Borrowing an online loan can be a great alternative to consider when traditional avenues of lending like banks are not willing to grant you approval, especially due to having a low credit score. After all, online loans typically offer borrowers more streamlined applications and less stringent eligibility requirements.
However, the fact is that finding a trustworthy and legitimate online lender can often be extremely difficult, especially with such a crowded lending market out there. As a result, it is not uncommon to come across predatory lenders that try to take advantage of consumers by imposing unreasonably high interest rates and unfair repayment terms.
Luckily, there are a number of online credit services that can spare you that risk by helping you partner with reputable lenders. In this respect, you can obtain online loans from CocoLoan, which is a lending platform with over 100+ vetted lenders in its network that can provide you with the financing you need within minutes.
And with such an extensive lending network, it also means that borrowers can access a wide variety of loans, such as payday loans, personal loans, short-term loans, title loans, and more.
What Are CocoLoan’s Eligibility Requirements?
It is important to keep in mind that CocoLoan is not a direct lender but acts as an intermediary to help you find a suitable lender that best fits your financial situation. This means that CocoLoan has no direct control over aspects such as minimum qualification requirements, loan amounts, rates, or terms.
However, before you navigate to this page to submit a loan request, there are still a few basic criteria that you must fulfill. For starters, you need to be at least 18 years old, a US citizen, have a steady source of income, and also have an active bank account. If you fulfill those requirements, then you can feel free to proceed with your loan application.
Aside from that, you should also keep in mind that your credit score and debt-to-income ratio (DTI) will also play a major role in the loan you receive. This is because, while CocoLoan’s partner lenders are open to assessing bad credit applications, the fact is that a low credit score and/or low DTI ratio can still affect how much you are able to borrow. It will also affect the lending rate and terms that you are offered.
What Loan Amounts and Repayment Terms Should You Expect?
As mentioned before, it is usually your chosen loan provider that will end up defining payment terms. In general, borrowers will usually be able to access loans that can go as high as $35,000, with terms typically ranging between 90 days and 72 months.
Most of the loans offered are also unsecured, which means that you don’t need to provide any collateral to get funding unless you are applying for a title loan. You should also keep in mind that some lenders will charge extra costs such as origination fees or prepayment penalties for repaying the loan early.
On top of that, failure to make your repayments on time will often result in being charged late repayment fees that can often be extremely high. These costs can end up raising your debt amount to excessively high levels, which is why you should not accept a loan agreement without examining the fine print.
You should also remember that CocoLoan has no direct influence over the loans its partner lenders offer. This means that any issues or concerns you may have involving your loan can only be dealt with by the lender directly.
How does CocoLoan’s Application Process Work?
When applying for funding via CocoLoan, you will need to go to the company’s website and fill out their online pre-approval form with your personal and financial details. This means sharing details such as your name, address, contact information, bank account details, credit score details, income level, etc.
Once you submit your form, you will wait for the application to be reviewed, and if it is approved, you will receive several no-obligation offers from their partner lenders. Each loan offer has its own unique rates and terms, so make sure that you carefully review them to find the one that you are most satisfied with.
If you do decide to accept a loan offer, you just need to e-sign the loan agreement, and the lender will start to process your funds, which should be deposited into your account by the next business day. However, this can sometimes take longer, depending on your bank’s processing times as well as the day of the week that you applied for the loan.
What Are CocoLoan’s Best Features?
#1. Free service
Unlike most other lending platforms, CocoLoan does not charge its users anything to use its services. From start to finish, the entire loan application process is free, so you don’t have to worry about having to pay any fees or even signing up for a membership.
This is because the company takes a commission directly from its lenders whenever a successful loan match is carried out via its site. As such, any potential fees and charges will only ever be between you and the lender you choose to work with.
#2. Vetted lending network
While it is true that CocoLoan has no direct control over the loan providers on its platform, it does ensure that any lenders it works with have been vetted and cleared as legitimate and licensed. This means that you don’t have to worry about having to deal with any fraudulent or unscrupulous lending practices.
#3. Reliable customer support
CocoLoan provides borrowers with easy access to a reliable customer service team that provides full disclosure on whatever inquiries or complaints they may have regarding the service. The team can be primarily reached via email, with responses often expected within a few hours, if not minutes, at the latest.
This is especially useful for first-time borrowers, who may have little to no experience taking out online loans and need some guidance through the application process.
However, it is important to bear in mind that they can only help you in relation to your loan application, which means that once you agree to a loan, any problems you have will need to be handled directly with the lender.
Is CocoLoan The Best Choice?
If you are seeking out an online credit service that can be relied upon, CocoLoan is undoubtedly one of the best in the game. They have an extensive lending network that is fully vetted, multiple loan products to choose from, and a speedy loan application process that makes requesting funds a breeze.
In addition, the bank-level encryption software that they use on their site ensures that all personal and financial data remains 100% confidential. If used appropriately, this platform can be a valuable resource for anyone looking to get a quick cash fix, whether they have good or bad credit.
However, it is essential that we remind you to remain cautious when taking out any type of loan. If you miss a repayment, it could potentially cause further damage to your credit score and severely compromise your financial situation by placing you in bad debt.