CocoLoan is an online credit broker that connects borrowers to hundreds of direct lenders, many of whom facilitate a variety of loan products such as payday loans, personal installment loans, cash advances, title loans, and more. The company can even help borrowers with bad credit access funding, despite having a poor to non-existent credit score.
This means that whether you need to pay for car repair, debt consolidation, healthcare bills, or whatever other financial emergencies you may have, with CocoLoan you can access the cash you need quickly and without any hassle.
What Are CocoLoan’s Lending Rates and Terms?
You can get payday loans on this page with loans ranging from $50 to $5,000, and even installment loans that can go as high as $35,000 with a repayment period that typically ranges from 3 to 36 months. In terms of the APR, you can often expect to receive anything from 5.99% to 35.99%, depending on the lender that the service matches you with.
This can also vary depending on your credit rating, as the lower your credit score is, the higher the interest rate you can expect to receive, and vice versa. However, before you even have a chance to apply for a loan, you first need to make sure that you meet the lending criteria.
This means making sure that you are at least over the age of 18, are a US citizen, have a steady income stream (self-employment or regular employment), and own an active bank account under your name. Luckily, the company also has an excellent customer service team available 24/7 to assist you should you have any further questions regarding their loan process.
What Is The Loan Application Process Like?
You simply need to head to the CocoLoan website and fill out the online request form, where you will be required to fill in information such as your name, loan amount, income level, place of employment, credit score, banking information, etc.
These details will be needed for the system to match you with an appropriate lender that can provide you with the funding you require. Once you submit your application, your application will be processed, and within minutes, you can expect to see which lenders are willing to provide you with a payday loan based on your information.
You will then be able to review all the available loan offers, but do keep in mind that you will not be obligated to accept any of them if they do not fit your requirements. However, should you decide to accept a loan offer, it is your obligation as the borrower to ensure that you have fully understood all the terms and conditions of the loan.
Once that is done, you only need to provide an e-signature verification, at which point, you can expect the money to be direct deposited into your account within one business day, if not on the same day.
Is CocoLoan A Reliable Loan Provider?
CocoLoan has served hundreds of thousands of clients, many of whom have been able to secure themselves bad credit loans without much difficulty, as the lenders within their network are more interested in your ability to repay the loan rather than your credit score.
As a result, you can rely on them to connect you to a lender that will approve your loan application. Plus, they only work with reputable lenders with fair lending practices, which means you are spared the risk of borrowing from an unscrupulous lender if you opt to try and find one online.
Furthermore, some of the lenders within their network are open to providing borrowers with flexible lending terms, but do keep in mind that some additional fees may apply in such cases. Aside from that, the company also makes use of high-end encryption technology, which ensures that your personal and financial information remains secure with them. Additionally, the site also provides education to first-time borrowers on how to handle their finances, manage debt, and much more.
Does CocoLoan Accept Borrowers With Bad Credit ?
It is important to keep in mind that CocoLoan is a credit broker and not a direct lender. This means that the decision to accept or decline your loan application falls on the lender you are matched with and not the service itself. However, the good news is that their lending network is full of loan providers that are open to providing funds to those with bad credit, as long as they can afford to make their repayments on time.
On the flip side, the lower your credit score is, the higher the interest rates on your loan will be, which is why it does help to review your credit report and see if there isn’t any way to improve your credit score first. For instance, you can examine your credit report for any inconsistencies and errors, then report any you find to the credit bureau for correction.