(Last Updated On: April 10, 2023)

There are times when you simply need fast access to cash to deal with an unexpected financial emergency. It could be that your car suddenly broke down and you need to get to work every day, or perhaps you have found yourself in an accident and need to pay an urgent medical bill. 

Either way, when such situations happen, being able to apply for quick financing online can be a great option to consider. However, the challenge there is being able to find the right lender, especially if you happen to have a bad credit score. 

Luckily, you can obtain fast cash loans here at CocoLoan, as the online lending service makes it easy for borrowers to instantly apply to all the direct lenders in their area.

Sound interesting? Good, let’s get into it.

What is CocoLoan?

CocoLoan is an online credit service that instantly connects borrowers with a large number of legitimate and licensed lenders that can offer a wide variety of loan products, even if you have a history of bad credit. As such, they are not to be confused with a direct lender since they do not fund loans but simply act as an intermediary between the two parties.

According to Sarah Ross, the co-founder of CocoLoan, “We have over 100 lenders within our network, which guarantees that we can help borrowers of all credit types access the funding they need, especially when all other viable lending avenues have been closed to them.”

With CocoLoan, borrowers can borrow loans as high as $35,000, with the entire application process being handled online, as you only need to fill out a few forms before being matched with dozens of compatible lenders. This is essentially more efficient than individually visiting every potential loan site one at a time and filling out separate applications.

On top of that, the service is free to use, so you don’t have to worry about any hidden costs or fees. Also, since the eligibility requirements are not as stringent as those of most traditional lending institutions, you can confidently apply for funding even if your credit score is less than ideal.

Who Is CocoLoan Best Suited For?

Since CocoLoan is completely free to use, it can be a great way for any potential borrower to view the options available to them without their credit score being negatively impacted by hard credit checks. Furthermore, you can easily compare multiple lenders and loan offers almost instantly, which helps to spare you a lot of time and effort. 

And even if you happen to have a good credit score, you can use CocoLoan is a great choice for anyone that needs cash urgently since their partner lenders typically process loans as soon as the next business day. However, it is always important that you look closely at the interest rates, terms, and fees being offered before you decide to commit to any loan agreement.

Am I Eligible To Apply For A Loan From CocoLoan?

While CocoLoan is unable to dictate the requirements for its partner lenders, there are a few basic eligibility requirements that you need to meet before you can submit a loan request via the platform. Luckily, these requirements are fairly standard, and they usually include:

• Being 18 years of age
• Being a US resident
• Having a regular source of income
• Having a checking account under your name

The last requirement is what allows the lender you are matched with to deposit your approved funds quickly and also automatically withdraw their payment on the respective due dates. If you meet all these requirements, then you should be able to successfully apply for a loan and get offers from some of the lenders in its network.

How Does CocoLoan Work?

As mentioned before, CocoLoan is essentially a loan middleman, so while they cannot provide you with funding directly, they can connect you with a reliable and trustworthy lender within minutes. 

All you have to do to get started is fill out the online pre-approval form with your personal and financial details, such as your name, address, bank account details, credit score, etc. Once you complete the form and submit it, your loan application will be reviewed, and if approved, you can expect to be presented with multiple loan offers for consideration.

Each offer will usually come with its own unique rates, terms, and conditions, so you should take the time to carefully review them until you find the one that best suits your budget and requirements. Once you find the ideal loan offer, you can e-sign the agreement, at which point the lender will start to process your funds.

In most cases, you can expect the money to be deposited into your checking account by the next business day, at the latest.

Loan Options Offered via CocoLoan

CocoLoan is able to easily connect borrowers with numerous online loan providers that can provide several different loan products. In this respect, some of the most common loans available via the platform include;

#1. Payday Loans

These are some of the most common types of short-term loans that are designed to provide borrowers with a small cash advance until their next payday arrives. These loans don’t typically exceed more than $5,000 on average, so they are often ideal for dealing with small financial emergencies like utility bills, car repairs, etc. 

However, while these loans are easy to qualify for, they often come with extremely high interest rates that can go up to the triple digits, as well as short repayment periods that can often make these loans very difficult to repay.

#2. Personal Loans

CocoLoan’s network of lenders can provide you with access to personal loans that can be repaid over a set number of payments. 

Since these loans come with fixed interest rates and extended repayment periods, they are often easier to budget for and ideally suited for paying large purchases and expenses, eg. home renovations, medical bills, etc.

However, you should remember that the rates offered for personal loans will significantly vary depending on your credit score. In other words, the lower your credit score, the higher your interest rates will be, and vice versa.

#3. Loans for Bad Credit

Bad credit loans are specifically designed to cater to borrowers with a less-than-stellar credit history in that they often come with lower eligibility requirements than most other loans. 

As a result, they are accessible to a wider market of consumers, with most bad credit loan lenders looking at other factors such as your monthly income when determining creditworthiness. 

However, they also come with potentially higher interest rates than most other forms of credit, so it is important to always use a credit broker service like CocoLoan to compare your loan options and find the best possible deal.

In Conclusion

Overall, CocoLoan is a reliable lending platform that can help you access the funding that you need in a hurry, even with a history of bad credit. With a wide network of lenders to choose from and multiple loan products to consider, it is definitely worth considering, especially since it doesn’t charge borrowers anything to explore whatever lending options are available to them.