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Personal Loans

Rocket Loans Personal Loan Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.



Credit Req.


Minimum Credit Score


36 or 60


Origination Fee

1.00% - 6.00%


on LendingTree’s secure website

Rocketloans is a digital finance business that is part of the Quicken Loans family. ... Read More

Rocket Loans personal loan details

Fees and penalties

  • Terms: 36 or 60 months
  • APR Range: 7.16% to 29.99%
  • Loan amounts: $2,000 to $45,000
  • Time to Funding: Same day funding for up to $25,000
  • Credit pull: Soft Pull to see offers. Hard credit pull once you submit an application.
  • Origination fee: 1.00% - 6.00%
  • Prepayment fee: None
  • Late payment fee: $15 per occurrence
  • ACH return fee/returned check fee: $15 per occurrence

Eligibility requirements

  • Minimum credit score: 640 (Using a FICO® 9 model).
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.
  • Minimum income: Not specified.

Rocket Loans does not lend in Iowa, Nevada, or West Virginia. You must be at least 18 years old to apply for the loan (or 19 in Alabama and Nebraska). Your credit score, existing debt load, or income may disqualify you from a loan from Rocket Loans. Your loan rates will be based off of your income, your credit history, your debt-to-income ratio, homeownership and the size of the loan.

You may be required to submit documents to verify the accuracy of your information (such as pay stubs or tax forms).

Applying for a personal loan from Rocket Loans

From start to finish, applying for a personal loan from Rocket Loans takes just a few minutes.

  1. Before you can see any offers, Rocket Loans requires you to enter your personal information, including your name, address, Social Security number, phone number, employment status, income and homeownership status. Rocket Loans uses this information to do a “Soft Pull,” which will allow it to analyze your credit history, debt-to-income ratio, and overall debt burden. The credit pull will not show up on your credit report.
  2. After a minute or two, Rocket Loans presents a list of personalized loan offers. The offers include the loan amount, monthly payment, length, interest rate (Autopay rate) and the APR (which includes the funding fee). As long as you’re able to provide income and address verification, Rocket Loans will underwrite the loan with the terms presented.
  3. After choosing a loan option, Rocket Loans will verify your identity and income information. It may request that you submit documents (pay stubs, driver’s license, tax returns etc.). Rocket Loans will also have you log into the bank account where you want to receive the funds. The company does this to make sure it sends funds to the right place.

During the verification process, Rocket Loans will do a hard credit inquiry. This hard credit pull could impact your credit score.

Once Rocket Loans verifies all of your information, you’ll be instructed to sign the loan documents online. Then, Rocket Loans will transfer the loan to your bank account via an electronic, automated clearing house transfer (ACH transfer). Funds up to $25,000 may be available the same business day, but funding could take up to three business days based on your bank’s rules.

Pros and cons of a Rocket Loans personal loan



  • Fast application process. Rocket Loans has an easy online application that minimizes the need to find extra documentation. If you qualify, you could receive the funds the day you apply.
  • Available 24/7/365. Rocket Loans doesn’t take days or evenings off. Their loan offers are fully underwritten, so you can apply and be approved for a loan at your convenience. Loan funding only happens on business days.
  • Individualized offers. Rocket Loans only shows individualized offers. You don’t have to wonder what your interest rate will be — Rocket Loans will show multiple offers based on your ability to repay.
  • Originations fees. Personal loans from Rocket Loans carry a 1.00% - 6.00% origination fee. In contrast, many digital lenders have no origination fees.
  • Moderate-to-high interest rates. Borrowers with excellent credit can see rates as low as 7.16%, but other lenders offer better rates. Some borrowers can face interest rates as high as 29.99% APR.
  • Limited options for repayment terms. Borrowers can choose between 36 or 60 month terms. Other lenders offer more repayment options based on a borrower’s ability to repay.

Who’s the best fit for a Rocket Loans personal loan?

If you’ve shopped around and compared offers from several personal loan lenders, then you’re likely ready to make an educated decision about which lender is right for you. Rocket Loans makes it easy to shop because you can get individualized offers based on your personal information before you even have to apply.

In the end, Rocket Loans may not offer the best rates or terms, but it will give you a point of comparison. Plus, checking your rates on Rocket Loans won’t hurt your credit.
After you check your rate, you can compare Rocket Loans’ offers with rates from other lenders.

Since you know from our review that Rocket Loans carries a 1.00% - 6.00% origination fee, which is paid upfront, you should look for loans that not only offer a better rate, but also don’t carry an upfront fee. If you can’t find a better deal elsewhere, Rocket Loans may be the best option for you.

People who need their loan funded fast will find Rocket Loans most valuable. The application process takes just a few minutes, especially if you have pay stubs or tax documents handy. Once your loan is approved — which can happen almost immediately — Rocket Loans will send the funds to your bank. Depending on your bank’s rules, you can gain access to the funds the same day.

Rocket Loans consumer reviews

Rocket Loans has an A+ rating from the Better Business Bureau. Consumers reviews on LendingTree, our parent company, tend to paint Rocket Loans in a positive light when it comes to their customer service. They have 5 stars out of 5 in responsiveness and customer service. They’ve scored 4.5 out five when it comes to interest rates.

They do lag behind when it comes to fees and closing costs, earning just a 4.0 — this is likely because they have an origination fee while other online lenders do not.

Consumers have commented that you receive your funds quickly and the process is simple. “Bam, done!” said a review by Sara from Circle Pines, Minn. “Very fast and easy process!”

Rocket Loans FAQ

Rocket Loans offers mortgages, reverse mortgages, refinances, debt consolidation loans, home improvement loans, medical expense loans, auto loans, small business loans and other loans for personal use.

You can use your personal loan funds for any personal needs or pursuits outside of student loans and illegal activities.

You have the option of signing up for automatic monthly payments, which are deducted from your bank account each month. Alternatively, you can also mail in your payment by check.

A late fee is charged if a monthly payment is not made by 2 p.m. Eastern Standard Time within 10 calendar days of the due date.

If you think you might have trouble paying your bill, Rocket Loans encourages you to contact them by phone at 800-333-7625 so they can help you find a solution. If you do end up defaulting on your loan this will impact your credit in the future.

If you don’t qualify for a loan from Rocket Loans, you can work on strengthening your application by improving your credit score or debt-to-income ratio. You can reapply for a loan if your financial circumstances change.

In order to qualify for funding from Rocket Loans borrowers need to live in a state where the company does business. That means they can’t reside outside of the United States.

Alternative personal loan options




with AutoPay

Credit Req.

Not specified


24 to 144*


Origination Fee

No origination fee


on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.

LightStream is the online personal lending branch of SunTrust Bank. It sets itself apart by offering no-fee loans (including no late fees and No origination fee). Loans from Lightstream carry some of the best interest rates on the market, with rates ranging from 4.99%–16.79%. People with excellent credit can borrow $5,000–$100,000 from LightStream for 24 to 144 months.




Credit Req.


Minimum Credit Score


24 to 84


Origination Fee

No origination fee


on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More

Fixed rates from 5.99% APR to 18.64% APR (with AutoPay). SoFi rate ranges are current as of March 27, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi is another online-only lender with decent fixed APRs (5.99%–18.64% for fixed-rate loans and No origination fee). Personal loans from SoFi have terms ranging from 24 to 84 months.

In addition to its favorable rates, terms and policy on fees, SoFi is also one of the only lenders that offers “unemployment protection” on all personal loans. Borrowers who lose a job will be allowed to temporarily stop payments for up to 12 months. SoFi also offers nontraditional perks to its members including free career coaching and networking events.




Credit Req.


Minimum Credit Score


36 or 60


Origination Fee

2.41% - 5.00%


on LendingTree’s secure website

Advertiser Disclosure

Prosper is a peer-to-peer lending platform that offers a quick and convenient way to get personal loans with fixed and low interest rates. ... Read More

For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Prosper is a peer-to-peer lending place that offers 36 or 60 months fixed-rate personal loans for $2,000–$40,000. Rates at Prosper range from 6.95%–35.99% APR which includes the cost of a closing fee (also known as an origination fee). People with good or excellent credit may find better rates from other lenders, but those with bad credit do have a chance to be approved for a loan at Prosper.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Get Personal Loan Offers
Up to $50,000


Won’t impact your credit score

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7 Ways to Reduce Stress When Shopping For a Mortgage

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.


In today’s hot real estate market, finding a house you can afford can be a major challenge. But finding a house isn’t the only frustrating thing about house-hunting. Finding the right mortgage to buy the house may be even more complex, overwhelming and stressful. That said, if you’re going to buy a house, you’ll probably need one, and making the right decision on your home loan can save you money for years to come.

Here’s how to find the right mortgage while keeping your stress level in check.

Knowing your budget

Before you start looking for you dream house, it’s important to figure out how your monthly mortgage payments will affect your budget. “Don’t let a lender or broker talk you into a loan that is more than you’re comfortable with,” said Kim Anderson, a financial advisor with Rooted Planning Group, based in Fargo, N.D. “The monthly payment shouldn’t be so great that [a person] can’t save for retirement or college or vacations or whatever else is important to them.”

In the long run, focusing your search on houses you can easily afford may be one of the best ways to reduce the overall stress of buying a home and taking out a mortgage. Mike Caligiuri, a Columbus, Ohio-based financial planner explained, “When people see that they can buy a house and still become financially independent, it takes a lot of the stress away.”

Not sure how much house you can afford? Consider using an affordability calculator to help you plan before you start shopping. But remember, this calculator will show you the top end of your budget. It may make sense to buy less house and have smaller payments.

Shopping for a mortgage before you make an offer

One of the most stressful times to shop for a mortgage is when you already have an accepted offer on a house. Once you have an accepted offer you have a lot of financing work to do. You have to find a lender, decide on a mortgage and submit all your loan documentation. Then the lender has to put the loan through underwriting. All this work doesn’t leave much time for shopping for the best rate. Matthew Broom, an Atlanta-based financial planner explained, “If you want to be able to act quickly when you find a home you love, you need to begin preparing long in advance. That includes getting preapproval from multiple lenders.”

During the preapproval process, some lenders allow you to “lock-in” an interest rate for a period of time. But even if you can’t lock in a rate, getting preapproved can help you shop for a house with confidence.

Ian Bloom, a CFP with Open World Financial Planning in Raleigh, N.C., advises clients to, “be upfront with the lenders, and tell them what you want. Explain that you don’t want the financing part of the process to be a problem. The lenders are salespeople, and they should want to earn your business.”

Looking at mortgages you understand

One major source of mortgage-shopping stress can be the complexity of mortgage products. To reduce that stress, only consider mortgage products you really understand. “Unless you’ve got a good reason [to choose another mortgage], I think a plain vanilla, 30-year fixed rate mortgage is a great choice,” Bloom said.

Of course, you may have a good reason to choose a 15-year fixed rate mortgage, a construction loan or some other unique loan. But if you’re planning to live in your house a long time, it’s tough to go wrong with a mortgage where your payments will stay the same for thirty years.

Starting your mortgage search online

When it comes to finding the best rate on your mortgage, consider starting your search online. It’s especially important not to assume you’ll get the best interest rate by walking into a local bank or credit union. Caligiuri told MagnifyMoney, “There are online mortgage companies that give substantially better rates than your local banks. You’ll get the best rates by comparing lenders”. He also emphasized that online mortgage comparison tools may help you get to the best deals more quickly. ”If Expedia works for travel, why wouldn’t you use the same type of technology for a bank loan?” Caligiuri posited.

Comparison shopping online is a great way to find the best rates without the pressure of a salesperson pushing you to make a decision. When you do start speaking directly with a lender, be sure to mention that you’re comparing lenders. This may encourage them to offer their best rates right away.

Having your documentation ready

Some lenders will require a lot of documentation from you before you can officially complete your application. Expect to provide bank statements, W-2 forms, recent pay stubs, tax returns, evidence of your current rent or house payment and proof of identification. Instead of waiting for instructions from a lender, gather all of these documents into a single electronic (or physical) file folder. Then you can send copies as the loan officer requests them.

Once you’ve officially applied at a lender, the lender will give you a written loan estimate within three days. The loan estimate isn’t an official loan offer. But having an estimate in hand can dramatically reduce your stress. Plus, the loan estimate shows the important numbers to understand, like your loan APR and the monthly payments.

Asking for time to review your loan estimate

When you have a loan estimate in hand, a lender may push you to put down a refundable deposit to lock in a loan rate. They are understandably eager to close a deal with you, but the lender’s timeline isn’t your timeline. Do not put any money down until you’ve had the opportunity to review loan estimates from multiple lenders.

Instead of making a hasty decision, ask the lender for a day or two to review the loan estimate and compare it to other offers. Then, take advantage of the time to review the loan estimates.

When you’re comparing offers, focus on the APR (Annual Percentage Rate). The interest rate tells you the cost of borrowing money, but it doesn’t include the fees. APR, on the other hand, includes the total cost of the loan. Caligiuri explains, “The APR bakes in all the costs and fees of borrowing. It’s really the most important number to consider.”

Borrowers should pay attention to upfront costs (such as discount points or mortgage origination fees) to be sure they have the cash on hand to cover the fees. But if you have enough cash to close the loan, then the APR number will tell you which loan is the best deal. You want to choose the loan with the lowest APR.

Working with a lender that makes you feel comfortable

While comparing rates and fees is important, choosing the lowest cost loan might not always be in your best interest. “I tell clients to compare rates with two or three different lenders, but to choose the person who is easiest to work with,” said Bloom. “You’ll probably make a better decision when you work with someone who doesn’t stress you out.”

If you want to work with a lender that didn’t offer you the best rate, ask if they have a rate matching policy. Some lenders will match the written offers from other lenders. Even if the lender doesn’t match rates, you may want to choose a lender for reasons other than the loan cost. The right lender should make you feel confident in your decision, and the more comfortable you feel, the happier you’ll be in the long run.

Bottom line

Taking out a mortgage is a huge financial commitment. You want to make a decision about the loan with as little frustration and outside pressure as possible. By giving yourself a long timeline, preparing your budget and understanding the loan, you maximize your chances of success while minimizing your overall stress.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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College Students and Recent Grads

Beware of Auto Defaults on Private Student Loans


When a tragedy befalls a loved one, the last thing you want to hear is more bad news. But unfortunately, some private student loan lenders have a policy called “auto default” that can turn bad news even worse.

According to the Consumer Finance Protection Bureau (CFPB), a private student loan can go into default if a responsible borrower’s cosigner undergoes bankruptcy or dies. The borrower may wind up with the shocking revelation that they need to pay the entire balance of the loan within 30 days or risk having a defaulted private student loan. This is known as auto default.

Like all loan defaults, auto default can destroy your credit and make it difficult to access loans, rent an apartment or even get a new job.

Such a lending policy seems arbitrary and unprofitable, but it exists. In March 2016, the CFPB reported that their examiners put a stop to unfair auto defaults from one or more servicers because their loan contracts were ambiguous.

If you’re a borrower with private loans, these are the facts about auto default that you need to know.

How private student loans enter auto default

More than 90% of private student loans require a cosigner to back the loan, according to a 2017 CFPB report. Cosigners enable you to access lower interest rates and greater amounts, since the cosigners promise to pay back the loan if you default.

Because private loans are contingent upon cosigner creditworthiness, many lenders retain clauses that allow banks to call a loan in full if the cosigner goes into bankruptcy or dies. Although some banks say they do not intend to trigger this option, the CFPB reports that many exercise this option when the loan has been sold or is part of a securitization trust.

Depending on the circumstances, however, calling the loan may be illegal. However, you may feel there’s little recourse when you’re told your loans must be paid within 30 days.

How to prevent auto default

The best way to prevent an auto default on your private student loan is to release your cosigner as soon as you are able to do so. Many student loan servicers allow cosigners to be released from a loan after a certain number of on-time payments or with a qualifying credit score. But unfortunately, the Consumer Federal Protection Board found in 2015 that more than 90% of all attempts to release private student loan cosigners were rejected.

As a result, the CFPB recommends using its sample letter to write to your lender and ensure that you receive complete information about your eligibility to release your cosigner. In particular, if your cosigner is in poor health or has financial trouble, you should double down on your efforts to release them.

If you are ineligible for a cosigner release, you should have the option to change cosigners if you believe that your current cosigner puts your credit score or payment schedule at risk. But note that eligibility requirements for changing cosigners vary from lender to lender and even from contract to contract.

Often, the best way to release a cosigner from a private student loan is to modify the loan or refinance it. Private student loans are notoriously difficult to modify, but refinancing with a different company may be possible for people with good to excellent credit.

What to do if you enter auto default on your private student loans

Though the CFPB has proposed legislation to make lending practices more transparent, you must act quickly if your private student loan is in default, lest it destroy your credit.

If a collections agent informs you that your loan is in default, you should request a verification of debt. The collector must provide information about the loan balance and the original lender, and you can then use that information to reach out to the lender directly. Do not attempt to negotiate with the collector, unless you’re prepared to pay the sum since they cannot restore your credit.

If the bank informs you about the auto default, then you should contact them to attempt to reverse the default and modify the loan. Under many circumstances, both the borrower and the bank are likely to come to the conclusion that modifying the loan may be in the best interest of both parties.

Once you are in contact with a bank, then you should propose mutually beneficial solutions like modifying a loan to include a cosigner release option, allowing for a period of time to find a new cosigner or enabling a refinance.

If you cannot convince the private lender to modify a loan and reverse a default, then you should submit a complaint to the CFPB. The bureau is tasked at working on behalf of consumers to ensure prompt responses and resolution.

In some cases, the CFPB can work quickly enough for you to avoid default. However, if you are put into auto default, then you will need to clean up your credit. To determine whether anything needs to be done, first check your credit score, and then access your full credit report (available for free at to see if there are any negative marks on there. If the student loan entered default, then that will be present on the credit report, and the CFPB can work with you and the lender to be sure that the negative information is removed.

Will auto defaults stop?

Even with proposed reforms in the private student lending market, you remain at risk for auto defaults as long as you have a cosigner on your loan. The best way you can protect yourself from an auto default is by removing your cosigner or refinancing your loans without a cosigner.

The CFPB works to protect consumers through action and reform, but you put yourself in a stronger position when you proactively work to avoid lending practices such as auto default.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.


Student Loan

Refinance with Earnest

Refinancing rates from 3.50% APR. Checking your rates won’t affect your credit score.