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Rating by Finanso®

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.

Zip Co


About lender

Zip Co Ltd. (previously Quadpay) is an Australian company specializing in digital retail loans and payments. Larry Diamond and Peter Gray established the company in 2013.

The company's segments include APAC, Americas, EMEA, Zip Business, and Corporate. APAC's Buy Now Pay Later (BNPL) division serves Australia, New Zealand, and Singapore. BNPL's Americas division serves US, Canadian, and Mexican customers. EMEA consumers can buy BNPL installment products.

The company has over 11 million customers worldwide and over 86 thousand merchants using Zip in 14 markets.

Pros and cons


  • No penalty for early payment. You can pay in advance or at no extra cost. There are no additional fees. Except for a $4 convenience fee, Zip is free, and there are no interest costs as long as you pay on time.

  • Get immediate approval. It will take a few moments to provide your information and receive an approval decision — the company will perform no hard credit check.

  • It collaborates with a wide range of retailers, many of which you are likely already familiar with. Zip is available in thousands of popular retailers, including Whole Foods, Trader Joe's, Macy's, Target, and even Amazon.


  • There is only one payment plan. It's paid in four equal installments over six weeks and can't be extended without incurring late fees.

  • Spending limits range. So you won't know whether Zip covers you until you apply.

  • The company could put you on a waiting list. If you aren't authorized immediately, you must wait at least 30 days before reapplying.

  • Borrowers are reported to collection agencies.

  • Terms and conditions are vague.

Terms and conditions

The terms and conditions are strewn across their website's online help and FAQs section. A copy of the full terms and conditions is only sent to you once you sign up for the service and they issue you a contract — this lack of information regarding what people sign up for until after the fact is a concern.

While not disclosing Ts&Cs before the application is not a violation of responsible lending rules, it does make it more difficult for customers to understand what they're signing up for.

When you buy something using Zip, it is automatically put into your account; you do not need to pay anything upfront. You'll receive a statement each month. It includes the following information:

  • What you've spent and what you've paid off;

  • Fees, including a $6 monthly cost if there is money owed at the end of the month, as well as any late fees for missing payments;

  • How much you should pay.

Zip allows you to pay in whole or in installments. Repayments can be paid weekly, biweekly, or monthly, as long as a minimum of $40 is made each month on balances under $1,000.

Funding a loan

You may use Zip to pay for a purchase in four separate installments at thousands of retailers worldwide, including Trader Joe's, Walmart, Target, and Amazon.

  1. When you check out with one of its partner stores or use the Zip mobile app to shop at any online store that takes Visa, choose the Zip option.

  2. Link a debit or credit card already in use to your Zip account.

  3. Zip will divide your payments into four equal portions and deduct them from your designated card on a predetermined basis.

Zip utilizes sophisticated algorithms to deliver an approval decision within a few minutes. You need to enter simply a few details; if authorized, you will pay only the initial 25% of your purchase price. The remaining 75% will be distributed equally over the next six weeks.



Is Zip Co a buy?

Zip Co is a buy now pay later service. It is an Australian company specializing in digital retail loans and payments.

Does Zip have a monthly fee?

Every transaction you make with Zip Money will be interest-free for at least three months. The merchant you shop with decides how long you don't have to pay interest. If you have a balance at the beginning of the month, the $7.95 monthly account fee will be added to it.

How does Zip make money?

Zip Co makes money primarily by charging customers fees and charging retailers a percentage of every deal made on their marketplace.

Is Zip a legit company?

Zip, previously named Quadpay, is a legitimate provider of buy now, pay later payment plans accessible at all Visa-accepting retailers.

Company documents

Privacy Policy
Terms of service

Zip is a leading global Buy Now, Pay Later (BNPL) company providing fair and seamless solutions that simplify how people pay.

© Zip Co Limited

Calculate loan payments in Zip Co

Zip Co calculator will allow you to calculate an approximate payment schedule for the loan

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What to focus on before applying for a loan with Zip Co

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Zip Co and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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