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SoFi
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5.99% To 18.53%* APR
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6.99% To 19.99% APR
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3.49% To 19.99%* APR
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Rocket Loans Personal Loan Review
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.
Written By
Updated on Thursday, June 20, 2019
What is Rocket Loans?
Rocket Loans is the personal loan affiliate of the Quicken Loans family of companies, the largest mortgage lender in the United States. Quicken Loans started lending mortgages in 1985, and later expanded into personal loans with Rocket Loans.
Rocket Loans is a digital lender that specializes in approving and funding personal loans in real time. Rocket Loans states that it aims to create the most user-friendly lending platform in the world.
By automating the lending process, Rocket Loans gives all users an individualized experience. From the moment you enter your personal information, you’ll see real offers based off your credit history and stated income. The company streamlines the entire application and underwriting process, so qualified borrowers can expect their loans to be approved and funded up to $45,000. However, if borrowers need money fast, they could get up to $25,000 on the same business day that they apply for the loan.
Rocket Loans personal loan highlights
- Only see real offers: Rocket Loans won’t waste your time with offers that don’t apply to you. As long as Rocket Loans can verify the information from your profile during underwriting, the offers you see will become real loan offers.
- Soft Pull: Individualized rate offers are generated by a soft credit inquiry, which won’t hurt your credit score. During underwriting, Rocket Loans uses a hard credit inquiry to confirm the accuracy of the information.
- Same-day lending: Borrowers who complete their application and sign their loan by 1 p.m. EST can receive up to $25,000 the same day they apply.
- Completely online: Everything from the application to submitting documentation happens entirely online.
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
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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.
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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
LightStream
Credit Req.
Not specified
Origination Fee
No origination fee
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 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 3.49%–19.99%. People with excellent credit can borrow $5,000–$100,000 from LightStream for 24 to 144 months.
SoFi
APR
5.99%
To
18.53%*
Credit Req.
680
Minimum Credit Score
Terms
24 to 84
months
Origination Fee
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. 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%–18.53% 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
APR
7.95%
To
35.99%
Credit Req.
640
Minimum Credit Score
Origination Fee
2.41% - 5.00%
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 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans 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 personal 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 7.95%–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.
