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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Zilch Review

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About company

Zilch is a financial services company providing a payment solution that allows users to pay in 4 over six weeks with 0% APR or opt for an immediate payment with 2% cash back in Zilch Rewards. Zilch Rewards are earned through referrals or immediate payments, each equivalent to one cent. Notably, rewards are non-refundable, and purchases made with rewards cannot be returned. To join Zilch, users need a US debit card, mobile number, and email. Required documents include a government-issued photo ID and proof of address. The proof of address does not need to match the debit card's billing address. Users can link any US-issued debit card to their Zilch Virtual Mastercard, ensuring responsible spending and account security. Certain card types, like those from outside the US, corporate cards, credit cards, and gift cards, cannot be linked. In essence, Zilch offers flexibility in payments, a rewards program, and emphasizes responsible spending with stringent card-linking measures.

zilch

Key Features

  1. Flexible Payment Options. Zilch allows users to spread payments over six weeks with 0% APR, providing flexibility in managing expenses.

  2. Zilch Rewards Program. The loyalty program, Zilch Rewards, offers users the opportunity to earn and redeem rewards, with each reward equivalent to one cent.

  3. Instant Payment Benefit. Users can opt for immediate payments with the added advantage of receiving 2% cash back in Zilch Rewards.

  4. User-Friendly Sign-Up Process. Joining Zilch is streamlined with a straightforward sign-up process, requiring a US debit card, mobile number, email, and essential documents like a government-issued photo ID and proof of address.

  5. Secure Zilch Virtual Mastercard. Zilch's Virtual Mastercard ensures responsible spending by allowing users to link any US-issued debit card in their name, with measures in place to prevent linking certain card types, such as those from outside the US, corporate cards, credit cards, and gift cards.

Pros and Cons

Pros

Interest-Free Payments. Zilch's service offers users the advantage of interest-free payments over six weeks, providing a cost-effective way to manage their finances without incurring additional charges.

Cashback Incentives. Users who choose to make immediate payments enjoy the benefit of receiving 2% cash back in Zilch Rewards, providing a tangible incentive for prompt payments.

Rewarding Referral System. Zilch's referral program allows users to earn Zilch Rewards by referring friends, adding a social element to the service, and enhancing the potential for savings.

Flexible Proof of Address Policy. The flexibility in accepting proof of address, even if it differs from the debit card's billing address, accommodates various user scenarios, such as students with different addresses during term and non-term times.

Enhanced Security Measures. Zilch's Virtual Mastercard ensures secure transactions by allowing users to link only US-issued debit cards in their name, mitigating the risk associated with linking certain card types like those from outside the US, corporate cards, credit cards, and gift cards.

Cons

Limited Payment Period. The six-week payment structure might be a constraint for users who prefer more extended repayment periods, limiting flexibility for those seeking extended payment plans.

Non-Refundable Rewards. Zilch Rewards, while beneficial, come with the limitation of being non-refundable. Users must carefully consider their purchases made with rewards, as returns are not an option.

Document Requirements for Sign-Up. The necessity of providing a government-issued photo ID, proof of address, and other documents during the sign-up process may be perceived as an inconvenience for users looking for a quicker and more straightforward onboarding experience.

Exclusion of Certain Card Types. Zilch's Virtual Mastercard has restrictions on linking certain card types, such as those from outside the US, corporate cards, credit cards, and gift cards. This exclusion may limit the choice for users who prefer using these types of cards.

Risk of Immediate Spending. Opting for immediate payments with cash back in Zilch Rewards may encourage impulsive spending, as users may focus on the immediate benefit rather than considering the long-term financial impact.

Reliability

Zilch, provided by Zilch USA Inc. in collaboration with Cross River Bank, ensures a reliable payment experience. Operating in partnership with Cross River Bank, a Member FDIC, Zilch offers financial stability.

Customers benefit from a zero interest rate, contingent upon eligibility checks, providing a transparent and fair financing solution. The payment options vary based on the purchase amount, with the possibility of a down payment. While a $3 fee may apply depending on the chosen retailer, Zilch emphasizes clear terms and conditions, enhancing the reliability and trustworthiness of its services.

How to apply for Zilch financing?

  1. Download the Zilch App. Begin by downloading the free Zilch app from your mobile app store.

  2. Create an Account. Open the app and follow the on-screen instructions to create a Zilch account. You'll need to provide basic information such as your email address, mobile phone number, and password.

  3. Complete Personal Information. Input the required personal details, including your name and any additional information as prompted.

  4. Document Submission. Prepare the necessary documents, including a valid government-issued photo ID and proof of address (dated within the last three months). Zilch may also request a selfie holding up your photo ID for verification.

  5. Link Your Debit Card. Add a valid US-issued debit card in your name to your Zilch Virtual Mastercard. Note that certain card types, such as credit cards and prepaid cards, may not be eligible.

  6. Eligibility Check. Zilch will conduct an eligibility check based on the information provided. This will determine your rate and payment options.

  7. Select Your Payment Option. Once approved, choose between spreading your payments over six weeks with 0% APR or making an immediate payment with the benefit of 2% cash back in Zilch Rewards.

  8. Start Using Zilch. After completing these steps, your Zilch account will be set up, and you can start using the provided payment options for your purchases.

Conditions and Requirements

Conditions

  1. Purchase Amount Dependency. Zilch's payment options are contingent upon the user's purchase amount. Users may find their payment choices influenced by the specific amount of their transaction, potentially limiting flexibility.

  2. Down Payment Possibility. Depending on the user's circumstances and the nature of the purchase, Zilch may require a down payment. This condition adds a potential upfront cost that users need to consider.

  3. Retailer-Dependent Fee. Users may encounter a $3 fee based on the retailer they choose. The fee is contingent upon the selected retail partner, potentially impacting the overall cost of using Zilch for certain transactions.

  4. Rate Subject to Eligibility Check. The 0% APR rate offered by Zilch is subject to an eligibility check. This means that users' eligibility will determine the specific rate they receive, introducing a conditional aspect to the interest-free feature.

  5. Terms and Conditions Applicability. Zilch's services are governed by terms and conditions that users need to review and adhere to. Understanding these conditions is crucial to ensure a clear understanding of the obligations and benefits associated with using Zilch for payments.

Requirements

  1. Valid US Debit Card. A valid US-issued debit card in your name is required to link to your Zilch Virtual Mastercard.

  2. Mobile Phone Number. A US mobile phone number is necessary for account verification and communication purposes.

  3. Email Address. An email address is required to create and manage your Zilch account.

  4. Government-Issued Photo ID. Prepare a valid government-issued photo ID for identity verification purposes. This can include a driver's license or passport.

  5. Proof of Address. Provide proof of address dated within the last three months. This document helps establish your current residence. Note that it doesn't need to match your debit card's billing address.

  6. Selfie with Photo ID. Be ready to submit a selfie holding up your government-issued photo ID. This step is for additional verification.

Ways to receive the money

Zilch primarily operates as a buy now, pay later (BNPL) service, and the focus is on facilitating payments for purchases rather than direct money transfers. When using Zilch, the primary way to utilize the service is to spread payments over six weeks with 0% APR or make an immediate payment with the added benefit of 2% cash back in Zilch Rewards.

Here's how the money aspect works with Zilch:

  1. Spread Payments. Users can opt to spread their payments over a six-week period with 0% APR. This allows for a more extended payment term without incurring interest charges.

  2. Immediate Payment with Zilch Rewards. Alternatively, users can choose to make an immediate payment, receiving 2% cash back in Zilch Rewards. This immediate payment option provides an instant benefit in the form of cash back.

  3. Zilch Rewards. Zilch Rewards earned through various activities, such as referrals or immediate payments, can be used to offset future purchases. Each Zilch Reward is equivalent to one cent, and users can accumulate and redeem these rewards when making purchases through the Zilch platform.

Products

Zilch specializes in providing financial solutions in the Buy Now, Pay Later (BNPL) sector. The company's services cover a range of practical needs, including dental work, home repairs, and automotive services. Utilizing a straightforward approach, Zilch requires users to provide only a phone number for access. Notably, the company employs a simple interest rate model, distinct from the compounded rate structure, simplifying the payment process for users. Zilch's product offerings aim to address diverse financial requirements, offering practical solutions for those seeking flexible payment options in specific service categories.

Other Personal Loans

Alternatives to Zilch

Uplift

Uplift stands out as a specialized Buy Now, Pay Later (BNPL) provider with a specific focus on the travel industry. Operating from Sunnyvale, California, and with additional offices in Mexico and Canada, Uplift caters to customers looking to finance their travel plans, including cruises, resorts, and vacation partners. While specific lending profiles for the company are not readily available, Uplift emphasizes transparency by stating on its website that the highest Annual Percentage Rate (APR) a customer may incur is capped at 36%. This rate is determined through an evaluation of credit history, purchase details, and other relevant factors. Notably, despite the relatively high APR, Uplift does not disclose any late payment fees on its platform.

Affirm

Affirm stands as a widely recognized Buy Now, Pay Later (BNPL) service, prominently positioned within the industry. Based in San Francisco, California, the company provides a diverse array of products catering to various financial preferences. Affirm's offerings encompass a 0% Annual Percentage Rate (APR) for customers opting to settle payments in four installments, while the APR for other payment plans starts from a baseline of 10%, reaching up to 36% for the highest tier on the list. This tiered structure reflects Affirm's commitment to providing flexible financing options with varying APRs to accommodate a broad spectrum of consumer needs.

Sunbit

Sunbit is a buy now pay later platform that covers everyday purchases. It offers its services to both the consumer and the merchant. The company is based in Los Angeles, California. The firm allows its customers to make payments through a mobile application and through a point of sale lending application. The highest APR charged by Sunbit is 35.99%, but this is only for borrowers from Colorado and Connecticut, who have spent loans less than $1,000 or $5,000. Maximum borrowing from Sunbit at a single point in time is $15,000 and this drops to $1,500 for residents from Hawaii.

Afterpay

Afterpay is an Australian firm that offers services to residents in most American states. It offers different packages, out of which the 0% interest option charges an $8 late payment fee if a payment has not been made for ten days. However, this payment is capped at 25% of the order. Afterpay's APR rates range from 0% to a massive 35.99% for its monthly payment packages that spread the purchase over six or 12 months. However, these are simple interest loans, as the interest is calculated on the principal instead of the capitalized amount.

Wisetack

Wisetack, headquartered in San Francisco, California, operates as a Buy Now, Pay Later (BNPL) company, extending its services to support payments for various needs such as dental work, home repair, and automotive services. To utilize Wisetack, users are required to provide a phone number, and the company employs a simple interest rate model rather than a compounded one, eliminating the practice of adding interest to the principal for subsequent charges.

With a maximum Annual Percentage Rate (APR) of 29.99%, Wisetack is recognized for its inclusive lending approach, approving loans for individuals with credit scores as low as 540. The company offers a generous maximum financing limit of $25,000, and borrowers can opt for loan durations of up to five years, providing flexibility to meet diverse financial requirements.

Editorial Opinion

In the dynamic arena of financial technology, Zilch emerges as a noteworthy contender, redefining the landscape of consumer payments. Offering a distinctive buy now, pay later model, Zilch technology introduces flexibility by allowing users to either spread payments over six weeks or opt for immediate payments with enticing perks like 2% cash back in Zilch Rewards. This approach not only aligns with contemporary consumer expectations but also adds a layer of gamification to financial transactions, encouraging responsible spending and fostering a sense of community through referral rewards.

Yet, as Zilch charts this innovative path, users must navigate nuanced conditions such as down payments, retailer-dependent fees, and rate variations subject to eligibility checks. The intricacies of these conditions underscore the evolving nature of fintech solutions and prompt users to weigh the benefits against potential complexities. Zilch's foray into the financial landscape sparks conversations about the intersection of technology, rewards, and financial responsibility, challenging traditional payment paradigms and setting the stage for a nuanced evolution in the way we engage with and think about money.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Additional Resources

Sources

FAQ

Is Zilch available in the USA?

Yes, these buy now pay later (BNPL) services are available to Americans wherever Mastercard is accepted. Zilch has been available since 2018.

What is the Zilch maximum limit?

Zilch has an open limit. It's the maximum number of acquisitions you can make with pending installments. If you have used them all up, you must pay off an open purchase. Your open limit will refresh when you fully repay an installment purchase.

Does Zilch increase the credit limit?

Zilch will automatically increase or lower your credit limit each day based on your usage. If you're a frequent user who meets all payment deadlines and uses Zilch responsibly by settling all transaction balances on time, your chances of having your available spending amount raised are better.

Can I pay with Zilch anywhere?

The brand's virtual card offers users allowing to shop and pay with Zilch wherever Mastercard is accepted. Mastercard is available in all 50 states and abroad, so you can shop and use Zilch almost everywhere.

Who is eligible for Zilch USA?

To qualify for Zilch, you must be a US citizen and be over 18 years old. Use a valid email and ensure you don't have to place a freeze on your report. If Zilch cannot verify your email address, card details, or identity, you will not be eligible for the company's services.

Company documents

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Born to create the world’s most empowering way to pay.

© Zilch Technology Limited
Offers
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100-$1,500
Rate
i

Interest rate

0 %
Term
i

Loan term for the financial product

up to 42 days
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Similars products
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Interest rate

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 5 years
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.93
(20 Ratings)
Recommended FinScore™
0
300
650
1000
450.00 – 12000.00 $
Rate
i

Interest rate

27.50 – 81.29 %
Term
i

Loan term for the financial product

6 months – 3 years
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