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ZocaLoans installment loans review
Plan to pay extra to get your funds the same day.
Speed can be crucial when you’re exploring your short-term loan options, which is why ZocaLoans offers a same-day wire transfer option. But you have to pay extra for that quick turnaround — on top of the already high interest rates.
Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
What is ZocaLoans?
ZocaLoans is run by the Rosebud Sioux Tribe and offers installment loans between $300 and $1,000 to residents of 37 states. As a tribal lender, it’s not tied to the strict short-term loan regulations of many states, meaning there’s no limit to how much it can charge borrowers in interest and fees.
While it doesn’t list loan terms or APRs on its website, it does offer an example of a repayment schedule for a $300 installment loan — and it’s not pretty. In the example, the loan comes with biweekly payments over six months at an APR of 795%. This means you’d end up paying $888 in interest — nearly three times the amount you borrowed.
The standard turnaround to get your funds is one business day, though it does offer a same-day wire transfer option. Just be prepared to pay $30 for the convenience.
What states is ZocaLoans available in?
ZocaLoans offers online installment loans to residents of all states except:
What are the benefits of an installment loan with ZocaLoans?
From its possible same-day turnaround to its wide state availability, here are a few perks of ZocaLoans:
Available in lots of states. Residents of 37 states may be able to borrow from ZocaLoans.
Free payment extension. ZocaLoans offers a one-time complimentary extension if you’re unable to make a repayment.
Optional same-day funding. For a $30 fee, you may be able to get your funds the same day you apply.
What to watch out for
Like all short-term lenders, there are a few drawbacks to consider before applying:
No cap on APRs. Because ZocaLoans is a tribal lender, there’s no cap on the APRs it can charge.
May access your other bank accounts. Buried in the fine print, ZocaLoans states that it may use other bank accounts it finds during the information collection process to withdraw your repayments — even if you didn’t include them on your application.
Multiple negative reviews. ZocaLoans doesn’t have the best reviews from former borrowers — with most upset over poor customer service and mishandled repayments.
Is it safe to apply for an installment loan from ZocaLoans?
ZocaLoans reviews and complaints
BBB customer reviews
1 out of 5 stars, based on 7 customer reviews
BBB customer complaints
Customer reviews verified as of
16 October 2020
ZocaLoans is listed under its parent company Rosebud Lending BHL First Pay Loans on the Better Business Bureau (BBB) and gets mostly negative reviews. It gets a low BBB rating because of the patter of complaints from over customer service.
Borrowers say they have a difficult time reaching ZocaLoans by phone and email. And those representatives they were able to get ahold of were rude. Other customers had issues with ZocaLoans deducting too much money from their account or continuing to deduct repayments even after their loan was paid in full.
Am I eligible?
To qualify for a loan from ZocaLoans, you need to meet the following criteria:
Active checking account
US citizen or permanent resident
At least 18 years old
How do I apply?
ZocaLoans is an online lender, so you’ll need to visit its website to start the application process. Follow these steps:
Go to the ZocaLoans website and click Apply Now.
Enter your personal information and how much you want to borrow.
Enter your address and select whether you rent or own. Click Next.
Enter your bank account details. Click Next.
ZocaLoans will instantly review your application and provide you with a lending decision. If you’re approved on a weekday before 8 p.m. CT, you may receive your funds as soon as the next business day. You can also choose to have your funds sent the same day via a wire transfer for a $30 fee.
What information do I need to apply?
To get started with the application, make sure you have the following information on hand:
Driver’s license or state ID
Social Security number
Checking account (ABA) number
Bank’s routing number
Debit card number
I got the installment loan. Now what?
Once you have your loan, make sure you understand the repayment schedule. This should outline the amount of interest you’ll be charged and the due dates of each of your repayments. Because ZocaLoans doesn’t charge a prepayment penalty, you can make extra repayments at no cost to save on interest.
If you think you may have trouble making a repayment, reach out to ZocaLoans at least two days before your payment is due for a one-time complimentary extension. If your payment is late by more than two days or you don’t have enough in your account, you may be charged a late fee or nonsufficient funds fee of $25 each.
While ZocaLoans provides speedy service, it may end up costing you in the long run. And it doesn’t have the greatest reviews from former customers.
You can email email@example.com or call 888-980-1532 on weekdays from 8 a.m. to 8 p.m. ET.
It may, but not through Equifax, Experian, or TransUnion. Instead, it may use alternative databases including Clarity, Factor Trust or CLVerify.
You can only have one outstanding loan out at a time and must wait three days between loans. ZocaLoans also offers discounted rates to repeat borrowers.
However, borrowing multiple short-term loans in a short period of time can be a sign of a bigger financial problem. You might want to consult with a credit counselor to learn about your alternative options.
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