If you have a bad credit score, your options to secure a loan can often be limited. However, with the help of a quick online loan service provider like CocoLoan, all your financial woes can be solved. The online credit broker connects potential borrowers with multiple online lenders that provide a wide variety of loan options, even for those with bad credit.
However, what really separates CocoLoan from other online loan services is the fact that their partner lenders offer extremely competitive rates and terms, even if you have bad credit. Borrowers can take out online loans for bad credit from CocoLoan for as little as $100 or as much as $35,000, with APRs that typically range between 5.99% and 35.99%.
On top of that, the process of applying for an online loan doesn’t take much effort, either. When it comes to eligibility requirements, you only need to be over the age of 18, be a permanent US resident, have a stable income source, and own a valid bank account to apply.
After that, you simply need to fill out and submit an online pre-approval form with your personal information and banking details to get started. If approved, you will receive multiple loan offers that you can compare to find the most ideal one. Once you sign the loan agreement, you can expect to receive your funds the same day or by the next business day at the latest.
How Can CocoLoan Help You?
CocoLoan instantly connects borrowers to an extensive network of short-term loan providers that provide a wide variety of loan options. Some of the main loan options are:
- Quick Loans: As the name suggests, quick loans are a form of short-term lending that can be accessed almost instantly after application, which makes them best suited for dealing with small financial emergencies.
- Payday Loans: These are some of the most popular short-term loans that you can get. They are mainly designed to provide borrowers with a short-term financial boost to cover any urgent expenses until their next paycheck, hence the name.
- Installment Loans: These loans are meant to be repaid over a series of payments within a set time frame. This makes them suitable for those that would like to make small repayments and avoid the high-interest rates that come with payday loans.
- Bad Credit Loans: These loans often have less stringent eligibility requirements than most personal loans. In addition, it is easier to secure these loans because bad credit lenders will consider other factors aside from one’s credit score when reviewing a loan application, e.g., your current income level.
- Title Loans: These are a form of secured credit that allows you to use your car as collateral for the loan. And since this reduces the level of risk to the lender, it allows you to access higher loan amounts at lower interest rates. On the flip side, the main downside is that if you default, the lender may end up seizing your car.
What Are The Highlights Of Using CocoLoan?
#1. No Fees
A highlight of using CocoLoan is that since it is an online credit broker and not a direct lender, you will not need to pay any fees or costs to use its service. They will only charge the loan companies a commission whenever a loan agreement is closed through their platform.
#2. Loan Interest Rates
When it comes to interest rates, CocoLoan is unable to make any guarantees about what any of its partner lenders will offer you since they don’t handle the lending themselves. On average, you can expect an APR anywhere between 5.99% and 35.99%. This is also one of the biggest downsides of using the service, as it can be difficult to know exactly what you are getting into.
#3. Transparency
One of the best things about using CocoLoan is the level of transparency it provides potential borrowers. You can take your time to compare multiple loans offers to find the one that best fits your budget and requirements. However, the downside is that the platform does not provide a list of extra fees or costs you may have to pay, as this often varies from lender to lender.
#4. Customer Service
CocoLoan makes it easy for borrowers to reach out with any questions that they may have about the loan process via email and expect quick feedback. However, the problem is that if you find yourself experiencing issues with your loan, there isn’t much they can do for you. This is because they are not the ones who are lending you money, so they have no power over your lender should you be struggling to repay the loan.
#5. Processing Speed
When it comes to loan processing speed, the benefit of CocoLoan’s lending network is that they will typically deposit the funds within 24 hours after approval. However, the downside is that this can also vary depending on which lender you end up going with.
#6. Accessibility
CocoLoan is open to borrowers of all credit types, which makes it one of the most accessible lending services out there. They only require you to meet a few basic criteria, including:
- Being over the age of 18
- Owning an active bank account
- Being a U.S citizen
- Having a steady income stream
On the flip side, even if you meet these requirements, there is no guarantee that you will be approved for a loan once you submit your application.
Is CocoLoan a Trustworthy Lending Service?
Yes. CocoLoan is a trustworthy loan service. The company does well to adhere to all industry norms and even vets all its partner lenders to ensure that they aren’t promoting exploitative loans. Additionally, they utilize high-end encryption to protect your personal and financial data from any unauthorized access by third parties. As such, you can feel safe using the platform to apply for a loan today.
Are Any Credit Checks Required On CocoLoan?
Since CocoLoan is not a direct lender, the platform does not conduct any kind of credit check. However, you should keep in mind that their partner lenders do perform them. Luckily, you don’t have to worry about them conducting a hard credit check when you first submit your loan application. They will only conduct a soft credit check to verify your information. The only point at which a hard credit check will usually come into play is once you accept a loan offer from a lender.
Final Verdict
Following careful consideration, it’s safe to say that CocoLoan is a reliable option worth considering if you need to access a loan with bad credit. The fact that the company has no ambiguity in its operations is commendable. Also, the level of access they provide to borrowers of all credit types is very inclusive and provides hope to anyone in dire need of financial assistance. All in all, you won’t regret using the service if you give it a try today.
