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Installment loans for borrowers with bad credit


If you are currently looking for short-term financing, but do not have the credit score required to use a traditional lender, you may need to consider an alternative provider. An example of an online lender who claims to offer financing for credit profiles of all shapes and sizes is that of Zoca Loans.

By going through a simple online application process, you have the opportunity to get between $ 300 and $ 1,000, all of which can be funded the same day.

However, as is often the case with any lender that offers its services to those with less than ideal credit profiles, you should make some serious considerations regarding the rates.

This is especially true for the likes of Zoca loans, especially since they operate according to the local laws of the tribe, as opposed to state loan regulations.

Therefore, if you are considering using Zoca loans for your short-term financial needs, be sure to read our comprehensive review.

We have covered everything we believe you should know, such as the rates, eligibility and terms of the loan, as well as the impact of using a lender that operates according to local laws of the tribe.

Let's start by discovering who Zoca Loans is.

Visit Zoca Loans

Who is Zoca Loans?

Zoca Loans is an online-only loan provider that specializes in short-term financing. The company is owned and operated by the Rosebud Sioux tribe, which means that the rules surrounding financing costs are slightly different compared to conventional lenders.

For those who do not know, traditional online lenders must have a specific license in each of the US states. UU. In which it operates.

As each state has strict laws regarding the provision of loans, such as how much lenders can charge in APR fees, startup fees or late payment charges, this offers borrowers an element of protection against unethical loans.

On the other hand, while tribe lenders such as Zoca loans must still comply with federal regulations, they have a certain degree of flexibility with regard to rates.

This is usually not a matter of concern, as long as you take the time to read your loan agreement.

While Zoca loans may charge higher rates if they wish, this should It is described in the loan contract.

Zocaloans website

As such, if by reading the terms of the loan offered and deciding that the rates are beyond what you want to pay, you can simply withdraw.

If you wonder why people would consider an alternative lender like Zoca Loans, the answer is simple. The lender has a significantly lower eligibility threshold compared to other lenders.

This means that those with less than ideal credit will have a good chance of being approved, albeit at a much higher interest rate.

Unfortunately, this is just the name of the game in the space of bad credit loans.

Ultimately, as long as you fully understand the loan agreement you are signing and pay your loan on time every week, you should have no problem with Zoca Loans.

Now that you have a better idea of ​​what Zoca Loans is, in the next section of our guide we will see the lender's eligibility threshold.

Am I eligible with Zoca loans?

Although Zoca Loans offers financing for credit profiles of all sizes, this does not necessarily mean you have the guarantee of being accepted. As such, we must explore the basics of what Zoca Loans looks for when making a decision on your request.

Smooth credit pull

Before doing so, it is important to mention that Zoca Loans allows you to make an initial prior approval request in a soft credit base.

In simple terms, this means that you can find out if you are eligible or not, without the search having an impact on your credit score. Alternatively, if the lender used a strong credit extraction, this would probably be reported to the three main credit bureaus and, therefore, would have a slight impact on your score.

Not only can you see if you qualify for a loan or not, but the flexible credit pull also allows you to see your pre-approval rates.

This means that you can evaluate your individual APR rates, the origin rate, Y Possible late fees, before committing. In this sense, you really have nothing to lose simply by filling out the application form in Zoca Loans.

How does it work

Eligible States

In a somewhat unusual move for a lender that operates under the local laws of the tribe, Zoca loans are not available in all states of the United States. At the time of writing this article, residents of 37 US states. UU. You can get a loan from Zoca Loans. We have listed the 13 states that are not serviced by the lender below.

  • Arkansas
  • Colorado
  • Georgia
  • Maine
  • Maryland
  • Massachusetts
  • New Hampshire
  • New jersey
  • NY
  • Pennsylvania
  • Vermont
  • West Virginia
  • South Dakota

Minimum requirements

It is probably not surprising to know that Zoca Loans has a very small set of eligibility requirements. In fact, after further exploration, there is no mention of the need to have a minimum FICO credit score, nor to have a minimum annual salary.

On the contrary, all you need to have is an active checking account in the United States, an identification issued by the state, being a US citizen or permanent resident, and being at least 18 years of age (19 in Georgia).

Apart from that, the lender is likely to accept your request as long as it can validate the information you provide. However, this approval facility has a cost of super high APR rates. We will discuss this in more detail in the next section of our review.


How much does Zoca's loan charge? APR and fees?

As is the case with the vast majority of lenders that offer their services to those with bad credit, Zoca's loan fees can be extremely overwhelming. Before trying to decipher the rates in more detail, it is important to mention that Zoca Loans is somewhat opaque with what it charges.

While we appreciate that specific loan rates will depend on a wide range of factors, in particular your individual creditworthiness, the amount you want to borrow and the state in which you live, Zoca Loans offers very little information on its website.

This means that, in reality, the only sure way to know how much you will pay for your loan is through the online application. As noted above, this is based on a smooth credit pull, so discovering it will not have an impact on your credit score.

However, the lender dedicates a rather indescribable graphic on his website with some sample rates.

$ 300 loan over a 12-week period: APR 795%

As noted by Zoca's own loans, a loan of $ 300 in 12 weekly payments would have an annual interest rate of approximately 795%. This would require you to make 12 equal payments of $ 99 per week. As such, the principal loan amount of $ 300 would end up costing you $ 888 in interest, which means that the total loan amount amounts to $ 1,188.

In addition to the above, you should also make some considerations regarding the origin fee. While Zoca loans do not explicitly state whether or not they charge an origination fee, as a lender that does not comply with state loan laws, they have a legal mandate to do so.

Ultimately, this is why we recommend that you use a short-term lender such as Zoca Loans as a last resort.

Zoca loan application process

If you are thinking of obtaining financing through Zoca Loans, the application process is very easy. In fact, if you have all the necessary information at hand, the application should not take more than 5 to 10 minutes.

  • Step 1: Choose the terms of your loan Initially, you must indicate how much you want to borrow and for how long. Don't forget, you can borrow from $ 300 to $ 1,000.
  • Step 2: Enter your personal information Next, you must enter certain personal information. The basics will cover your full name, address, date of birth and state of residence. You must also enter your social security number and driver's license number.
  • Step 3: Enter information about your income While Zoca loans do not have a minimum income requirement, you must still provide information about your employment status. This will include where you work and how much you take home after taxes.
  • Step 4: check the terms of your loan In most cases, you should receive an instant decision regarding your loan application. If approved, your individual loan rates will be shown. It is absolutely crucial that you spend time reading the terms of the loan before continuing. Be very careful to look for APR rates, origin fees and late payment policy.
  • Step 6: Enter your bank details Before signing your loan application, you must provide Zoca Loans with your bank details. This will include your checking account details, as well as your debit card number.
  • Step 6: Sign the digital loan agreement To complete your application, you must sign your digital loan agreement. Finally, you must decide whether or not to speed up the transfer of your loan funds. If you wish to receive the money in 15 minutes, this will cost you $ 30. Alternatively, Zoca Loans will transfer the money the next business day at no additional cost.

Zoca Loans: How do I pay my loan?

When it comes to repaying your loan, Zoca Loans generally offers you the option of weekly or biweekly payments. Regardless of the option you choose, it is better that you set up an automatic debit agreement. By doing so, Zoca Loans will automatically take your payments from your bank account.

This is probably the best option, since you have the best possible chance of avoiding a lost payment. However, you will pay a fixed amount weekly / biweekly, until the full amount is returned.

Repayment loan

Zoca loans: late payment charges

In case you lose a payment or do not have enough money in your bank account to cover the automatic debit, then you run the very serious risk of incurring late payment charges. As we have pointed out throughout this review, Zoca Loans operates under the local laws of the tribe and, therefore, this gives them more flexibility when determining how much to charge you.

The best advice we can give you is to contact Zoca Loans at the first opportunity that is provided. They may be able to give you a few extra days to make the payment and, hopefully, avoid charges.

How do I contact Zoca loans?

If you need to contact the Zoca Loans customer service team, you can choose one of the following options.

  • E-mail: support@zocaloans.com
  • Phone: 1-888-980-1532

Take note, the customer service team only works from Monday to Friday, between 08:00 and 20:00 (Eastern Time)

Zoca Loans Review: The Verdict?

In short, you know what you will get with Zoca Loans. The online lender offers loans between $ 300 and $ 1,000 to credit profiles of all sizes.

In exchange for this rather lax eligibility threshold, you are likely to pay exorbitant APR fees. Unfortunately, this is the industry standard in the area of ​​bad credit, since lenders must mitigate their risk by charging much higher interest.

On the other hand, we like the fact that Zoca Loans allows you to find out what their rates are before committing. This not only includes your APR fee, but also your origination and late payment fees. Even better, you can do it through a gentle credit extraction, which means that the query will not affect your credit score.

Ultimately, if Zoca Loans is the last resort for you, just make sure you understand the terms of the loan and, perhaps, most importantly, that you are sure you can pay your payments on time.

Visit Zoca Loans

Zoca loans

Zoca loan review


  • Clear Rate Structure
  • Soft credit withdrawal will not affect the credit score
  • Quick Approvals


  • High interest rates
  • Not available in all states


Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.

Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.

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