CocoLoan is a reputable credit service that works to connect borrowers with online lenders, even if you happen to have a history of bad credit. However, it is important to note that the company does not finance or service these loans itself.
Instead, the online service helps you get fast cash loans online by sending out your loan request to their network of lenders for consideration. The lenders in CocoLoan’s extensive network will offer a wide variety of unsecured loan options, which means you will not need to put up your house or vehicle as collateral.
Some of these loans include payday loans, installment loans, bad credit loans, cash advances, and more. You are also able to use the cash you borrow for any reason, such as to pay for unexpected medical bills, education fees, car repairs, or even house renovations.
When it comes to loan amounts, you will be able to access funding from as low as $100 up to a maximum of $35,000. Meanwhile, the APR on these loans will typically range from 5.99% to 35.99%. However, the amount you qualify for as well as the interest rate you receive will often vary depending on the loan type, your income level, your credit score, and the lender you are matched with.
For instance, when applying for a payday loan on this page, you will normally be able to borrow a maximum of $5,000. Once you have the money, it is important that you make your repayment on time; otherwise, you risk facing late payment fees or being reported to the relevant credit bureaus.
How To Secure Funding Through CocoLoan?
To get a loan through CocoLoan, all you have to do to get started is to submit an online application form on their website. This means you can conduct the entire loan process from the comfort of your own home, without needing to visit a physical branch, deal with lengthy paperwork, or endure long wait times.
You start the process by providing your contact information, e.g., name, email, as well as the amount you need. You will then be required to fill in a variety of personal, employment, and financial information, such as your:
- Driver’s license or other ID
- Credit range (poor, good, excellent, etc.)
- Social Security Number
- Bank account number
- Income level
The entire form should only take a few minutes to complete, and once you verify that the information is correct, CocoLoan will send it to their partner lenders for review. And one of the advantages of using CocoLoan is that your loan request will only be submitted to relevant lenders based on the information you provided in your form.
This means that any lenders that are not a good fit will be tossed from the mix, which increases your chances of securing approval for the funding that you need. It is this level of efficiency, speed, and convenience that makes CocoLoan unique. If approved, you will be presented with multiple loan offers that you can review and compare to find the one with the most favorable APR and repayment terms.
If you agree to the offer, you simply e-sign the loan agreement and await the funds to appear in your bank account by the next business day. However, if you don’t agree, keep in mind that these are no-obligation offers, so you can walk away penalty-free.
CocoLoan Features and Benefits
#1. Simple Online Process
At CocoLoan, the online loan process will only take a few minutes to complete, as even the most inexperienced borrowers can navigate their application forms without difficulty.
#2. Minimal Documentation Required
Unlike most traditional lending institutions, when you apply via CocoLoan, you will not be required to submit an unnecessary amount of information upfront. You will only be required to share basic details about yourself and your finances before your pre-approval form is sent out for instant review.
#3. Simple Requirements
Unlike most other lending services, CocoLoan works with lenders that are open to servicing loans to borrowers of all credit types. In other words, it doesn’t matter if you have a bad credit score or no credit history; you can still be approved for a loan via CocoLoan.
On top of that, you will only need to meet a few eligibility requirements. These include being over the age of 18, being a permanent resident of the U.S., having an active bank account, and having a steady income stream.
#4. No Hidden Costs or Fees
Since CocoLoan is not a direct lender or financier, their service is completely free for all users. In other words, if you are faced with any fees or interest, then this will be strictly determined between you and the lender that you are matched with, under the terms of your loan agreement.
Is CocoLoan Safe To Use?
The CocoLoan website is completely secure, as they use advanced encryption technology to transmit your personal and financial data. Plus, they make sure to vet all direct lenders in order to uphold their reputation.
Does CocoLoan Conduct Credit Checks?
CocoLoan is not a direct lender, so they do not carry out any credit checks. However, the lenders that they will connect you with are most likely going to conduct a soft credit check to verify your information. In this respect, you can rest assured that a low credit rating will not affect your chances of being approved for funding.
Is it Difficult To Secure Funding From CocoLoan?
That is completely dependent on you. CocoLoan will only send out your pre-approval form to their lending network for review, which means that the information you share will determine your eligibility. In most cases, your loan request will be reviewed based on factors such as:
- Your credit history
- Your income level
- How much you need
- If you have any security to put up, eg. a car or home
Does Taking A Loan From CocoLoan Affect Your Credit?
When you first begin your application for a loan via CocoLoan, their partner lenders will usually carry out a soft credit check, which will not affect your credit score. However, the lender you are matched with may conduct a hard credit check before they finalize the loan agreement. This, in turn, can temporarily lower your credit score.
Furthermore, if you borrow a loan and fail to make the repayments on time or default entirely, there is a chance that the lender may report you to the three major credit bureaus, which will negatively impact your credit rating.
Conclusion: Is CocoLoan A Good Lending Service?
Yes. CocoLoan is a reliable credit service that has built a stellar reputation for itself as one of the easiest places to secure a loan, even with bad credit.
You will be connected to multiple loan providers within minutes, all without having to go through the frustrating bureaucracies that are common in banks.
Aside from that, you will have the freedom to choose between several different loan products, as well as compare loan offers to find the one that best fits your requirements and budget.
All this culminates in an online credit service that fully deserves a thumbs up.