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Personal Loans

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What are Personal Loans?

A personal loan is a sum of money you borrow for various purposes. You can use it to pay off credit card debt or finance a home renovation. Personal loans are offered by banks, credit unions, and online lenders. The money you borrow, along with interests, is repaid over time in installments. Some lenders may charge additional fees as well.

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What Can a Personal Loan Be Used for?

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Debt Consolidation

Debt consolidation is taking out one single loan to pay off multiple debts. It can be a good way to get your debt under control. Personal loans are often used for credit card debt but can also be used for other types of debt.

Home Remodeling

You can get a personal loan to finance a home remodel. If there is no equity in your house or renting, it makes sense to opt for a personal loan. You can take out a loan for home improvements.

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Moving Costs

If you need help moving, a personal loan can help. Personal loans can be used for those moving long distances or for those who anticipate thousands of dollars in expenses.

Medical Bills

Medical bills can be excessive and can take a toll on your finances. And if an unexpected medical procedure or health issue comes up, a personal loan can help you cover costs your insurance doesn't pay for.

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Big Events

Weddings, vacations, and other nonessential expenses can all be financed with a personal loan. A loan may be the perfect way to pay for big events because you’ll get a lump sum upfront.


Medical expenses and home or auto repairs often come unexpectedly, when you may not have the funds available to pay for them upfront. A personal loan can help you cover those expenses.

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Where Can I Get a Personal Loan?

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Direct Lender

A direct lender is a financial institution that makes personal loans directly to you. It is responsible for the entire process, including approving your loan, funding it, and servicing it.

If you visit a store, you can expect to fill out a submission form and receive approval from the lender within a short time. Loan proceeds are typically available on the next business day.

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Professional Broker

A loan broker is not a direct lender, meaning they do not provide the funds. Some online brokers like Cocoloan connect borrowers and lenders on a shared network.

Their job is to connect you to the right lender who will provide the funds you need. They find lenders for you with reasonable rates even with less than perfect credit scores. They have no hidden charges. And their online loan process is fast and easy.

Get Online Personal Loans in a Few Minutes

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    1. Tell Us About Yourself

    Fill out our form. The process takes only a few minutes. You will be expected to provide basic information about yourself, including your job and salary.

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    2. Choose Our Lenders

    We work with a vast network of reputable lenders. Our lenders allow you to borrow up to $ 35,000 if approved. They will come up with a personalized loan based on your needs, experience, employment history, and credit score.

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    3. Sign the Agreement

    The next step is to sign the loan agreement. You can do this on your computer or mobile device, or you can print it out and sign it the old-fashioned way.

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    4. Get Your Money

    Once the lender approves your submission, the money may take some time to appear in your bank account.Typically, it will be there within one or two business days for most lenders.

What Affects the Interest Rate of My Personal Loan?

The lenders we work with offer different rates based on your credit score. When it comes to personal loans, the interest rate you’re offered depends on many factors. These include your credit score, loan amount, income, and debt-to-income ratio.

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Frequently Asked Questions

  • Can I Get a Personal Loan with Bad Credit?

    Yes. If you have bad credit or no credit, you might think getting a personal loan is out of the question. But there are plenty of lenders who offer personal loans to people with bad credit. At Cocoloan, we can help you compare multiple options in one place.

  • Are Personal Loans Secured Or Unsecured?

    Personal loans can be secured, which means you need collateral to borrow money/ They can also be unsecured, with no collateral needed.

  • What Documents Do I Need?

    The most common documents requested by lenders include:

    • Proof of identity. Passports and national ID cards are the standard options. They need to be valid and not expired.
    • Proof of income. A payslip, bank statement, or other proof that you receive regular income is important.
    • A bank account in your name. The lender needs this so they can deposit your money and collect your repayments.
  • How to Qualify for a Personal Loan?

    To qualify for a personal loan, you must:

    • Be 18 years or older
    • Be a U.S. citizen or permanent resident.
    • Have a social security number and a verifiable source of income.
    • Have an active checking account that has been open for at least 90 days.
    • Have a valid email address and phone number.
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