CocoLoan Review: Most Extensive Online Lending Network for Bad Credit

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These days, applying for a loan has become easier due to the rise of online lenders, generating a healthy amount of competition within the industry. However, this doesn't necessarily mean that you can actually get the best rates and terms, let alone be approved for a loan, especially if you have a bad credit score.

But, before you give up hope, the good news is that you can use CocoLoan, which is an online credit service that is comprised of a trusted online lending network that spans over 100 members. And while the company is not an actual lender, you can use this service to access a wide variety of loans and compare offers from several online loan providers to secure yourself competitive rates and terms.

So, let's dive a little deeper into what makes CocoLoan unique compared to most other online credit services.

What Are The Main Features Of CocoLoan?

#1. APRs

CocoLoan is a credit broker, which means that they do not dictate the rates of the loans processed through their platform. However, the APRs on offer typically range from 5.99% to 35.99%, depending on the lender and your credit score. This means that there is a very good chance that you may be able to secure yourself a competitive loan rate, even if you have a bad credit score.


#2. Transparency

One of the most commendable aspects of CocoLoan is its dedication to providing borrowers with complete transparency through the entire loan process. The site holds a significant amount of useful information on how the company operates, what types of loans are on offer, how to apply for funding, as well as informative blog articles on personal finance.


#3. Accessibility

CocoLoan is a great option for those borrowers looking for a lending service that is accessible, as they do a great job of ensuring that the application process is fairly simple and straightforward. In fact, you can qualify for a loan via CocoLoan by simply ensuring that you are over the age of 18, have a steady income, are a US resident, and have an active bank account.

CocoLoan co-founder Sarah Ross even went on to state, “Our main intention is to help borrowers of all credit types to quickly find and secure loans online, even if they have been unsuccessful in getting aid from traditional lending institutions.”


#4. Loan Processing Speed

If you are in urgent need of money, you will be glad to hear that CocoLoan can deliver in that department, as their partner lenders will usually process any loans within the same day of approval. However, do keep in mind that this can vary depending on the day you apply for funding, as well as your bank's processing times.


#5. No Hidden Fees

Unlike most online lending services, CocoLoan does not charge borrowers to use its service. This means you don't have to worry about paying any hidden fees throughout the entire loan process from start to finish. In fact, you don't even need to sign up for a membership, either. 

However, do keep in mind that the lender you are matched with may charge extra costs such as origination fees or prepayment fees. But, this will always be made clear on the loan agreement.


What Is The Process Of Applying For A Loan Via CocoLoan?

When it comes to applying for a loan, CocoLoan offers one of the easiest and most straightforward loan application processes in the market. Here's how it works:


#1. Fill Out The Loan Request Form

The first thing that you need to do is to head over to the site and fill out the loan request form on their home page. You will usually need to provide basic information and financial details, as well as how much you are looking to apply for. 

This should only take a few minutes to complete, and you won't even have to worry about your credit score is checked to secure an offer. In other words, you will be able to check out what rates and terms are on offer without your credit score being affected.


#2. Review Your Options

Once you submit your form, you can expect to receive a decision within minutes, and if approved, you will be presented with several loan offers from different lenders.

However, you should remember that these are only pre-approvals that show your actual pre-qualified rates. As such, they are not a guarantee that you will receive a loan.


#3. Await Your Funds

Once you select a loan offer, you only need to e-sign the loan agreement and wait for the lender to process your application. Depending on the lender, they may conduct a hard credit check and ask you a few questions about your loan application. 

If they are satisfied that everything is in order, they will process your loan, and you can expect the funds to be in your checking account as soon as the next business day. However, this may vary depending on when you submitted the loan application, as well as your banking provider's processing times.


Pros and Cons of Using CocoLoan

The fact of the matter is that nothing is ever all good or bad. After all, every coin has two sides, and in the case of CocoLoan, there are upsides and downsides to using the platform.



Free-to-use: CocoLoan doesn't charge borrowers anything to connect them to a lender.

Fast loan processing: If you find yourself in an emergency situation and in need of quick cash, CocoLoan's lenders can process your funds in as little as 24 hours.

Bad credit accepted: CocoLoan's partner lenders do not have any strict eligibility criteria for those who need to access online loans.

High-end data security: CocoLoan's site uses bank-level encryption software to protect your private information from being accessed by any unauthorized parties.



High-Interest Rates: If you have a bad credit score, this means that you may only qualify for high-interest rate loan offers, which results in having to pay a lot of money during your repayment dates.

Short Repayment Terms: In most cases, having a bad credit score will not prevent you from securing approval, but you are likely going to be offered shorter repayment terms. 

Extra Loan Fees: CocoLoan does not charge borrowers to use its lending service. However, there is a high chance that some of the lenders may charge extra fees such as prepayment penalties or origination fees.



When it comes to finding reliable online loan providers, there is no doubt that CocoLoan is in the best position to help you secure the funds you need. It also doesn't matter if you have good or bad credit, as their lending network is willing to cater to all credit types.

Also, since the loan application process is so fast and efficient, even first-time borrowers can quickly secure a loan without much hassle or fuss. The only thing that you may need to keep an eye out for is that you may have to deal with high-interest rates, especially if your credit score is less-than-stellar.

However, if used properly, CocoLoan can be a lifesaver when you need it. A good rule of thumb to keep in mind is that you should only apply for a loan if you can afford to pay it back. 

Otherwise, you are risking falling into bad debt and also being reported to the relevant credit bureaus, which will lower your credit score even further.

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