Zocaloans Loan Review – READ THIS BEFORE Applying!

Last Updated: 23. September 2019
Zocaloans Loan Review – READ THIS BEFORE Applying!
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If you are badly in need of emergency financing and have bad credit, Zocaloans might be the solution you seek. But before you sign up for a loan with this lender, you might want to take some time to find out what you can about them.

In this comprehensive Zocaloans review, we will take a look at everything you need to know about the platform. With this information, you will be in a position to choose whether or not it is the lender for you.

What is Zocaloans?

Zocaloans is a direct lender operated by the Rosebud Sioux Tribe. It specializes in offering short-term installment loans ranging between $300 and $1,000. Currently, the lender operates in a total of 37 states across the US and is an online-only platform.

Unlike a majority of short-term lenders however, this one does not operate under local government. Rather, it functions under tribal law. As such, it is not subject to the same regulations that govern state lenders.

For instance, while state-governed lenders have to adhere to specific interest rates and fees as dictated by the state where they operate, tribal lenders do not. But they still have to abide by federal regulations, though unfortunately, these do not govern fees and interests.

Pros and Cons of a Zocaloans Loan


  • Services are available in a good number of states, currently totaling 37
  • If you are unable to make the repayment, you can apply for a one-time free extension
  • You can get funds on the same day as you make application
  • Lender can perform a soft credit pull if you want to check your eligibility without impacting your credit score


  • Accessing funds on the same day requires a $30 convenience fee
  • Lender operates under tribal law, not state law, making it difficult to sue in case of unfair treatment
  • There is no cap on the interest rates and fees of this tribal lender
  • Lots of negative reviews online about poor customer service as well as mishandled repayments
  • Lender might access your other bank accounts even if you did not include it on your application
  • Only operates online and does not have physical stores
  • There is no information on whether or not the lender charges origination fees

How does a Zocaloans loan work?

Zocaloans does not list the loan terms that apply to borrowers on its site, neither does it outline APRs. What it does show is an example of a $300 installment loan, complete with the repayment schedule, and it appears rather daunting.

On the example, the loan term is 6 months and the APR is 795%. Consequently, the borrower repays a total interest of $888. This is just short of three times the original loan, which means it is an expensive lender.

That comes as no surprise considering it is a short-term lender. You can apply for a loan on the platform even if you have bad credit or no credit at all due to a short financial history.

Therefore, the high rates should not catch you off guard as you will get all the details of your loan on the agreement. Always make sure you take the time to read through it thoroughly. In case you are not comfortable with the terms, you have the option of rejecting it.

If you do accept the terms and sign the agreement, be careful to make repayments on time. This way, you will avoid the probability of another nasty surprise in terms of late payment fees.

Notably though, a major highlight of the lender is that if ever you are unable to make a repayment in time, they offer a little flexibility. You can apply for a complimentary extension, meaning that you will not need to pay a cent for the convenience. But it is a one-time provision and you will need to face the consequences of any other late payments in the future.

Another benefit is that its standard turnaround time is 1 business day. If you are pressed for cash, you can opt for a same-day wire transfer. But for this convenience, you will have to pay an extra $30.

It is also noteworthy that Zocaloans allows borrowers to make a pre-approval application on what is known as a soft credit basis. Simply put, this means that it is possible to find out whether you qualify for a loan or not, without making a search that will affect your credit rating.

Hard credit pulls are usually reported to the three main credit bureaus and will impact your score. But by using the soft alternative, you get to know your eligibility as well as to find out the applicable rates. With this information, you can find out everything you need to know about the loan before committing to it.

If you do get approved for a loan, note that there are two main repayment options, weekly and bi-weekly. In either case, it would be best to create an automated debit agreement so that the lender automatically withdraws funds from your account on the due date.

What loan products does Zocaloans offer?

Zocaloans only offers one type of loan, the short-term installment loan.

What other store services does Zocaloans offer?

Zocaloans does not offer any other store services.

Zocaloans Account Creation and Borrowing Process

In case you would like to get funds through the platform, the application process is rather intuitive. If you already have all the required information at hand, it might take you only 5 minutes. Here is what you need to do:

1. Start by visiting the website and click “Apply Now.”

2. Next, choose the loan terms, selecting the amount you want to get ($300 to $1,000) and the loan term.

Once you have done so, you need to enter your personal information such as your full name, date of birth, home address and residency status. Under the same section, you will also need to provide your driver’s license number and social security number.

3. Next, fill in the required details about your income.

Note that the lender does not have a minimum income requirement. However, in order to determine your rates and loan terms, it needs information about where you work, how much you earn and when you get your earnings.

4. Once you submit this information, the next step is to submit your application and wait for the result.

In most cases, this will take place instantly. In case they approve your application, you will get your rates and loan terms. Review the the information thoroughly before you proceed and accept the terms. Consider carefully the APRs, late payment fees and origination fees.

5. Before you sign the agreement, enter your banking details which include the checking account number, debit card number and routing number.

6. Complete the application by signing the digital loan agreement.

You can choose to fast-track funds transfer to get the money in as few as 15 minutes for a $30 fee. If not, you can wait till the next business day to get the funds at no extra charge.

It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

Eligibility Criteria for Zocaloans Loan

Here are the qualifications you need to meet so as to qualify for a loan on Zocaloans:

  • Be at least 18 years old or the age of majority
  • Have a state-issued ID
  • Have an active checking account
  • Be a US citizen or permanent resident

Information Borrowers Need to Provide to Get Zocaloans Loan

In addition to the aforementioned eligibility criteria, you will also need to provide some details when applying for a loan on the platform:

  • Driver’s license number
  • Debit card number
  • Routing number
  • Checking bank account number

What states are accepted for Zocaloans loans?

Given that Zocaloans is not governed by state law, it operates in a majority of US states, with a few exceptions. The exceptions include:

  • New Hampshire
  • Massachusetts
  • Maryland
  • Maine
  • Georgia
  • Colorado

What are Zocaloans loan borrowing costs?

Based on the example shown on the site, Zocaloans is not the cheapest short-term loan provider out there. Unfortunately, it is not exactly clear on its fee system or APRs. As usual, the lending rates vary significantly from one borrower to another, depending on creditworthiness.

As such, the only sure way to know how much you need to pay is by applying for a loan. You can take advantage of the soft credit pull mentioned before so as not to impact your credit score.

But you can use the example provided above to get a rough idea of applicable rates.

Zocaloans Customer Support

If the customer reviews posted on various internet forums are anything to go by, Zocaloans has lots of room for improvement when it comes to customer support.

Customers complain about having difficulty reaching the team. Others also complain about encounters with rude customer care representatives.

On Better Business Bureau, the company appears under Rosebud Lending BHL. It is not accredited and has a B- rating. Furthermore, there are over 100 complaints currently filed against it.

Notably, the customer support team is reachable via email or telephone and only works between Monday and Friday from 08:00 AM to 08:00 PM ET.

Is it safe to borrow from Zocaloans?

There is no reason to question the safety of borrowing from Zocaloans. The website uses industry-standard encryption to protect its user data. But as always, no online platform is immune to hacking or malware. Therefore, you need to exercise caution when making an application.

Avoid using a public computer to submit sensitive details as these are most prone to attacks by hackers.

Note too that there have been complaints about the lender continuing to make withdrawals from customer accounts even after they completed paying back the loan.

Zocaloans Review Verdict

Zocaloans is a reliable option for borrowers with poor credit who find themselves in need of emergency cash. It offers a simple application process and fast approval for applicants. You can access your cash on the same day as you apply.

In case you fall into more financial problems, it also offers a one-time complimentary loan extension. The fact that it is available in 37 states is also a major highlight as you can access loans almost anywhere.

However, it has lots of downsides, starting with the lack of transparency on APRs and other fees as well as the poor customer support. Based on its example APR, it seems to be a costly lender, which comes as no surprise given the fact that it is not subject to state laws.

All in all, you should only consider this lender as a last resort if you have no other way out of a financial mess.


What is a tribal lender?

A tribal lender is a financial institution that offers funding options under Tribe Law rather than state law. Such lenders belong to sovereign states within the US which are acknowledged as independent entities capable of running their own affairs including financial instruments.

Does Zocaloans check my credit score before loan approval?

Most likely, yes. However, it does not do so through the three main credit bureaus, TransUnion, Equifax and Experian. Rather, it performs what is known as a soft credit pull which gives it the information needed without impacting your score.

How frequently can I take out loans from the lender?

You can take out loans as many times as you want but at any given time, you can only have one outstanding loan. In fact, repeat borrowers on the platform qualify for discounts. But in case you have to borrow short-term loans repeatedly, you might need credit counseling as it signals serious financial problems.

How can I check my loan balance?

To check the loan balance at any time, simply login to the member portal and access an active summary of the current loan.

Does Zocaloans charge prepayment fees?

No. Zocaloans does not charge prepayment fees. To pay the loan in full at any time, go to your member portal and select “Pay in Full.”

Views expressed are those of the writers only. Past performance is no guarantee of future results. Trading comes with severe risk. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.

Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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