How It Works | CocoLoan

CocoLoan is an online platform that connects you with the suitable lenders based on your needs and preferences. Our services enable you to get a loan on the same or next business day, without any hassle and without leaving your home.

How Our Loan Matching Service Works

The process of getting a loan via CocoLoan has been streamlined to make sure you won't spend a whole lot of time submitting the application and waiting for approval

1.Submit your application: You'll need to let us know how much you want to borrow, how long you'll repay the loan, what you're going to use it for, and some personal information about yourself. You'll do this by completing our online application form, which takes as little as a few minutes.

2.Get checked by our lenders: Once the application is submitted to our lenders, they will examine your affordability and determine whether you're eligible for the loan. You may only need to wait a few hours before you see the results.

3.Get your money: After you make an agreement with the lender, they will deposit the money into the bank account you provided. And depending on how quickly your bank can process the transaction, you'll receive the money usually within a day.

All the steps above can be done entirely online. You can get the money you want from the comfort of your home and without the hassle of visiting a brick store. And even for the loans that require physical contact (some title loan lenders will need to inspect your vehicle), everything can be arranged at your convenience.

Eligibility Criteria

The eligibility criteria for a loan depends on which type of loan you're asking for, who you're borrowing from, and how your current financial status is. But for all CocoLoan partner lenders, there are some universal requirements you need to meet:

  • You must be a US citizen.
  • You must be 18 years or older.
  • You must have an active bank account to receive the money.
  • You must have a steady source of income or other ways to show your ability to repay the loan.

Repayment Options

There are a few different ways you can repay your loan. For different loan types, you can pay back the full loan amount in one go, or make smaller payments over a longer period of time.

Also there are multiple options to pay off the loan that our partner lenders accept. These include:

  • Providing a personal check
  • ACH payment
  • Debit card payment