Kora is an app that helps college students understand everything from student loans to credit cards and much more.
This Kora money app review will help you understand what is included in the service, such as how it provides loans for college students.
Originally known as Boro, the newly branded Kora also offers financial services in the form of personal loans and auto loans to both domestic and international students.
The best part is that your credit score is not checked, and you don’t need to provide your social security number.
Here are the types of loans you can apply for:
- Personal Loan
- Student Loan
- Auto Loan
Let’s see what all Kora has to offer when it comes to personal finance, managing money, and getting a student loan.
Kora Money App Review: Overview
Created by Westbon, Inc., Kora includes money management tools and loans directed at college students.
Up until recently, the brand was originally named Boro.
The service has a simple application process for loans and offers alternative methods to get them.
Loans for College Students
Kora began as a personal loan service for international students studying in the U.S. who don’t have a social security number, credit score, or credit history.
Kora understands this problem and orients its solution to supply auto and personal loans to students; the platform now allows all college students to find financing.
Students can get an auto or personal loan even if they don’t have a credit history or a good credit score.
Kora uses active student status and GPA as lending criteria.
Kora Money App Review: What’s Included with the Kora app?
Kora provides a few unique services when it comes to personal finances, including:
- Money Management Tool
- StackUp Comparisons Tool
Money Management Tool
Kora’s money management tool offers custom spending tips, automatic expense tracking, and monthly spending goals.
This makes it easy for U.S. college students to keep on top of their finances, and Kora will soon offer credit score updates as well as credit-building tips for borrowers.
StackUp Comparisons Tool
With the StackUp Comparison tool, college students can see how their credit score and other financial habits compare to other students.
College students can even compare their credit scores against others in their school, their state, and nationwide.
With the StackUp Comparison tool, any student can see the credit score of others in similar situations.
Students can also see if they might be eligible for personal loans.
KoraCash Personal Loans
KoraCash can provide a personal loan anywhere from $50 to $2000 for a student.
While these loans were previously only available to international students, Kora now offers personal loans to any active student — even if they are U.S. citizens.
You do not have to have a good credit report or credit history to apply for a loan with Kora.
Also, it’s important to note that applying for a loan through Kora will not affect your credit score.
Instead of checking credit history or a social security number to determine eligibility, Kora uses active student status and GPA.
Kora also checks with your current utility service provider to limit their risk.
A bank statement may also need to be provided to qualify for a KoraCash loan.
When you are approved for a Kora Cash loan, you will get to choose your loan amount, loan terms, and payment terms.
You can pay the loan over one, three, six, or twelve months and choose to make a payment on a weekly or biweekly basis.
Depending on your loan amount and payback terms, you will see the percentage of your interest rate as well as the amount of interest you will be charged on each payment.
While Kora Cash may be a way to get some quick funding when you are in a bind, it’s important to still borrow responsibly.
You will want to make sure you can make the payments on time to avoid financial issues and harm to your credit score.
You can become eligible to borrow a higher amount if you pay off your loan on time, and this is great news for college students who have ongoing expenses.
As of writing this, Kora loans were only available in 31 U.S. states, though student loans are only available in 14.
If a student is not a resident in one of the states where Kora is then they will not qualify for a loan.
In addition to personal loans, Kora also offers auto loans through KoraDrive, which is the auto loan arm of the company.
With KoraDrive you can get a car loan in as little as one day, and the application process is completed electronically.
KoraDrive offers car loans ranging from $5,000 to $3 million.
The loan term can be anywhere from 12 months to 60 months.
You can fill out a loan application online and receive funding for an auto loan quickly; however, just as with any type of loan you should always borrow responsibly.
KoraDrive requires that you meet a minimum insurance requirement once you qualify for a loan, and you must submit proof of this once your loan is approved.
As is the same with KoraCash, KoraDrive is not available in all 50 states.
You will need to be in a state where the company operates to be eligible for financing.
Kora Cancellation Policy
Canceling your Kora subscription is fairly easy.
However, if you are a KoraCash or KoraDrive customer, you cannot deactivate your account until you have paid your loan amount in full.
So as long as you don’t have a car loan or personal loan with Kora, all you need to do is to delete the app to stop using Kora.
According to their website, your information is secure even once you stop using the app.
Another way to cancel your account is to fill out this form that can be found under the help section on their website.
If you cancel your account as a KoraCash customer, you cannot secure another loan from Kora if you later subscribe to the service again.
If you subscribe to a plan and do not cancel, then your plan will automatically renew.
Furthermore, if you have a trial subscription and cancel before the trial ends, you will not have access to the services for the remainder of the trial period.
Kora Money App Review: How Much Does Kora Cost?
There are some costs associated with Kora, but they come in the form of interest rates as opposed to a monthly fee.
The good news is there are no fees for using Kora.
If you apply for a loan, you will not pay any application fees either.
Additionally, when you apply for a KoraCash or KoraDrive loan, the company will not perform a hard credit check.
This is excellent news because even if you don’t qualify, your credit score will not be affected by your application.
However, even if you have good credit, you may pay more for financing with Kora as opposed to loans from other lenders.
Kora Interest Rates
Both personal loans and car loans have interest fees attached to them.
The annual APR for Kora is quite high, around 15–19.9%.
This is slightly lower than most interest rates on a credit card, though it’s higher than most lenders charge for a similar loan.
For this reason, it may be a good idea to shop around if you can be approved for a traditional loan.
Kora Money App Review: Pros and Cons
There are both pros and cons that come along with using Kora for personal loans or an auto loan.
- Loans for international students
- Loans for students with no credit history
- Money management tools
- Fairly quick loan deposit into your bank account
- Transparent loan terms and payment structures
- Free budgeting and expense tracking tools to manage personal finance
- No hard credit check for a Kora loan
- No cosigner or social security number required
- High-interest rate
- Somewhat of a hassle to cancel
- Not available in all 50 U.S. states
- Loan amounts for KoraCash are lower than some lenders
Kora Money App Review: Is the Kora App Legit?
The Kora app is indeed legit.
Kora is an accredited company with the Better Business Bureau and has a rating of B+.
Although Kora may charge more for personal loans and auto loans, the company is reputable and has a solid reputation.
The fact that international students and those without good credit can access loans may make the company seem a bit dodgy.
However, this is not the case.
The APR may be high, especially if you compare the rates to other lenders, but Kora may be a decent choice for quick personal or auto loans.
If a credit report may disqualify you for conventional finance options, you may want to consider a Kora loan.
How Long Does It Take to Get Money with a Kora Loan?
Once approved for a KoraCash loan, funds are generally available within two business days.
For KoraDrive, loans are typically approved within one or two business days.
Is Kora Right for Me?
If you are a college student with a negligible credit history or studying in the U.S. from abroad, Kora may be a good choice for you.
It is easy to apply for a loan via the app.
You should, however, be aware that rates are higher than they may be from other lenders.
Additionally, if you have ongoing expenses, you can become eligible for a higher amount of credit each time you make a payment on your loan.
The fact that Kora also offers money management and budgeting tools means that it still has benefits to use even if you are not eligible for a loan or simply do not need one.
These tools have no fee to use, making it easier than ever to stay on top of your finances.
Kora Reviews by Users
Most of the customer reviews rate the app fairly well — though keep in mind these reviews were written when the service was still called Boro.
It’s the same company, same people, but under a different name.
The company has a 4.1 rating on the Google Play store and most customer reviews are positive.
Users who recommend the product state that they were able to borrow enough money to pay off their school expenses.
One reviewer even states that she was able to borrow $700.
Other reviewers on the Google Play store say that they were able to borrow more each time they would pay on their loan.
Some of the reviews that report an issue with the service are complaints about poor customer service and high APR.
Complaints on the BBB website also cite problems with customer service.
However, a representative for the company did submit a response to each complaint.
Kora Money App Review: Is It Worth It?
Kora offers personal loans and car loans for students who otherwise may not qualify via traditional lenders.
There is no minimum bank balance required to apply for a loan, and loans are typically approved based on active student status, timely payments made for utility bills, and the amount of the loan requested.
More on Kora Loans
Loan amounts for KoraCash are generally lower than what you may get from other lenders.
However, loan amounts offered for car loans are fairly high.
Even if you do not need a personal loan, Kora may be beneficial for the money management and budgeting tools alone.
All that Kora has to offer can make it a great financial app for college students.