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Lender
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.

ZocaLoans

Finanso.Multilogin™

About lender

ZocaLoans is an American short-term payday loan provider that operates online. This lender makes it available for many people with bad credit scores to receive a loan. However, ZocaLoans believes that people are more than their credit score. That’s why a borrower doesn't need good credit to be eligible. The customers can apply for and get their tribal loans anywhere from $200 to $1,500. A completely online process allows you to apply for a personal loan from the comfort of your home. Your application will takestraightforward5 minutes with a short and straightforward process.

Pros and cons

Pros

  • Quick and easy process of getting a loan;

  • Completely online application;

  • Friendly customer service;

  • No credit score is required, which is attractive to people with bad credit history;

  • Instant decisions on the application within 10 minutes;

  • No prepayment penalty.

Cons

  • You will be charged $25 for late payment after two days of schedule;

  • NSF fees of $25;

  • The company doesn’t lend in all states;

  • High-interest rates (APR can be as high as 795%).

The lender’s key strengths include not having specific requirements related to the credit score to obtain a loan and a simple application process that makes it easy to apply for a loan without leaving your home. Not demanding a good credit score is especially useful for customers with a bad credit history. Furthermore, you can receive your money fast within 24 hours if approved. However, this ease of approval comes at the cost of super-high APR rates. The main drawback of the lender is that it may charge high-interest rates, so one should think twice before obtaining a loan from ZocaLoans. Now let's look more at the disadvantages. First, the services provided by this lender are unavailable in a range of states, including the following: Arkansas, Colorado, Georgia, Maine, Maryland, New Jersey, New York, New Hampshire, Vermont, Pennsylvania, and others. Since the laws in the US states are different, you should check this information before applying. Also, as mentioned above, the APR will be indicated in the loan agreement, so you won't know the interest rates until you use it. According to the ZocaLoans “Rates and Fees” page, you could see an APR as high as 795%, which sounds shocking. Finally, many customers are unhappy with their services, which results in a pretty low rating.

To sum up, the major highlight of the company is that people with bad credit can obtain a loan. This is an expensive form of borrowing and is not intended to be a long-term financial solution. If you experience a financial emergency, struggle with poor credit, and are planning to obtain a loan with ZocaLoans when no other options are available, you need at least to be conscious of their terms and read their conditions very carefully to ensure that you will not miss your payment in order not to pay high additional fees.

Loan conditions

ZocaLoans’ requirements are much less stringent than most lenders. To qualify for a loan, you need to be at least 18 years old, have an active US checking account, routing number, debit card number, and a state-issued ID (driver’s license). In addition, your loan agreement will specify the total amount of payments due and the interest rate.

If you are interested in applying for another loan with ZocaLoans, you will need to pay off your previous debt fully. Once you have fully paid off your loan, you must be able to apply for another loan, but there should be a three-day “cool-off” period between your paid-off loan and when you can be approved for a new loan. Moreover, as a returning customer, you should receive a discounted rate on your new loan. After that, you can simply apply on their website or call at 888-980-1532, and a loan manager will expedite a new application for you.

Methods of loan funding

Once you have completed the application form, you can expect to hear back from the company within 10 minutes. If approved, usually, you will see the funds in your bank account by the next business day. Your funds will be released to your bank at 9 pm EST. It is up to your bank to determine when they will release the funds to you. If you are looking for your funds to be deposited to you same-day, the lender does offer a wire option for an additional $30.

FAQ

What is ZocaLoans?

ZocaLoans is an online lender that provides short-term funding. This lender offers loans to people even though they have a low credit history. You will be able to obtain a loan from ZocaLoans to cope with your desperate needs in case of emergency. Their quick application process will take only 5 minutes to apply for a loan. Note that these loans are offered only to customers living in the United States, with an exception for some states. But be cautious if you’re considering getting a loan with them, as they come with extremely high-interest rates.

Who owns ZocaLoans?

The company is owned and operated by the Rosebud Sioux Tribe. Rosebud Lending LZO does business as ZocaLoans. Rosebud Lending LZO is the tribal lending agency of Rosebud Lending, a subsidiary of the Rosebud Economic Development Corporation, an economic development arm and entity of the Rosebud Sioux Tribe, a sovereign nation located within the United States of America and operating within the Tribe’s reservation. ZocaLoans is headquartered in Mission, South Dakota.

How do you qualify for ZocaLoans?

Generally, a lender would require good credit history, an excellent credit score, and a stable source of income for getting a loan with a low-interest rate. However, ZocaLoans targets borrowers with bad credit or who don’t have a good credit score. The eligibility criteria that need to be fulfilled by a customer to get a loan at ZocaLoans are:

  • Be at least 18 years old;

  • Have an ID that has been issued by the state (driver’s license);

  • Have an active checking account, and have at hand your routing number and your debit card number;

  • Also, make sure the lender provides services in your state because ZocaLoans is not available in all US states. If you’re not a listed state resident, you need to find other lenders.

Fill out their application to check whether you qualify for a loan with ZocaLoans. The lender states that you will have your application verified within 10 minutes. However, remember that even if this lender assists people with bad credit history, not any person will be able to get a loan.

How much can you borrow from ZocaLoans?

The minimum initial loan amount is $200.00. The maximum loan amount will be $1,500.00. However, the company will let you know how much you can borrow from them in your loan agreement. As noted by ZocaLoans themselves, a $300 loan across 12 weekly payments would come with an approximate APR rate of 795%. This would lead to the total size of the loan amounts being $1,188. Therefore, it may not be beneficial for the people who want to obtain a higher loan urgently.

Is ZocaLoans a legitimate company?

ZocaLoans is an online lender that offers small, emergency personal loans for people without good credit. This lender is operated by Rosebud Lending LZO (zocaloans.com), a legit company specializing in providing short-term credit solutions to borrowers. Rosebud Lending does business as ZocaLoans. Rosebud Lending LZO is the tribal lending agency of Rosebud Lending, a subsidiary of the Rosebud Economic Development Corporation. However, due to being under tribal law, ZocaLoans charges exceptionally high-interest rates.

Company documents

Terms and Conditions
Privacy Policy

Just select your loan amount, fill in your details and we will have your application verified within 10 minutes. Simple as that – let’s get started!

© ZocaLoans

Financial products

ZocaLoans
Personal loan
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
$200-$1,500
Rate
i

Effective interest rate on the product

up to 795%
Term
i

Loan term for the financial product

up to 90 days

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Calculate loan payments in ZocaLoans

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

Loan amount
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Enter the desired loan amount

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USD
200 $
1500 $
Loan term
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Specify the loan term for the calculation

days
months
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90

What to focus on before applying for a loan with ZocaLoans

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 ZocaLoans 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 ZocaLoans’s reviews by October 2022
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