Suitable For?
Rocket 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.
Rocket 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 Rocket Loans. You can get prequalified online in seconds. In some cases, Rocket Loans can send money to your bank account on the same day you close your loan.
Loan Features
While Rocket Companies has several divisions under its umbrella which offer other loan products, Rocket 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 Rocket Loans as a student loan.
Here are the key features of Rocket 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 Rocket Loans online.
To prequalify, enter your name, email address, phone number, home address, Social Security number, and employment status. Rocket 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. Rocket 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, Rocket 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
Rocket 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.
Rocket Loans works with U.S. citizens and permanent U.S. resident aliens residing in the United States who are at least 18 years old.
Rocket Personal Loan Terms
Rocket Loans offers personal loan amounts from $2,000 to $45,000.
Interest rates range from 8.966% 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
Rocket 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 Rocket Loans are made through Cross River Bank, a New-Jersey-state chartered bank, Equal Housing Lender, and FDIC member.
Rocket 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
Rocket 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
Rocket Loans is a great option for borrowers with good credit. It accepts individuals with credit scores as low as 640, whereas the minimum credit score for competitors like Credible and LightStream is 660.
However, Rocket Loans offers a much lower maximum loan amount. The most you can borrow from Rocket Loans is $45,000, whereas Credible and Lightstream each offer up to $100,000 for borrowers with strong credit.
Rocket Loans stands out for offering same-day funding, which is not available at either Credible or Lightstream. This makes Rocket Loans a good option for borrowers who need money quickly.