CocoLoan Review: Instant Access To Online Loans Even With Bad Credit

CocoLoan Review

Financial calamities are not uncommon, but they do have a bad tendency to strike when you least expect them. And the irony is that fate doesn’t check your savings account balance or your credit history before misfortune comes calling.

For instance, a sudden injury may prevent you from being able to work, which can be problematic, especially given that you will need to pay for your medical bills. Another case scenario is if your car suddenly breaks down, and you usually rely on it to get to work.

In such situations, you may need access to funding in a hurry. However, the problem with banks and credit unions is that they will either take too long or refuse to approve your loan request, especially if your credit score is low.

A more practical solution than filing one loan request form after another with multiple lenders that may not even approve you is to use CocoLoan and get online loans on this page.

What Is CocoLoan?

CocoLoan is an online credit service that provides borrowers with fast and efficient access to online lenders that facilitate funding, even for those with bad credit. In this respect, they are not a direct lender but rather an intermediary to connect borrowers to potential loan providers.

The service is also entirely free to use, with CocoLoan co-founder Sarah Ross stating, “Our main aim is to provide consumers with access to a wide array of financial options. And because of that, we don’t believe in charging borrowers anything to explore what the lending market can offer them.”

In addition to that, CocoLoan also facilitates a convenient loan comparison service that allows borrowers to instantly review multiple loan offers from different lenders. This makes it especially easier for those with bad credit to secure the best possible loan rates and terms.

The company can also be trusted to hold your personal and financial details, as they use bank-level encryption to protect any information that you submit for review on their site.

Types of Online Loans Available via CocoLoan

There are a wide variety of online loans that you can access via CocoLoan’s lending network. Whether you need funding to consolidate debt, pay for a medical bill, car repair, or anything else, the lending service can find you the ideal lender for your situation.

In most cases, borrowers can apply for loans of up to $35,000 with APRs and terms that will usually vary depending on the type of loan that you apply for. In this respect, some of the most common types of loans that you can borrow include;

  • Bad Credit Loans: These types of loans are meant to specifically cater to borrowers with low credit scores who are unable to secure funding from traditional lenders. These loans are typically processed quickly, and they also come with very minimal eligibility requirements.

The downside is that, while they are very accessible, they also have high-interest rates and come with shorter repayment terms because of the higher level of risk to the lender.

  • Payday Loans: These loans are a type of cash advance that allows borrowers to access funding up to as high as $1000 to help deal with small financial emergencies like an urgent utility or car repair bill.

Borrowers are also meant to repay these loans in full by the time their next paycheck arrives. The main issue with this form of credit is that it has exorbitantly high-interest rates that can be tough to repay.

  • Short-term Loans: These loans typically come with short repayment periods that extend for up to a year, sometimes only a few weeks or months.

They are also the best choice for those looking to borrow money and repay the loan over small amounts each month for a scheduled period of time. However, how much you can borrow, as well as the rates you are offered will vary depending on your income level and credit score.

  • Title Loans: These are secured loans that require you to put up your car’s title as collateral. Since the level of risk is reduced to the lender, this allows borrowers to take out higher loan amounts and even get lower interest rates. However, if you end up missing your loan repayments, this can end up resulting in your car being repossessed.

How Does Applying On CocoLoan Work?

CocoLoan offers borrowers one of the fastest and easiest ways to access online loans, but before you can submit a loan request, you need to meet a few eligibility requirements. These include:

  • Being at least 18 years old
  • Being a US resident or permanent citizen
  • Have a steady source of income
  • Have an active bank account

If you meet these requirements, you can follow the steps below to obtain an online loan.

Step 1: Head to CocoLoan

You will need to head over to CocoLoan’s website and fill out their online pre-approval form with your personal and financial details. Besides selecting the amount of money you are looking to borrow, this also includes sharing your name, address, bank account details, credit score details, income level, etc.

And since CocoLoan’s partner lenders do not conduct hard credit checks, you will be able to see the rates that you can qualify for without worrying about it affecting your credit.

Step 2: Compare Loan Offers

Once you submit your form, your application will be reviewed, and if approved, you will be presented with a list of loan offers from some of the lenders within their network. Each loan offer will come with its own rates and terms, so you will need to take your time to compare them to find the one that best fits your budget and requirements.

Step 3: Await Your Funds To Be Deposited

Once you are confident that you have found an offer that suits your needs, you can accept it by e-signing the loan agreement. The lender will then start to process your funds, and in most cases, you can expect the funds to be deposited into your account as soon as the next business day.

However, bear in mind that this can take longer, depending on the day of the week that you applied for the loan as well as your bank’s processing times.

Final Verdict: Is CocoLoan Worth Using?

If you are in urgent need of funding and/or happen to have a poor credit score, then you have definitely come to the right place. CocoLoan’s lending service is both reliable and efficient enough to help you find an online lender willing to swiftly facilitate your loan with minimal hassle.

The extensiveness of their lending network is also commendable, as you are provided with instant access to a multitude of lenders, all of whom have been vetted. This helps to ensure that whoever you are matched with can be relied upon to offer fair and reasonable rates and terms.

And since the service is completely free to use, you don’t have to worry about having to make any financial obligations. So, even if most banks turn you away because of your credit score, it’s safe to say that CocoLoan can connect you to an online lender that will help you recover your financial equilibrium.

Photo of author

Libby Austin

Libby Austin, the creative force behind, is a dynamic and versatile writer known for her engaging and informative articles across various genres. With a flair for captivating storytelling, Libby's work resonates with a diverse audience, blending expertise with a relatable voice.
Share on:

Leave a Comment