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Jora Credit vs Honest Loans

Wednesday, October 20th

2021 Cash Advance Service Reviews

Jora Credit Review 3.5 Star Rating

Jora Credit

3.5 Star Rating
  • "A" rated by the BBB
  • Loans from $400 to $4,000
  • APRs from 99% to 349%
  • Loans funded same or next business day
  • Helpful tool makes it easy to look up loans and rates in your state
  • Not available in many states

Jora Credit is one of the most transparent options out there for quick cash advance loans. You can easily see exactly what you can borrow and how much you'll pay in interest on their website, before you even apply for a loan. Repayments are scheduled over time but can be paid in full whenever you choose. The BBB gives Jora Credit a fantastic "A" rating, but because this lender has so many states where they don't offer loans, they can't compete with higher-ranked providers that are available to more people.

Honest Loans Review 3 Star Rating

Honest Loans

3 Star Rating
  • Loan referral service
  • Eligibility requirements include income of at least $800/month, a checking account, 18 years of age or older, and permanent US residency
  • Borrow up to $50,000 based on your qualifications

Honest Loans is a referral website that takes your cash advance loan application and tries to match you with a network lending partner to get you the money you need. Because this company doesn't fund your loan directly, there are very little specifics about how much you can borrow or how much you'll pay in interest. There's also not much feedback about Honest Loans out there: no rating from the BBB and no customer comments. It may not be a bad place to connect with a cash advance company, but you have much more direct options available.

Where Can You Find the Best Cash Advances?

Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.

You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.

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Cash Advance Service FAQ

A cash advance provides you with a loan where you are essentially borrowing from a future paycheck. If you just need a little bit of money to hold you over until your next deposit, a cash advance loan could help.
That depends on the lender you select and the laws in your state. Most cash advance services offer smaller loans to first-time customers and increase the amount available to repeat clients. You can expect to qualify for a loan amount between $100 and $1000, possibly up to $2500.
No, and that's part of the appeal of a cash advance loan. You have to provide proof of income, and that doesn't depend on your credit score.
You'll usually have a service fee that's a percentage of the loan amount, in addition to any interest you're charged. Be aware that interest rates on cash advance loans are extremely high: you may see APRs of over 2,000%! In other words, cash advance services should probably be considered as a last resort.
Most providers of cash advance loans can get your funds deposited as quickly as the next business day, once you've been approved. The quicker you fill out the application and provide any requested documentation, the sooner your funds will be transferred.
Because your loan is borrowing against your next paycheck, you'll typically have until that pay date to repay what you borrow. For example, if you're paid twice a month, you'll probably have a loan term of 15-17 days, or up to 31 days if you get paid once a month.
Frankly, yes. These are some of the highest-interest loans on the market, and you could get stiff penalty fees and other charges if you don't pay them back on time. Laws vary by state; you could have a grace period if you can't pay your loan off by the due date and you request an extension beforehand.
Yes. There are many lenders that have been in business for decades and that have a positive reputation for providing funds to clients in desperate situations without taking advantage of them. However, because of the higher-risk nature of cash advances, you should take the time to read all of the fine print and verify that the lender you're considering is trustworthy before you commit.
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Continued from above...

How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.

Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!

What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.

Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:

  • Open disclosure of rates and fees. If a cash advance lender hides their rates and fees, they may not be trustworthy. Everyone expects high interest rates, so there's no reason for a company not to put them right on their site.
  • Good reputation. When you're dealing with cash advances, you need more than interest rate details to make your decision. Check out what borrowers say about the lender: is everything upfront? Did they feel taken advantage of in any way? See if the Better Business Bureau has given the service a good rating.
  • Repayment options. The more choices you have, like biweekly or monthly repayments, the more likely it is that you will be able to pay back your cash advance without rolling it over or defaulting.

TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.

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