Securing a cash loan with bad credit can often feel like an almost impossible task, especially when applying for funding from a traditional lender like a bank.
And while there are a number of online lenders that you can reach out to, the problem is that there is a risk that you may end up partnering with an unscrupulous lender. In this respect, it pays to know who it is you are getting involved with, especially when borrowing money online, which is why it is always a good idea to use a credit broker.
These services are created to help you find and compare legitimate online lenders within minutes, so we decided to do a quick review of the most reputable online loan service provider in the current market, CocoLoan.
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Why Should You Use CocoLoan?
CocoLoan is a free online credit service that helps potential borrowers secure loans of $35,000 or less, even if they have a bad credit history. They have an extensive lending network that spans over 100 online loan providers, many of whom are based in multiple states across the country.
On top of that, their lending network is open to accepting loan requests from bad credit borrowers. And since they also specialize in providing fast cash loans to borrowers in need, this makes it a great place to secure funding to deal with urgent and unexpected expenses.
According to Sarah Ross, co-founder of CocoLoan, “Our partner lenders make an effort to consider other factors, such as your income level when determining your eligibility. So, even if you do have a bad credit score, you can still qualify for funding if you can prove that you can repay the loan on time.”
Another good thing about using this loan service is that it can also save you a lot of time and effort. You only need to submit one loan request form, and it will be distributed to multiple loan providers rather than having to submit one application after another.
Plus, they only conduct soft credit checks during the pre-approval stage. This means that you don’t have to worry about your credit score being negatively impacted before you even get a loan offer.
What Types of Loans Does CocoLoan Offer?
Since CocoLoan has such a wide network of lenders, this allows borrowers to access numerous loan products, which makes it easy for anyone to find something that suits their budget and requirements.
In this respect, some of the most common loans that borrowers apply for via the site include:
- Bad Credit Loans: These loans are designed to cater to borrowers with poor credit scores that need to secure a cash loan to deal with sudden emergencies or expenses. The loan requirements are often very minimal and are often funded within a day or two after approval. However, the downside is that they also come with high-interest rates and shorter repayment terms because of the high level of risk to the lender.
- Payday Loans: These are small short-term loans that typically range between $100 and $5,000, which makes them best suited for dealing with small cash emergencies like a car repair or house bill. They are also due in full by the time the borrower’s next paycheck arrives hence the term, “payday.” The downside is that they come with exorbitantly high-interest rates that can be difficult to repay.
- Installment Loans: These loans are the best choice for those looking to borrow large amounts of money, as their repayments are usually spread out over small amounts each month for a set period of time. However, the amount you are able to secure, as well as the loan rates and terms you are offered will often vary depending on your credit score and income level.
- Title Loans: These are a form of secured lending that involves putting up your car as collateral to secure funding. The benefit of these loans is that you can usually secure higher loan amounts, as the use of collateral reduces the level of risk to the lender. The only downside is that failure to make your loan repayments on time can result in your car being repossessed.
How Does CocoLoan’s Online Loan Application Process Work?
To get started, all you need to do is head to CocoLoan’s website and fill out the online pre-approval form. You will usually need to input details like your personal information, financial details, credit information, loan amount, income level, employment information, etc.
This should only take you a few minutes to complete, and once you submit the form, the application will be instantly shared with their partner lenders for review. If approved, you will receive multiple loan offers and be in a position to select the one you like best.
However, do make sure that you review the terms and conditions, as some loan providers may try to hide some unfavorable details in the fine print of your loan agreement. Once you sign and submit it, you can typically expect the funds to be deposited in your checking account as soon as the next business day.
What Makes CocoLoan Superior To Other Online Credit Services?
#1. Extensive lending network
As mentioned before, CocoLoan is partnered with over 100 lenders, and all of them have been vetted to make sure that you are only connected with legitimate and honest loan providers.
Also, having access to so many lenders ensures that you have multiple loan products to choose from. This means that you should be able to easily find the ideal type of loan for your situation.
#2. Reliable Customer Support
It is important for any good lending service to have a reliable customer support team that is ready and willing to answer any inquiries or complaints that you have during the loan process. And since they are always available 24/7, this means that you won’t have to wait long to receive a response should you urgently need assistance in securing a loan at any time of day or night.
#3. Soft Credit Checks
One of the issues with borrowing from traditional lenders is that most of them tend to conduct hard credit checks on your report to determine if you are eligible for a loan. However, the problem with such checks is that they usually leave a mark on your credit report, so the more of them there are, the lower your credit score will become. Luckily, all of the lenders on CocoLoan’s network only carry out soft credit checks on your loan application, which doesn’t impact your credit rating.
#4. High Approval Rate For Loans
CocoLoan’s lending network has a long-standing history of successfully approving loan applications from borrowers with less-than-stellar credit histories. This is because their lenders will usually take other factors, like your income level, into consideration as they review your loan request. This is in contrast to most traditional loan providers that make their decisions primarily based on your current credit rating.
CocoLoan can be a great resource to rely on should you find yourself in need of an online loan. The site is easy-to-use, the loan process is straightforward, and their lending network is wide enough to help you secure whatever type of loan you need.
And since they cater to bad credit borrowers, you can rely on them to help you find a trustworthy lender within minutes. In short, if you need a quick financial fix and can’t seem to find anywhere to provide you with the funds you need, then trusting CocoLoan can be beneficial.
However, keep in mind that you should only ever borrow a loan if you are confident you can repay it on time. This is because most online lenders usually charge very high late fees that could sink you further into debt if you aren’t careful.