About Lender
ZocaLoans is an American short-term payday loan provider that operates online. ZocaLoans belongs to Rosebud Lending, a tribal-lending agency that offers its services in Mission, South Dakota, through the Rosebud Sioux Tribe. As a result, Zoca Loans operates under local Tribe laws.
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 take five minutes with a short and straightforward process.
Key Features
Zoca Loans is a tribal lending company that offers personal loans to individuals. Some key features of Zoca Loans include:
- Online application. Zoca Loans allows customers to apply for loans online, making it convenient and easy to apply from their homes.
- Quick funding. Zoca Loans states that approved loans are typically funded as soon as the next business day, providing borrowers with access to funds when they need them.
- Flexible loan amounts. Zoca Loans offers personal loans ranging from $200 to $1,500, providing borrowers with a range of options to meet their financial needs.
- Repayment flexibility. Zoca Loans allows borrowers to choose from different repayment options, including bi-weekly, semi-monthly, or monthly payments, making it easier for them to manage their loan payments.
- Good Credit is not required. Zoca Loans does not set a minimum credit score, and its services can benefit individuals who have less-than-perfect credit or are rebuilding their credit.
It's important to note that the specific features and terms of Zoca Loans' loan products may vary depending on the borrower's eligibility and the loan amount. It's always a good idea to carefully review the terms and conditions of any loan before accepting it, including interest rates, fees, and repayment terms.
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%).
Products
Zoca Loans is a tribal online lender offering individuals small personal installment loans. The loan products offered by Zoca Loans have the following features:
- Loan amounts. Zoca Loans offers personal loans ranging from $300 to $1,500, providing borrowers with a range of options to meet their financial needs.
- Loan terms. The loan repayment terms depend on the loan amount and the borrower's eligibility. Zoca Loans allows borrowers to choose from different repayment options, including bi-weekly, semi-monthly, or monthly payments, making it easier for them to manage their loan payments.
- Interest rates and fees. The interest rates and fees of Zoca Loans' loan products can vary depending on the borrower's creditworthiness, loan amount, and other factors. The loan's specific interest rates and fees will be disclosed to the borrower during the application.
- Credit check not required. Zoca Loans may not require a credit check for loan approval, which can benefit individuals who have less-than-perfect credit or are rebuilding their credit.
- Quick funding. Zoca Loans states that approved loans are typically funded as soon as the next business day, providing borrowers with access to funds when they need them.
It's important to carefully review the terms and conditions of any loan before accepting it, including interest rates, fees, and repayment terms. Before applying for a loan with Zoca Loans or any other lender, it's always a good idea to compare loan options and rates from multiple lenders to find the best fit for your financial needs and situation.
Reliability
Zoca Loans is a tribal lending company that operates through the Rosebud Sioux Tribe in South Dakota. While there is limited information available on their reputation and customer feedback, they have a B rating with the Better Business Bureau (BBB).
You can contact Zoca Loans by telephone, Monday through Friday, 8 a.m. to 8 p.m. Eastern. You may also email support@zocaloans.com.
However, research and due diligence are essential before borrowing money from any lender. Before applying for a loan with Zoca Loans or any other lender, it's important to review their terms and conditions, understand their approval process, and compare loan options and rates from multiple lenders to find the best fit for your financial needs and situation.
Funding a Loan
Your funds will be released to your bank at 9 pm EST. The timing of when your bank will release the funds to you is at their discretion. The funds will be available in your bank account the following business day. If you need the funds to be deposited on the same day, we provide a wire transfer option for an extra fee of $30.
If you are approved for a Zoca Loans loan, the loan funds will be sent directly to your bank account via ACH (Automated Clearing House) transfer. Once the loan is approved, the funds are usually released to your bank at 9 pm EST, and it's up to your bank to determine when they will release the funds to you. Typically, you should see the funds in your bank account by the next business day.
Loan conditions
ZocaLoans’ requirements are much less stringent than other lenders. The company provides an alternative to payday loans - small personal loans that are paid in installments. 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 must fully pay off your previous debt. 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, you should receive a discounted rate on your new loan as a returning customer. After that, you can simply apply on their website or call 888-980-1532, and a loan manager will expedite a new application for you.
Zoca Loans vs. Lendumo
Zoca Loans and Lendumo are both online lenders that offer short-term loans to borrowers. Here's a comparison of the two lenders to help you make an informed decision:
Loan Products. Zoca Loans: Primarily offers installment loans. Lendumo: Offers installment loans.
Loan Amounts. Zoca Loans: Loans typically range from $300 to $1,000 for first-time borrowers, with the possibility of higher amounts for returning customers. Lendumo: Loans range from $100 to $600 for first-time borrowers, and up to $1,500 for returning customers.
Interest Rates and Fees. Zoca Loans: Interest rates can be high, with annual percentage rates (APRs) ranging from 200% to 900% or more. Lendumo: Interest rates are also high, with APRs often exceeding 700%.
Loan Terms. Zoca Loans: Loan terms typically range from 6 to 12 months. Lendumo: Loan terms vary, but usually fall between 6 to 12 months.
Eligibility. Zoca Loans: Requires applicants to be 18 years or older, have a steady source of income, a valid checking account, and meet other underwriting criteria. Lendumo: Eligibility criteria are similar, with requirements for age, income, and a checking account.
Customer Service. Zoca Loans: Offers customer support via phone and email. Lendumo: Provides customer support through phone and email.
Application and Funding. Zoca Loans: Online application with quick approval decisions. Funding is typically within one business day. Lendumo: Online application with instant approval decisions in some cases. Funding is usually within one business day.
Both Zoca Loans and Lendumo cater to borrowers with less-than-perfect credit. However, the interest rates and fees associated with their products can be extremely high, so it's essential to carefully review the terms and conditions before borrowing. Additionally, consider alternative financing options such as personal loans, credit cards, or borrowing from friends and family, as these may offer more favorable terms.
Zoca Loans vs. Eagle Valley Lending
Zoca Loans and Eagle Valley Lending are both online lenders that offer short-term loans to borrowers. Here's a comparison of the two lenders to help you make an informed decision:
Loan Products. Zoca Loans: Primarily offers installment loans. Eagle Valley Lending: Offers installment loans.
Loan Amounts. Zoca Loans: Loans typically range from $300 to $1,000 for first-time borrowers, with the possibility of higher amounts for returning customers. Eagle Valley Lending: Loans range from $200 to $1,000.
Interest Rates and Fees. Zoca Loans: Interest rates can be high, with annual percentage rates (APRs) ranging from 200% to 900% or more. Eagle Valley Lending: Interest rates are also high, with APRs often exceeding 700%.
Loan Terms. Zoca Loans: Loan terms typically range from 6 to 12 months. Eagle Valley Lending: Loan terms vary, but usually fall between 6 to 12 months.
Eligibility. Zoca Loans: Requires applicants to be 18 years or older, have a steady source of income, a valid checking account, and meet other underwriting criteria. Eagle Valley Lending: Eligibility criteria are similar, with requirements for age, income, and a checking account.
Customer Service. Zoca Loans: Offers customer support via phone and email. Eagle Valley Lending: Provides customer support through phone and email.
Application and Funding. Zoca Loans: Online application with quick approval decisions. Funding is typically within one business day. Eagle Valley Lending: Online application with instant approval decisions in some cases. Funding is usually within one business day.
Zoca Loans vs. MobiLoans
Zoca Loans and MobiLoans are both online lenders that offer short-term loans to borrowers. Here's a comparison of the two lenders to help you make an informed decision:
Loan Products. Zoca Loans: Primarily offers installment loans. MobiLoans: Offers lines of credit.
Loan Amounts. Zoca Loans: Loans typically range from $300 to $1,000 for first-time borrowers, with the possibility of higher amounts for returning customers. MobiLoans: Credit lines range from $200 to $1,500, depending on creditworthiness and state regulations.
Interest Rates and Fees. Zoca Loans: Interest rates can be high, with annual percentage rates (APRs) ranging from 200% to 900% or more. MobiLoans: Instead of traditional APRs, MobiLoans charges a fixed fee for every $20 borrowed, which can range from $3 to $10. This can result in high effective APRs depending on the loan amount and repayment period.
Loan Terms. Zoca Loans: Loan terms typically range from 6 to 12 months. MobiLoans: As a line of credit, MobiLoans allows for flexible withdrawals and repayments within the available credit limit. Minimum payment amounts and payment frequency depend on the borrower's pay schedule.
Eligibility. Zoca Loans: Requires applicants to be 18 years or older, have a steady source of income, a valid checking account, and meet other underwriting criteria. MobiLoans: Eligibility criteria include being 18 years or older, having an active checking account, a steady source of income, and meeting creditworthiness standards.
Customer Service. Zoca Loans: Offers customer support via phone and email. MobiLoans: Provides customer support through phone and email.
Application and Funding. Zoca Loans: Online application with quick approval decisions. Funding is typically within one business day. MobiLoans: Online application with instant approval decisions in some cases. Once approved, funds are usually available within one business day after a withdrawal request.
