Top10 Personal Loans
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Quicken Loans Review

Quicken Loans℠ is a division of Rocket Companies®, a publicly traded company that includes Rocket Mortgage®. Quicken Loans offers personal loans ranging from $2,000 to $45,000 with options for same-day funding. There is a minimum credit score requirement of 640 and there is a $24,000 minimum annual income requirement. Only terms of 36 or 60 months are available, but there are no prepayment penalties. All loans include an origination fee.

Quicken
5
Online application process
Same-day funding available
Direct Lender
Variety of loan types
Written by:Casey Newton

Casey Newton,

Suitable For?

Quicken Loans is suitable for individuals who need a personal loan and have good credit. Applicants need a minimum credit score of 640 and there is a $24,000 minimum annual income requirement.

Quicken Loans also offers small loans of just $2,000. This can make it a good option for individuals who need to borrow money for smaller expenses as opposed to massive home renovations or large medical bills. The maximum amount you can borrow is $45,000.

Individuals who need money fast may also want to consider Quicken Loans. You can get prequalified online in seconds. In some cases, Quicken Loans can send money to your bank account on the same day you close your loan.

Loan Features

While Quicken Companies has several divisions under its umbrella which offer other loan products, Quicken Loans is a lending platform that only offers personal loans. Common uses of personal loans include funding home renovations or repairs, paying medical bills, or consolidating credit card debt. You cannot use a personal loan from Quicken Loans as a student loan. 

Here are the key features of Quicken Loans personal loans.

  • Borrow $2,000-$45,000
  • Repayment terms of 36 or 60 months
  • No prepayment penalties or hidden fees
  • Get funds as soon as the same day

Application Process 

You can apply for a personal loan from Quicken Loans online.

To prequalify, enter your name, email address, phone number, home address, Social Security number, and employment status. Quicken Loans will run a soft credit check, which doesn’t impact your credit score, to see if you prequalify and estimate your rates.

You can then view your loan options, complete with repayment terms, rates, and fees. If you find a loan you like, you can complete the application process online. Quicken Loans requires your bank account information and may require a copy of your pay stub. Your information can typically be verified quickly, but it may take up to several days in some cases.

Once your application is approved and you’ve signed your loan agreement, Quicken Loans will send funds to your bank account within hours to days. In some cases, funds arrive in your bank account the same day.

Requirements

Quicken Loans requires applicants to have a minimum credit score of 640 and there is a $24,000 minimum annual income requirement. You cannot have a co-signer on your loan. You can apply to see if you prequalify without impacting your credit score.

Quicken Loans works with U.S. citizens and permanent U.S. resident aliens residing in the United States who are at least 18 years old.

Loan Terms

Quicken Loans offers personal loan amounts from $2,000 to $45,000.

Interest rates range from 9.116% to 29.99% APR with a discount available for enabling autopay. All loans carry an origination fee of up to 9% of the loan amount. You can see your rate and fees during prequalification.

Example loan: A 5 year $16,500 loan with a 13.45% interest rate and a 5.37% ($886) origination fee would have 60 scheduled monthly payments of $379.72 for an APR of 15.97%.

Repayment Terms

Quicken Loans only offers two repayment terms: 36 months or 60 months. You can choose your repayment term in most cases, although different terms may offer different loan amounts and rates. There is no prepayment penalty if you pay off your loan early.

Privacy & Security

All personal loans from Quicken Loans are made through Cross River Bank, a New-Jersey-state chartered bank, Equal Housing Lender, and FDIC member. 

Quicken Loans has a 4.9-star rating on Trustpilot after more than 4,500 reviews. The company is accredited with the Better Business Bureau and has an A+ rating.

Help & Support

Quicken Loans offers customer support by phone and email from  9am-7pm Monday to Friday and 9am-6pm Saturday. You cannot apply over the phone, but you can get help with the online application process.

Phone: (800) 333-7625

Email: Support@RocketLoans.com

 

Pros and cons

Pros
Check your rate with no impact to your credit score
Get prequalified offers in minutes
No prepayment penalties
Fully online application process
Fast funding
Cons
Up to 9% origination fee for all loans
High rates for excellent credit
Not available in all states
Does not allow co-signers