CocoLoan Review: Get Online Loans for Bad Credit (2022)

CocoLoan Review: Get Online Loans for Bad Credit (2022)

While bad credit can often make it extremely difficult for you to secure a personal loan, this doesn’t mean that it is impossible. If you click here and head to CocoLoan, you will be instantly connected to multiple lenders that specialize in providing borrowers with poor or non-existent credit. 

You can access loans that range between $50 and $5,000, making it an ideal option for those in need of a quick cash injection. On top of that, all bad credit loans from CocoLoan are unsecured, which means that you don’t need to put up any collateral to secure funding, either.

Requirements Needed To Secure Funding Via CocoLoan

All lenders within CocoLoan’s network will usually have their own unique underwriting requirements, but unlike traditional loans that are heavily dependent on a borrower’s having a perfect credit score, you can usually be approved as long as your income level shows that you can afford to make your repayments on time. 

However, before you submit an application for a loan, you will need to make sure that you fulfill the legibility requirements laid out by CocoLoan, which include;

  • Being at least 18 years of age.
  • Being a US citizen and permanent resident.
  • Having a stable source of income.

Additionally, you will usually need to have an active bank account because the lenders will need it to deposit your funds instantly. This is especially necessary if you are taking out a payday loan or cash advance, as they will usually need to be able to withdraw their payment on payday automatically.

What Is CocoLoan’s Loan Application Process? 

You can submit a formal loan application by heading to the CocoLoan website and filling out the form, which should only take you a few minutes to complete. And aside from providing your personal information, you will also need to submit financial documentation such as bank statements along with your application. 

Once you submit the form, you will only need to wait a few minutes before receiving a decision. If approved, you will be presented with a variety of loan offers from several lenders, at which point you can take your time to compare and find the ideal offer that best suits your financial situation. 

If you receive a loan offer that suits your needs, you can then accept it by e-signing the agreement. The funds will then be deposited into your account within 24 hours after approval, or by the next business day, at the latest.

What Are CocoLoan’s Fees?

CocoLoan is not a direct lender, but a credit broker, which means that it is a platform that provides free services to all borrowers. There are no hidden fees or charges to worry about, as the company earns profits by charging the lenders within its network a fee for connecting them to potential borrowers. 

And this is because the company is already aware that taking out a loan and having to pay interest is already a heavy burden on the borrower, so they aim to make the process painless by not charging a brokerage fee. 

However, do keep in mind that this does not mean that their lending partners will not charge any extra charges like origination fees for giving out a loan. This also includes having to deal with late repayment and administration fees, which is why it is important to always review the loan agreement before signing.

Will My Credit Be Affected If I Borrow Using CocoLoan?

No, it will not have any impact on your credit score, as most of the lenders in their network do not report to major credit bureaus, but do keep in mind that if you end up defaulting on a loan, there is a high chance that the lender may decide to file a report, which is why you should always ensure that you repay any loan you borrow on time. 

Aside from that, you also don’t have to worry about your credit score affecting your chances of approval, either. However, it does often help to review your credit report and report any discrepancies or errors that may be negatively affecting your credit score to the relevant credit bureaus. This in turn can help you to secure lower interest rates when borrowing from CocoLoan’s partner lenders.


If you intend on securing a bad credit loan, then CocoLoan is one of the best platforms that you should consider using. You can start the loan application process from the comfort of your own home, and it doesn’t take long to receive a decision, either. 

It also makes it easy for you to find and compare the most competitive loan rates and terms, which ensures that you are able to secure a loan that you can comfortably afford. In addition, most loans from CocoLoan’s lending network are processed on the same day of approval, so you can easily deal with any unexpected expenses in a hurry. So, why not apply for a loan now?

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