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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's pay off



Repayments to Zip are automatically deducted from the payment method associated with your account.

You may modify your payment frequency to weekly, fortnightly, or monthly as long as you pay a minimum of $40 per month (or $80 if your credit limit is more significant than $1,000).

For greater repayment flexibility, the company offers the following schedule options:

  1. Customized schedule. You can alter your payment frequency to weekly, biweekly, or monthly.

  2. Fee waiver schedule. The company will automatically change your payment plan to pay off your monthly balance in full, avoiding the $7.95 monthly account charge.

Early payoff

You may go to the Orders tab if you want to pay an installment early or if you need to pay off any outstanding amount using the Zip app. Then, choose the order for which you wish to make a payment and hit Pay on the installment. You may pay all your installments in advance, but each installment should be paid once. There are no additional fees or charges for an early payoff.


How can I pay Zip back?

Your Zip Pay payments are automatically taken out of your bank account or other payment methods. You can make payments every week, every two weeks, or every month, as long as you pay at least $40 per month (or $80 if your credit limit is more than $1,000).

What if I won't pay Zip back?

Zip, like many other BNPL companies, charges a late fee. Depending on your state, the late fee can be $5, $7, or $10. Zip will also use an automated mechanism to send unpaid borrowers to collections, which might harm your credit.

Can Zip sue me?

Zip offers a quick, unbiased, and economical way to resolve issues. If you can't agree with the company, of course, they may sue you.

Calculate loan payments in Zip Co

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

Loan amount

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Loan term

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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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All Zip Co’s reviews by October 2022
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