Should You Use CocoLoan To Apply For An Online Loan? – A 2023 Review

Every now and then, we all find ourselves stuck in a bit of a financial pickle where the bills are piling up, or perhaps an unexpected expense pops up and the savings are low. In such situations, applying for an online loan can often be a great solution worth considering. 

However, the problem is that there are so many online lending companies out there to choose from that it can be difficult to figure out which one is the right one to use. On top of that, if you happen to have a bad credit score, finding a lender that is willing to approve your loan request makes things even trickier to handle.

Luckily, there is a way that you can spare yourself a lot of needless research and find the best loan offer within minutes, which is to get a quick online loan from CocoLoan. But, for those who may be unfamiliar with the lending service, make sure to keep reading for a quick breakdown of what exactly makes the platform a viable option worth considering!

Getting Started With CocoLoan

Online Loan

CocoLoan is an online lending platform that instantly matches borrowers with direct lenders that offer different loan products such as bad credit loans, payday loans, personal loans, and more. In other words, the platform effectively acts as a loan aggregator that simplifies the process of finding the ideal lender, even if you happen to have a bad credit score. 

In addition, you can take out bad credit loans from CocoLoan without paying any fees, as it is completely free to use, and with more than 100 lenders in its network, it makes it easy for borrowers to apply with multiple lenders through one simple application form.

As a result, the entire loan process is streamlined to ensure that you can secure the right loan without ever having to leave the comfort of your own home. And since most of the loans offered by its partner lenders are unsecured, you don’t need to worry about putting up any collateral, either.

This makes it the ideal place to compare lenders and loan offers, especially if your credit history is poor and you don’t have many alternative options. However, it is important that you always exercise caution before entering into any loan agreement. This means taking the time to examine the loan interest rates, terms, and fees to ensure that you are fully aware of what you’re getting involved in and what the potential costs will be. 

Rates and Fees – CocoLoan

One of the benefits of CocoLoan is that the lending platform does not require you to pay any fees to use its services. Also, none of their partner lenders will require you to pay an application fee, which means that securing a loan will not require you to make any type of financial commitment before you receive your funds.

It is also important to point out that CocoLoan has no direct influence over the interest rates and terms offered by its partner lenders. This means that what you are offered is usually decided by the lender directly, so there is a high chance that you will receive multiple offers from different lenders, each with its own unique terms and conditions.

As a result, there is no way of knowing what your interest rate will be until you submit your loan application. However, the average interest rate that you can expect will usually range from 5.99% to 35.99%, on average. If your credit score is good, you can usually expect your interest rates to be on the lower end of that scale, but if your credit rating is poor, then it is highly likely that your interest rates will be on the higher end of that scale.

How To Apply – A CocoLoan Guide

Applying for funding via CocoLoan is a fast and simple process that shouldn’t take very long, and since the entire process is handled online, you don’t have to worry about long wait times or lengthy paperwork.

Step 1: Complete The Pre-Approval Form

The first step is to fill out the pre-approval form on the CocoLoan website and submit your personal and financial details, e.g., name, address, credit score, bank account information, monthly income, employment status, etc. This is the information that the lenders will use to evaluate what loan terms and rates to offer, so make sure to fill out all the required details in full. The form will usually only take you about 5 minutes to complete.

Step 2: Review Loan Offers

Once you submit the form, your loan request will be reviewed, and if approved, you can expect to be presented with multiple loan offers from different lenders. Each one will have its own rates, terms, and fees to consider, so make sure that you take the time to compare them until you find the one that best fits your budget and requirements.

Step 3: Await Your Funds

Once you have identified the ideal loan offer, you only need to e-sign the loan agreement, and the lender will begin to process your money. You can usually expect the funds to reflect in your checking account within 24 hours, but this can sometimes vary depending on the lender and your bank’s processing times.

Reasons To Use CocoLoan

CocoLoan’s online lending platform is fairly simple and straightforward to use, so any first-time borrower should have no problem navigating their way to a successful loan application. The loan process is also designed to be fast, and since the lender uses bank-level encryption, you can rest assured that the information you share remains confidential.

CocoLoan also doesn’t charge any extra fees to use its services, which means that you can feel free to use its platform to explore whatever loan options are available to you. The added benefit of this is that you also don’t have to worry about being scammed or taken advantage of.

Furthermore, the lending service only partners with licensed and verified loan providers, so you can rest assured that any loan offers you receive via the platform will be fair and reasonable. And given that they have a wide lending network, this means that there is a high chance of finding a lender that can provide you with the funding you need, even if you have a bad credit score.

Downsides of Using CocoLoan

Much like any other credit service out there, CocoLoan does come with a few downsides to consider too. For starters, the site does not disclose its lender’s interest rates upfront, as you usually need to submit a loan application before you are able to see what loan rates you can get. 

Furthermore, the site has no direct control over its partner lenders, which means that whatever rates and terms you are offered are final with no potential room for negotiation.

CocoLoan Review: Conclusion

CocoLoan has its ups and downs, but overall, it’s safe to say that it is a reliable platform that can swiftly connect you to the right lender, regardless of what your credit score may be. It also simplifies the entire loan process, as you can instantly compare multiple lenders and offers without much effort. 

Also, when you consider the numerous loan products that its lending network makes available to you, it’s absolutely worth taking the chance to explore your options with the service, especially if all other lending alternatives are unavailable to you.

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