for veterinary expenses, college textbooks, or you just want to take a vacation, Jora Finance may be a good option for you.
Read on to learn how to get installment credit from Jora!
What Is Installment Credit?
Installment credit is any type of loan in which you agree to repay it by making a specific amount of payments for a specific amount of money. You make payments for a set amount of time, and there is a set interest rate. Loans are generally paid off in months or years.
Once you have made all of the required payments, then the loan has been paid off.
Examples of installment credit include mortgages, student loans, auto loans, and unsecured loans.
Installment credit is different from revolving credit because, once the installment loan has been paid off, then the account is closed. Revolving credit lines stay open once they have been paid off unless the consumer or the issuing creditor makes a decision to close the account.
Can Anyone Apply for Installment Credit With Jora?
No. Jora can only offer installment loans from $500 up to $3,000 to individuals who live in Alabama, California, Delaware, Idaho, Missouri, New Mexico, North Dakota, South Carolina, Utah, or Wisconsin.
If you live outside of these states, or if you need more or less money, there are other options available for installment loans.
What Is Required for Approval With Jora?
Applicants who reside within the ten states Jora serves must be a minimum of 18 years old to apply for a loan, with the exception of residents of Alabama, who must be at least 19 years old.
You must have a steady job or other regular income that can be proven.
You must have a valid e-mail address.
Lastly, you must have an active checking account.
How Does an Installment Loan With Jora Work?
Jora installment loans are great for when you need a bad credit loan because your credit isn’t high enough to get a loan from a traditional bank. First-time borrowers can receive loans up to $2,600.
The application process is quick, and you’ll have an answer within seconds. If you are conditionally approved, then Jora needs to verify the information you provided before fully approving your loan and getting the money to you.
Jora provides the reason for denial in the event your application is denied.
Check how much it will cost to repay the loan before you apply to make sure you are able to pay it back.
The interest rate you receive is dependent upon the state in which you live, and, in some states, based on your credit score. For example, Utah has an APR of 349%. A $500 loan in Utah is divided into 16 payments of $77.29, with a total payback amount of $1,236.42.
The higher the amount of your loan, the longer you have to repay it. Jora does not charge pre-payment penalties, so you are welcome to repay your loan early if you want to.
Check Out Our Blog for More Finance Tips!
If you’re strapped for cash and have less than perfect credit, then installment credit with Jora may be what you’re looking for to get by.
Now that you know what is required, and what it will cost you to repay the loan, you can decide whether or not a loan with Jora is right for you.
If you’re still looking for a solution to your finance needs, check out our blog for other options and for tips on financial management.