Rocket Loans Personal Loan Review

(31 Reviews)

APR

7.16%
To
29.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60

months

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.

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.
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.
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

Pros:	Cons:
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.

Pros:

Cons:

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

What types of loans does Rocket Loans offer?

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.

How can I spend my personal loan funds?

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

How can I pay my loan?

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.

Is there a grace period for late payments?

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.

What happens if I can’t pay my bill?

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.

What if I don’t qualify for a loan from Rocket Loans?

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.

Can non U.S. residents receive money from Rocket Loans?

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

LightStream

(337 Reviews)

APR

3.99%
To
19.99%^*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144^*

months

Origination Fee

No origination fee

on LendingTree’s secure website

Lender Disclosure

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

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

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 3.99%–19.99%. People with excellent credit can borrow $5,000–$100,000 from LightStream for 24 to 144 months.

SoFi

APR

5.99%
To
20.69%^*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

on LendingTree’s secure website

Lender Disclosure

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

Fixed rates from 5.99% APR to 20.69% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 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 credit worthiness, 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%–20.69% 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.

Prosper

(1363 Reviews)

APR

7.95%
To
35.99%

Credit Req.

640

Minimum Credit Score

Terms

36 or 60^*

months

Origination Fee

2.41% - 5.00%