3 Best Lending Platforms To Get Funding With A High Chance of Approval

by George Philip
Published: Last Updated on 0 comment

With the rise of the online lending industry, it is no longer necessary for you to head to a brick-and-mortar bank or credit union to borrow a personal loan. These days, you can easily find quick loans online from CocoLoan and other similar platforms, which can allow you to secure funding without even having to leave the comfort of your own home. 

Furthermore, many of these online lenders can provide you with fast funding, competitive interest rates, and the option to prequalify, so you can easily compare your rates to find the one that is best suited to your financial situation. So, we reviewed our top three picks that are in the best position to help you secure the cash that you need, even if you have a bad credit score.

We also took other factors into consideration, such as loan amounts, interest rates, eligibility requirements, fees, and term options, which should ensure that you are getting the best possible deal.

1. CocoLoan – Highest approval rates for online loans even with bad credit

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2. WeLoans – Has a large lending network that offers multiple loan products

3. HonestLoans – Best choice for borrowing small fast loans up to $5,000

If you need a little more background data on these platforms, then make sure to keep reading as we dig a little deeper into what makes them so special.

1. CocoLoan

If you’re looking to pay for home improvements, consolidate debt, or cover some other type of large expense, then taking out an online loan with CocoLoan is your best option. The site has a staggering 97% approval rate, so even if you have a history of bad credit, there is a very high chance that you will be able to secure the funding that you need.

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Sarah Ross, the co-founder of CocoLoan, spoke on this and stated, “We have such a high approval rating because our partner lenders assess a wide variety of factors, besides just your credit score, when evaluating loan requests.” Some of these factors can include your income level, employment status, debt-to-income ratio, etc. 

When it comes to loan amounts, you can typically borrow up to $35,000, with all approved loans disbursed by the next business day. You also don’t need to submit any lengthy paperwork, and since the site is designed with a simple user interface, this makes it a great choice for inexperienced online borrowers to apply for a loan without much hassle.

The site also comes with advanced SSL encryption to ensure that your personal and financial information remains safe from unauthorized access. Plus, the lending service also comes with a highly responsive customer service team that is ready to assist you at any time, 24/7.

Reasons To Use CocoLoan

  • 97% loan approval rate 
  • Reliable customer service
  • High loan limits

Reasons To Avoid CocoLoan

  • High-interest rates

2. WeLoans

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WeLoans is second on this list, as it comes with one of the largest online loan networks in the market. With over 100 direct lenders to choose from, the chances of securing funding, even if you have a bad credit score, are relatively high. 

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On top of that, with so many lenders available, this also means that there are a wide variety of loan products to choose from. You can apply for payday loans, instalment loans, bad credit loans, quick loans, same-day loans, and more.

In addition, the lending service is completely free-to-use and allows borrowers to access loans as high as $35,000, with all funds processed within 24 hours after approval. It also doesn’t take much to qualify for a loan, as you only need to be 18 years of age or older, a US citizen, and have an active checking account in your name. 

WeLoans’ partner lenders are also quick to process loan applications, and you can even expect any approved funds to be deposited into your account in just 24 hours or less. Also, since the platform is available 24/7, you can feel free to apply for a loan even after normal business hours. 

Reasons To Use WeLoans

  • Extensive lending network
  • Multiple loan products
  • Accessible 24/7

Reasons To Avoid WeLoans

  • High late payment fees
  • Lenders may charge extra fees

3. HonestLoans

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If you need a quick cash loan to deal with small financial emergencies, then HonestLoans is a great choice, as it allows borrowers to access loans of up to a maximum of $5,000. The lending service is also well-known for having strict vetting policies, which means that all the lenders in their network will only offer you fair and reasonable loan rates and terms.

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HonestLoans also doesn’t have any hidden fees or costs to worry about, so you can feel free to explore your lending options without any need to make a financial commitment. 

Furthermore, all loans are processed quickly, so you can even get access to the cash you need within the same day.

On top of that, HonestLoans has a strict privacy policy in place, so any information that you submit via the platform will never be shared or sold to anyone other than the lenders in their network. Plus, the site allows you to easily compare loan options, so you can take your time to find a suitable lender that best fits your current budget and requirements.

Reasons To Use HonestLoans

  • Favourable small loan rates and terms
  • Strict privacy policy
  • Speedy loan processing

Reasons To Avoid HonestLoans

  • Low loan limits


To summarize, there are several reputable online lending platforms that you can use to secure funding today. However, these three are the best of the best, and each one can offer you the assistance you need specific to your financial situation. 

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If you need a large cash loan with a high chance of approval, then CocoLoan is your best bet. If you want a wide range of loan options to choose from, WeLoans can help you. If you simply need a quick cash injection to deal with a small emergency, then make sure to refer to HonestLoans.

Tips When Comparing Loan Offers

If you do decide to use one of these online loan services, keep in mind that they will usually connect you to the direct lenders within the network, as they don’t provide loans directly. This means taking a few things into consideration when reviewing whatever loan offers are made available to you so that you can secure yourself the best possible deal.

  • Loan restrictions: Some lenders may restrict you on how you can use the funds that you are approved for. For instance, you may only be allowed to use a loan to pay for education fees, which can be inconvenient if you need the money for something else.
  • Loan requirements: Some lenders may require you to have a good credit score, while others may be willing to be more flexible. It is important to review what loan requirements are expected of you in terms of income level, debt-to-income ratio, credit score, and other factors.
  • Loan interest rates and extra fees: When applying for loans online, your top priority should be to secure competitive rates that will not end up adding too much to your cost of borrowing. You also need to choose a lender that charges the least in add-on costs such as origination fees, administrative fees, prepayment penalties, etc.
  • Loan repayment terms: The repayment terms being offered are another factor that you need to take into consideration. The shorter the repayment term being offered the faster you will be out of debt and the more money you will save on interest. Meanwhile, a longer repayment term will usually translate into more affordable monthly payments.
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