I'm from India , and here it takes a very long time till one can afford a decent amp or effect pedal. The cheapest pedal available is the BOSS DS-1 and the cheapest multi FX unit is the zoom 505 II (about twice the price of DS-1). I made the mistake of buying a 505 thinking that I would sell it later and buy some good gear. Not only is no one ready to buy it from me (when new it's unpopular as it is - second hand ones don't attract even the most broke guitarists) but its sound has deteriorated horribly. The noise reduction feature works fine for just about a year and then goes bust. My band had a gig in a competition recently, and the distorted patches for rhythm guitar were so messy sounding and hissy that after one song I had to borrow a Korg PX4 from another band.
Moral of the story? Dont catch ZOOM even if you can. You'll never get rid of it.