Every now and then, we often find ourselves caught unprepared financially by unexpected emergencies that have us scrambling for some credit from the bank. However, the problem with such traditional lenders is that they often take longer to process loan requests and typically decline applications from borrowers with bad credit.
However, the rise of the online lending market has created new opportunities for bad credit borrowers to access the funds they need. The only challenge is being able to distinguish trustworthy lenders from unscrupulous ones. It is for this reason that it pays to use an online loan broker service like CocoLoan.
How Can CocoLoan Help Me?
CocoLoan is an online loan service that is dedicated to connecting US lenders and borrowers via its free-to-use website. The company has over 100 vetted lenders within its network, and it helps people with good and bad credit histories secure loans at fair rates from competitive online lenders.
On average, borrowers can access loans for as little as $100 up to a maximum of $35,000, which makes it a great place to seek out funding to deal with both small and large expenses. They also have very minimal eligibility requirements, as all you really need to prove is that you have a steady stream of income and can secure your loan approval.
Furthermore, CocoLoan’s partner lenders can provide borrowers with a wide variety of loan options to choose from. Some of these include payday loans, installment loans, bad credit loans, title loans, and more.
According to CocoLoan co-founder Sarah Ross, “We have worked tirelessly to expand our lending network in order to make it easier for borrowers to not only find the ideal lender but also access the right loan products that will best suit their financial needs and budgets.”
When Should I Take Out A Loan With CocoLoan?
CocoLoan can be a great financial resource for anyone in dire need of an urgent cash injection with no way to access funding from traditional avenues. And since there are no restrictions on what you can use the money for, there are a wide variety of purposes you can put the loan to use for.
In this respect, applying for an online loan via CocoLoan is always a good idea whenever:
- You have a bad credit score and can’t get approved by any bank or credit union
- You don’t have the patience to wait for a lengthy loan approval process
- You need a quick cash loan to tide you over until your next paycheck
What Is The Step-by-Step Process Of Applying For Funding Via CocoLoan?
If you are a first-time borrower, you will be happy to know that applying for funding through this platform is as easy as ABC. The application process consists of a few simple steps that shouldn’t take more than a few minutes to complete.
Also, since the site is designed to be extremely user-friendly, you should be able to navigate your way to a successful loan request without any stress.
However, do keep in mind that CocoLoan is not a direct lender but simply acts as an intermediary between the borrower and lender. As such, they do not offer any loans and are not involved with the loan rates and terms that you will be offered.
- Step 1: Head over to the CocoLoan website and navigate your way to their loan request page. From there, you will need to fill out the pre-approval form that will typically require you to fill in your personal and financial details.
This includes information such as your name, ID number, contact information, employment information, bank account number, income level, etc. You will also need to select the loan amount and provide your current credit score.
- Step 2: Once completed, you will need to submit the form and wait to receive a decision on your loan request. Luckily, this shouldn’t take longer than a few minutes and if approved, you will be presented with multiple loan offers to choose from. You can then compare them all to find the one with the most favorable lending rates and terms.
- Step 3: Once you find the right loan offer and accept it, the lender will begin to process your funds. In most cases, you can expect the funds to be available in your account within 24 hours or less. However, this may vary depending on the lender, as well as your banking provider’s processing times.
Where Does CocoLoan Stand Out From The Rest?
#1. No Hidden Costs or Fees
One of the biggest benefits of using CocoLoan is that the company doesn’t require borrowers to pay any fees or additional costs. You also don’t need to sign up for a membership to use the service. Furthermore, all loan rates and terms are decided by the lenders, which means that the company is not involved in any part of your loan agreement.
#2. Competitive Loan Rates and Terms
When using CocoLoan, you can usually expect your APR to vary from 5.99% to 35.99%, depending on the lender that you are matched with. If you receive a loan offer that is on the lower end of that range, you can rest assured that you are getting a good bargain.
This is in contrast to most other lending services that will typically charge significantly higher rates, especially if you have a bad credit score. On top of that, CocoLoan’s lenders are willing to offer longer repayment terms that can extend as far as 96 months.
#3. Data Security
When it comes to protecting your personal and financial details, CocoLoan can be highly trusted. The company utilizes bank-level encryption to protect your information from unauthorized access, so any information that you submit on the site will remain completely confidential.
#4. Mobile Optimized Site
It is always important that you are able to apply for funding at any time, no matter where you are at any given time. And the benefit of using CocoLoan is that the website is mobile-optimized to provide users with a seamless and stress-free borrowing experience.
As such, it doesn’t matter if you want to use a computer, mobile phone, or tablet. If you suddenly find yourself away from home, you can simply head to CocoLoan, complete the application process, and wait for your funds to be processed as soon as the next business day.
Conclusion
Overall, CocoLoan is a great option for those searching for a way to secure fast cash online. And given the fact that they have been in the lending industry for quite some time, they have built a strong positive reputation as a reliable and trustworthy loan service.
The service is also available in multiple states throughout the country. So, it doesn’t matter where you are based, as you can access the funding you need with no hassle or fuss. It also helps that their partner lenders offer competitive and flexible loan rates and terms to borrowers of all credit types.
So, if you do have a less-than-stellar credit history, don’t hesitate to give CocoLoan a try. After all, the service is completely free-to-use, so there’s no reason not to see what they have to offer!