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Wednesday, October 20th
Zoca prides itself on offering "simple, small loans" . Within 10 minutes, your application can be filled out and verified, and funds deposited to your bank in one business day or less. Unlike many cash advances that make you pay back all of the money within a week or two, Zoca Loans breaks it down into multiple installments: you might have a payment every other week for 6 months, for example.
Easy, basic loan application
In order to apply for a cash advance with Zoca, you'll need your driver's license number, your bank account and routing numbers, and your debit card number. When you finish the application, you'll be told immediately if your application is approved and how much credit Zoca Loans is offering. When you accept their cash advance loan offer, you'll sign the documents electronically and get the funds deposited to your bank account. While Zoca Loans says it can take up to one business day, you could have the money as quickly as 15 minutes from when you accept the loan!
Doesn't disclose interest rates upfront
Zoca Loans isn't clear about how much you can borrow. While their main page lets you choose a cash advance loan amount up to $900, their Rates and Fees page says that the maximum is $1,500. They're also not very upfront about how much you'll pay in interest; on that same Rates and Fees page, they give an example payment schedule with an APR of 795% (*gulp*) but "your APR may vary based upon your total loan duration and amount funded" . To get an idea of what that would look like, on a $300 cash advance loan with 12 biweekly payments, you could end up paying $888 in interest.
This lender also doesn't have the best reputation, compared with the other cash advance providers we reviewed. The Better Business Bureau only gives Zoca Loans a "B" grade, under the name of Zoca's parent company Rosebud Lending. There were nearly 100 complaints registered with the BBB against Rosebud in the year leading up to this evaluation; most of them described rude customer service representatives and payments continuing to be deducted even after loans are repaid in full. We get that cash advance loans with high interest rates can be hard for a lot of people, but the problems with Zoca Loans go beyond that.
Look elsewhere for a cash advance
Zoca Loans' parent company promised the BBB that they're working hard to improve, and we hope to see that happen. But, until they become much more transparent with their loan rates and terms on their website, and unless customers start reporting much more satisfaction with their borrowing experience, this cash advance lender will stay towards the bottom of our rankings.
Good question. "Cash advance" and "trustworthy" don't tend to be said in the same breath. Unfortunately, there's a lot of truth to that: cash advances often come with extremely high interest rates and short payback periods. They should be the last resort you consider if you're strapped for cash.
You may spend much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out a cash advance, it's important to know how to find a lender that's reputable.
How do cash advances work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the cash advance and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected, or come into extra money, most cash advances can be repaid ahead of time, which will save you some money in interest fees.
Why are cash advances so popular? First off, you rarely have to have good credit; many cash advance companies only ask for identification, a bank account number, and proof of a steady paycheck. Cash advances are also easy to get: some states have more in-person loan "stores" than McDonald's locations!
What are the downsides of a cash advance? Besides extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of cash advances go into default, and as much as 80% of these loans are "reborrowed" again within 30 days. As you might imagine, that racks up huge fees - translating into big profits for the cash advance lender and less money in your pocket.
Now that you know the drawbacks of cash advances, how can you increase your chances of getting the money you need from a lender you can count on? Look for these things when you're choosing a service for a cash advance:
TopConsumerReviews.com has evaluated and ranked the most popular sources of cash advances available today. We hope this information will help you choose a lender that will get you the money you need with terms you can afford.
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