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.
$200
Min. Amount
$1,500
Max. Amount
| Product Name | ZocaLoans installment loans |
|---|---|
| Min. Amount | $200 |
| Max. Amount | $1,500 |
| Loan Term | Not stated |
| Loan Security | Unsecured |
| Requirements | Active checking account, state-issued ID, US citizen or permanent resident, ages 18+ |
ZocaLoans is run by the Rosebud Sioux Tribe and offers installment loans between $200 and $1,500 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 $200 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.
ZocaLoans offers online installment loans to residents of all states except:
From its possible same-day turnaround to its wide state availability, here are a few perks of ZocaLoans:
Like all short-term lenders, there are a few drawbacks to consider before applying:
In general, yes — though no online lender can ensure your information stays completely secure. ZocaLoans does its part by encrypting any details you enter on its online application. It also has an industry-standard privacy policy that explains what information might be shared with third-party affiliates. You can limit what’s shared by emailing support@zocaloans.com or calling 888-220-0460.
| BBB accredited | No |
|---|---|
| BBB rating | B |
| BBB customer reviews | 1 out of 5 stars, based on 7 customer reviews |
| BBB customer complaints | 104 |
| Customer reviews verified as of | 16 October 2020 |
To qualify for a loan from ZocaLoans, you need to meet the following criteria:
ZocaLoans is an online lender, so you’ll need to visit its website to start the application process. Follow these steps:
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.
To get started with the application, make sure you have the following information on hand:
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 — if you have bad credit and need quick cash you may find there are better alternatives to ZocaLoans to check out.
Before you borrow, read our guide to tribal lending and compare other short-term lenders to make sure you understand all of your options.
ZocaLoans installment loans is not currently available on Finder
Have you considered OppLoans Installment Loans?
Comes with the option to change your due date so you won’t fall behind on repayments.
