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Rocket Loans Personal Loan Review

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Rocket Loans provides a fast option for a personal loan along with tools and resources designed to help you meet your financial goals. Prospective borrowers who apply through Rocket Loans’ simple and secure online process can receive an offer within seconds depending on their eligibility. This is much quicker than the response times of some other lenders.

Rocket Loans may also offer same-day funding for borrowers who need their money right away, which is not an option with some competitors. Learn more about Rocket Loans below.

Rocket Loans personal loan highlights

  • Online loan process: You can apply for a personal loan from Rocket Loans entirely online so you can get your money from the comfort of your own home.
  • Same day funding: If you need your money right away, you can receive up to $45,000 the same day you apply as long as you complete the loan process and sign a promissory note by 1 p.m. EST on a business day.
  • Checking loan offers won’t affect credit: You can view your loan offers without hurting your credit because Rocket Loans performs a Soft Pull before displaying them.
  • No prepayment penalties: Rocket Loans doesn’t charge fees for making additional payments or paying off your loan early so you can do so and save on interest without any penalties.

Rocket Loans personal loan at a glance

  • APR range: 7.16%–29.99%
  • Minimum credit score: 640
  • Terms: 36 or 60
  • Origination fee: 1.00% - 6.00%
By clicking “See Offers”, you may or may not be matched with any lender mentioned in this article. Based on your creditworthiness, you may be matched with up to five different lenders in our partner network.
Terms Fees and penalties
  • Terms: 36 or 60 months
  • APR: 7.16%–29.99%
  • Loan amounts: $2,000–$45,000
  • Time to funding: Same day funding for up to $25,000
  • Credit check: Soft Pull to see offers and hard pull once you submit your application.
  • Origination fee: 1.00% - 6.00%
  • Prepayment fee: None
  • Late payment fee: $15 per occurrence

Eligibility requirements

  • Minimum credit score: 640
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

To be eligible for a Rocket Loans, you must be a U.S. citizen or permanent U.S. resident and at least 18 years of age (or 19 in Alabama or Nebraska).

Your credit score, requested amount and loan term, credit usage, and credit history will be taken into consideration when Rocket Loans decides whether or not to approve you for a loan.

As of August 2019, Rocket Loans does not lend to borrowers in Iowa, Nevada and West Virginia.

What borrowers are saying about Rocket Loans

Most Rocket Loans borrowers are pleased with how quick and easy the lender makes it to obtain a loan. “Experience was quick and easy,” wrote Teresa from Winnetka, Calif. “Minimal paperwork and prompt responses. Rates are way more reasonable than the other offers out there. Customer service was great.”

The only real complaint was that Rocket Loans will not change the day borrowers can make their monthly payments. Steve from Buckeye, Ariz., said that he contacted the lender to ask if it would alter his monthly payment day and it refused to do so. This was an inconvenience for him due to the way his employer pays him and may be bothersome for other borrowers as well.

Applying for a personal loan from Rocket Loans

You can apply for a personal loan entirely online in a few minutes. Here’s what you can expect.

  1. Request offers: You’ll need to enter personal information like your full name, address, Social Security number, income information, and date of birth to see your offers. During this step, Rocket Loans will perform a “Soft Pull” and analyze your information without affecting your credit.
  2. Choose an offer: Once you receive a list of personalized loan offers, you’ll need to select the right one for your unique situation.
  3. Verify identity and income information: After you choose a loan option, you may need to submit documents like pay stubs, tax returns, and your driver’s license to verify your identity and income.
  4. Receive your money: As soon as you agree to the loan terms, Rocket Loans will approve your loan. While you may be able to receive your money that same day, you may have to wait a few business days.
Pros Cons
  • Fast application process: Rocket Loans offers a fast application process that can be completed entirely online.
  • Same day funding: You may be able to get up to $25,000 the day you apply for a Rocket Loan.
  • Low minimum loan amount: Even if you need a small loan, Rocket Loans can help, as the lender offers loans as low as $2,000.
  • Origination fees: Personal loans from Rocket Loans come with an origination fee of 1.00% - 6.00%. Competitors may offer no origination fees.
  • Limited repayment terms: You can only choose from a 36 or 60-month term. This may be an issue if you want more or less time to repay your loan.
  • High interest rates for borrowers with poor credit: If you don’t have the best credit, you may get a high interest rate.

Who’s the best fit for a Rocket Loans personal loan?

If you’re looking for a personal loan lender that offers fast funding, a personal loan from Rocket Loans may be a good choice. You can receive up to $25,000 the same day you apply and fund an unexpected expense such as a car repair or medical bill.

Rocket Loans may make sense if you like the idea of a fast online application process, as the lender’s entire process is entirely online and can be completed from just about anywhere.

Since viewing offers from Rocket Loans won’t affect your credit score, it’s wise to do so in order to give yourself a point of comparison and find out if you can get a better deal elsewhere.

Alternative personal loan options


  • APR: 5.99% to 24.99%
  • Credit requirements: 640
  • Terms: 24 and 60 months
  • Origination fee: Is up to 5.00%

Payoff offers its borrowers a number of noteworthy perks including free FICO score updates each month, job loss support, and quarterly check-in calls. It may be a strong alternative to a Rocket Loan if you’re looking for a potentially lower APR and a way to save money on interest.

All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.


  • APR: 184.36% for prime borrowers
  • Credit requirements: Varies
  • Terms: 36 to 180 months
  • Origination fee: Up to 17%

LoanMe offers loans to borrowers in Arizona, California, Delaware, Idaho, Kentucky, Missouri, New Mexico, South Carolina and Utah. If you live in one of these states and would like longer loan terms than Rocket Loans offers, a LoanMe personal loan may be a good option, as its terms go up to 36 to 180 months.


  • APR: 5.99% to 20.69%¹
  • Credit requirements: 680
  • Terms: 24 to 84 months
  • Origination fee: No origination fee

SoFi’s personal loans are designed for borrowers who are employed and have a strong monthly cash flow and responsible financial history. A SoFi personal loan may be worthwhile if you meet these requirements and would like to avoid the origination fee that comes with a Rocket Loans personal loan.

¹Fixed 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.


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