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Wednesday, October 20th
Jora Credit is a newer option on the market for cash advances, in business for just under 5 years. They are "committed to the lending of responsible credit products to eligible applicants in need of emergency credit" and allow you to repay your cash advance over time instead of in one big payment at your next paycheck date.
Jora Credit's loans fund quickly. If you complete their four-step online application and are approved, you can have your money deposited the same day if you sign your loan agreement before 10:30AM Central (Monday through Friday, excluding bank holidays). Otherwise, you'll get your loan the next business day.
Easy to look up rates and available loan amounts
Unlike many cash advance providers, Jora makes it easy to find out how much you can borrow in your state and what APR you can expect. Just click on the "What It Costs" link at the top of the site, then click on your state, choose your desired loan amount and payment frequency (bi-weekly or monthly). Overall, you can borrow anywhere from $400 to $4,000 with APRs between 99% and 349%, but this tool tells you much more about cash advances wherever you live.
Rates vary by state
For example, if you live in Alabama, you can borrow a minimum of $2,100 and a maximum of $4,000 with an APR of 99% if you make 65 biweekly payments. Idaho residents can borrow anywhere from $500 to $4,000, with an interest rate of 349% for the lower loan amount and 99% on the higher loan.
Many states not eligible for cash advance loans
It's also a smart way to find out if your state is included before you submit an application or any other personal details. That's how we found out that Jora no longer offers cash advances in California. In addition, Alaska, Arizona, Colorado, Connecticut and Florida were just the first handful of states we checked out that are not included in Jora's coverage area. You might have a hard time getting a loan here.
Good reputation with the BBB
That's the biggest reason Jora doesn't get our highest rating for payday loans: there are just too many people in the US who won't be eligible because of where they live. Beyond that, Jora Credit does well: the BBB gives them an "A" rating, and there were only 15 complaints registered there in the year leading up to our review. Among cash advance lenders, that's a pretty good track record!
Solid option if you're eligible
Jora Credit is a solid choice for quick cash loans if you are fortunate enough to live where they operate. Unfortunately, most Americans won't be within their service area and will have to choose a different cash advance provider.
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.
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:
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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