Frequently Asked Questions

The following questions are some of the most common ones that we get asked from customers and our answers to them. We hope that they will help you understand how CocoLoan works and how it can help you solve your financial problems.

Is CocoLoan a lender or broker?

CocoLoan is a leading UK registered credit broker. We can match you with the right lenders for your needs, but don't offer any loan or make any decision on your loan request.

What makes CocoLoan different from other online loan service providers?

CocoLoan is different because our application process is very simple, our lenders are authorised, regulated, and reliable, and our services come with no hidden charges.

How do I apply for a loan with CocoLoan?

You can apply on our website by submitting your details with our simple loan request form. Once our lenders receive your application, they will carefully inspect it and make their decision quickly. After they approve, you should be able to get your loan usually on the same or next business day.

How long will it take to get approved?

It takes only a few minutes to complete our forms. And when your application has reached our lenders, they will run a credit check on you before granting approval. The whole process usually takes as much as a few hours.

How to be eligible for a loan on CocoLoan?

To qualify for loans from the CocoLoan partner lenders, you should at least be a UK citizen of 18 years old or older. You should also have a bank account, be employed or have a regular source of income, and have no outstanding debts with the same lenders.

How much can I borrow for your loans?

This depends on the agreement you've made with your lender. But on CocoLoan, the maximum amount you can get is £5000.

Will borrowing your loan affect my credit score?

Once your loan application is sent to our lenders and they start checking your credit history, this may slightly impact your credit score as this will be recorded in your profile. But apart from that, borrowing a loan won't hurt your credit, as long as you repay the loan on time and in full.

Can I apply for your loan if I have bad credit?

Yes you can. We work with lenders that offer loan options specifically for borrowers with bad credit. As long as you can prove your affordability, they will be happy to grant you the loan you need.

How does repayment work?

You should repay your loan according to the terms and conditions of the loan agreement, which set out the repayment amount, date, and other details. Before signing the agreement, you should always check on the terms with your lender and make sure you won't have troubles with repayments.

What if I'm having difficulty repaying my loan?

If you are having difficulty repaying your loan, then you should contact your lender as soon as possible before the due date. Let them know your situation and see if you can work together to find a solution to your problem.

Also you can ask for help from MoneyHelper (moneyadviceservice.org.uk), a government-backed financial guidance provider that can give you advice on how to fix your debt issue.