Zip19.com is an internet platform, which offers instant loans to consumers through a financial institution known as Northway Financial Corporation (NFC) Ltd. This financial institution lends money online mainly to the customers residing in Europe as well as Malta. The working of NFC Ltd is supervised by MFSA or Malta Financial Services Authority.

Through Zip19.com, one may avail a loan of USD$1500 within a day. Loan processing does not take much time and one needs to furnish the following information.

• Details of employment (sometimes the lender verifies with the employer about the details furnished by the person wanting the loan).
• Information about ones banker
• Reference details.

(i) Essential features of the loan offered by Zip19.com:
Given below are some of the details one needs to know prior to applying for a loan.

-Eligibility Criteria:
An individual wishing to opt for instant money from zip19.com is required to fulfill the following conditions-

• The individual should be a citizen of the United States of America.
• He must be 18 years or more.
• He should be having a checking account
• The individual should furnish employment details.
• He should be receiving his monthly employment checks as direct deposit.
• The loan application has to be made on line.

(ii) Income types not qualifying for the instant loan:
It may be mentioned here that Zip19.com extends instant loans to individuals having a salaried income. Types of income not recognized by Zip19.com include the following:

• Commission
• Income from Social Security
• Income from Retirement Payment

-Amount that may be borrowed:
The amount that may be borrowed from zip19.com (Northway Financial Corporation Ltd) depends upon the net income of the prospective borrower. The first time, an individual may borrow USD$300, thereafter, the loan amount is given on the basis of the net income.

-Repayment time:
The repayment has to be made when the debtor receives his next paycheck. This may be around 15 days.

-Method of repayment:
On the scheduled date of repayment, the repayment amount is deducted directly from the debtor's bank account. Other loan related expenses like loan fees are also debited simultaneously.

-Rollovers or loan extensions:
Zip19.com does not offer the facility of extending the life of a loan. Extending the life or period of a loan may be referred to as a "rollover". When an individual avails an instant loan, only after he has repaid the full amount, can he qualify for another instant reloan. He can make a loan request and get instant cash within a day of approval.

(iii) Trying to zap people:
It has come to the notice of many that Zip19.com is not very transparent in their operations. They have been accused of manipulating and carrying out fraudulent activities.

• Incidents of identity theft have also been reported.
• They have also been accused of charging more money than the borrower actually owes.
• Provide fake contact information.

All this implies that it has not functioned in accordance with the Fair Debt Collection Practice Act and before a person selects this company as a lender, he should exercise caution in dealing with them.