Minimum Credit Score
36 or 60
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
Fees and penalties
- Minimum credit score: 640 (Using a FICO® 9 model)
- Minimum credit history: 2 years
- Maximum debt-to-income ratio: 40% excluding mortgage and 70% including mortgage
- Minimum income: $24,000 annually (from any source)
Rocket Loans does not lend in North Carolina, Iowa, West Virginia or Nevada. You must be at least 18 years old to apply for the loan (19 in Alabama and Nebraska). Your credit score, existing debt load, or income may disqualify you from a loan from RocketLoans. 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 RocketLoans
From start to finish, applying for a personal loan from RocketLoans takes just a few minutes.
Before you can see any offers, RocketLoans requires you to enter your personal information, including your name, address, Social Security number, phone number, employment status, income and homeownership status. RocketLoans 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, RocketLoans 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, RocketLoans will underwrite the loan with the terms presented.
After choosing a loan option, RocketLoans will verify your identity and income information. It may request that you submit documents (pay stubs, driver’s license, tax returns etc.). RocketLoans 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, RocketLoans will do a hard credit inquiry. This hard credit pull could impact your credit score.
Once RocketLoans verifies all of your information, you’ll be instructed to sign the loan documents online. Then, RocketLoans 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.
Who’s the best fit for a RocketLoans personal loan?
So long as you’ve shopped around and compared offers from several personal loan lenders, you’re ready to make an educated decision about which lender is right for you. RocketLoans 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, RocketLoans may not offer the best rates or terms, but it will give you a point of comparison. Plus, checking your rates on RocketLoans won’t hurt your credit. After you check your rate, you can compare RocketLoans’ offers with rates from other lenders. Since you know from our review that RocketLoans 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 don’t carry an upfront fee. If you can’t find a better deal elsewhere, RocketLoans may be the best option for you.
People who need their loan funded fast will find RocketLoans 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), RocketLoans will send the funds to your bank. Depending on your bank’s rules, you can gain access to the funds the same day.
Alternative personal loan options
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%–16.99%. People with excellent credit can borrow $5,000–$100,000 from LightStream for 24 to 144 months.
Minimum Credit Score
24 to 144
No origination fee
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 under the invoicing option are 0.50% 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.
SoFi is another online-only lender with decent interest rates (5.99%–16.49% for fixed-rate loans and 6.40%-12.70% on variable-rate loans) and No origination fee. Personal loans from SoFi have terms ranging from 24 to 84 months. SoFi is 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.
Minimum Credit Score
24 to 84
No origination fee
SoFi offers some of the best rates and terms on the market. ... Read More
Fixed rates from 5.990% APR to 16.490% APR (with AutoPay). Variable rates from 5.74% APR to 14.60% APR (with AutoPay). SoFi rate ranges are current as of February 15, 2019 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. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.74% APR assumes current 1-month LIBOR rate of 2.51% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.
To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
See Consumer Licenses.
SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
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 Propser 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 people with bad credit have a chance to be approved for a loan at Prosper.
Minimum Credit Score
36 or 60
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 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.