With such a large selection of personal loans on the market, it’s challenging to know which one is right for you. The personal loan you choose will depend on your specific financial situation. Your credit score is probably the most significant factor lenders will consider when determining approval. But they also look at your income, debt-to-income ratio, credit history, and more.
If you have a poor credit history, receiving loan approval may be pretty tricky. So, where do you turn if you’re in the middle of a financial emergency? Luckily, there are plenty of short-term personal loan options out there for just such an occasion. But they may not all be safe and affordable, which is why you’ll want to do plenty of research.
If you’re currently in search of a suitable personal loan to help with unexpected expenses, then read on to learn more about loans like ZocaLoans and some good alternatives to consider instead.
Rosebud Lending does business as ZocaLoans. Rosebud Lending LZO is the tribal lending agency of Rosebud Lending, a subsidiary of the Rosebud Economic Development Corporation.
Finding The Right Personal Loan
The specific type of personal loan you choose will depend on a few things. How much money you need, how long you need to repay it, and your credit score will all play into your decision. If you have bad credit, then your options will already be limited. It’s crucial in times like these to compare different personal loan rates to find the best deal for you.
Having a poor credit score tells lenders that you may not be financially trustworthy. You’re viewed as more of a risk than someone who has a high credit score. Because of this, they may charge you more fees and higher interest rates.
While there may still be affordable options even with a low credit score, they may be few and far between. It’s essential in your search to compare and contrast interest rates, terms, and other loan conditions.
ZocaLoans: What You Need To Know
ZocaLoans offers small-dollar, high-cost online personal installment loans.
Their website lists the range of loan amounts as $200 to $1,500. These would be considered small personal loans. Many borrowers may use them in emergencies or for bills or rent if they’re in a bind. But be cautious if you’re considering one, as they do come with extremely high interest rates.
According to the ZocaLoans “Rates and Fees” page, you could see an APR as high as 795%. This is much higher than even certain payday loans. While they state that your specific loan amount and rate may vary, taking on any financial obligation with a 795% APR would be very risky.
How Do ZocaLoans Work?
These loans work much like any other online personal loan:
- First, you apply on their website using an online application.
- They let you know whether you’re approved for a loan, how much, and the rates/terms.
- You decide whether you’d like to accept it and if so you’ll sign a contract.
- You would then get money deposited into your bank account.
- Repayment will begin on the date listed in the loan agreement.
- Once you repay the total amount and the interest, the loan agreement is complete.
Who Are ZocaLoans For?
These loans are marketed to bad credit borrowers who need cash very quickly.
Many borrowers struggling with poor credit feel like they don’t have very many options for personal loans. And suppose they experience a financial emergency like medical bills or car repairs. In that case, they might feel obligated to apply for loans like ZocaLoans.
Keep in mind, there are alternatives to loans like ZocaLoans that have lower APRs, higher loan amounts, and offer more extended repayment periods. You should never have to settle for APRs as high as 795%.
ZocaLoans and High APRs
Some would argue that once an APR reaches a certain point, it is considered “predatory.” This means that the lender may raise their rates and prices so high that the borrowers will have a tough time repaying the initial loan. They do this because, in the long run, it will make them more money.
If a borrower can’t repay a loan due to the high costs and APR, the lender may offer to roll the loan over to a new term. This essentially means they’re extending the loan while charging you additional fees and interest. Loan rollover can create a cycle of debt that’s difficult to escape.
CreditNinja: How Does It Compare?
CreditNinja is an online lender that offers an alternative to high-APR loans like ZocaLoans.
With CreditNinja, you may be approved for more cash than what ZocaLoans offers.
CreditNinja offers unsecured personal installment loans up to $5,000. The specific amount you receive will depend on your personal and financial information, as well as the state you live in.
CreditNinja also offers lower APRs than loans like ZocaLoans.
Our priority is to get you the cash you need to take care of your financial emergencies without charging you an interest rate that’s impossible to pay back.
CreditNinja’s Installment Loans
Our personal installment loans are designed to help you get the cash you need when you need it most. You can get a large cash loan and then pay it back over several months if you’re approved.
Our installment loans are unsecured. So you won’t need to offer up any collateral to receive one. All you have to do is fill out the quick online application. We’ll review your financial information, credit history, and income to determine whether you can repay the loan. But don’t worry, poor credit history doesn’t rule you out. You can still be approved even with a low credit score.
How Does CreditNinja Stand Out?
CreditNinja stands out by offering larger and more affordable online personal installment loans than many other online lenders and payday loan companies.
Our online application is quick and straightforward, and you’ll receive a decision in minutes in most cases. And if you’re approved, most loans are funded by the very next business day. Plus, our friendly and helpful customer service team is always standing by to help you when you need it.
It’s time to get the cash you need without unreasonable APRs and loan terms. If you’re in a bind and need a last chance personal loan, then apply for a CreditNinja personal installment loan today to see how we can help you!