What is KoraCash?

KoraCash* is stress-free financing for college students.

Get up to $3000 for whatever you need, pay back in up to 12 months and build your credit history.

Who is eligible for KoraCash?

Qualified college and university students or recent graduates (graduated within a 3 year period) with verifiable school emails are eligible to apply for KoraCash loans.

Currently, KoraCash is available in 46 states and Washington DC (KoraCash is not available in Alaska, Hawaii, Louisiana and Maine).

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How does KoraCash work?

Once you finish creating your Kora account, the KoraCash tab on the app will allow you to initiate the process for prequalification, which will determine the amount you are prequalified to borrow. This could be any amount of cash up to $3000. Once prequalified, you can complete your application and submit it for underwriting, and receive a final decision. 

Upon approval, you can select how much cash you’d like to borrow and how long you’d like to pay back. You’ll be able to see how much the monthly or bi-monthly payments would be, and how much the interest would be each month.

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Once you pick your terms, you’ll be asked to connect a bank account where we’ll deposit your cash and where we’ll debit your automatic monthly payment if you are enrolled in autopay.

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Can KoraCash affect my credit score?

Your credit score serves as an indicator of your financial responsibility. A favorable score can give you a better chance of renting an apartment, getting a credit card, financing a car and various other financial opportunities.

By continuing with the application process, you authorize Kora to perform a soft credit inquiry as means of prequalification for KoraCash. A soft credit inquiry does not hurt your credit score.

We report your KoraCash payments to the major credit bureaus so that when you pay back on time, you can build positive credit history and help your score. Missing or being late on payments can negatively impact your credit score, particularly if the delinquency exceeds 30 days.

Download the Kora app now to get started.

 

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