RocketLoans Personal Loan Review

About RocketLoans

RocketLoans

Headquartered in Detroit, MI, RocketLoans was established to create the most simple, rocket fast personal loan process. Our goal is to create the most user-friendly lending platform in the world and have given it our best to create an experience that is best-of-breed in the personal loan industry and commit even more too continuously improving it.

review breakdown

Recommended
90%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What Is RocketLoans?

RocketLoans is the creation of Quicken Loans, America’s largest mortgage lender. While the Rocket name is often associated with home loans — with some help from comedian Keegan-Michael Key and even the “The Avengers” — RocketLoans added personal loans in 2016. Other lenders may offer better rates, but for those who need cash quickly, RocketLoans’ online platform might be a good option. Loans are sometimes funded as quickly as the same day you apply, and Rocket offers loans starting at $2,000 when competitors start as high as $5,000.

By clicking “See Offers” you may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

RocketLoans personal loan highlights

  • Origination Fees
  • RocketLoans does charge a 1%-6% origination fee. However, there’s no prepayment penalty, so you can pay off your loan early without negative consequences.
  • A wide range of uses
  • You can use a RocketLoans’ personal loan for virtually any purpose except student loans.

Quick Funding

RocketLoans typically funds your loan within a couple of business days, though you can sometimes get your money as soon as the same day.


RocketLoans at a glance

APR Range

5.98%-29.99%

 

Minimum Credit Score

640

 

Terms

36 or 60 months

Origination Fee

1% – 6%

 


What RocketLoans offers

Terms: 36 or 60 months

APR range: 5.98%-29.99%

Loan amounts: $2,000-$35,000

Time to funding: Loans may be funded the same day, but most are funded within a couple business days.

Hard pull / Soft pull: A soft pull will be done for pre-approval. If you like the offer, RocketLoans will do a hard pull for your final application, then offer you your final rate.

Fees and penalties

Origination fee: 1% – 6%

Prepayment fee: None

Late fee: $15 if you pay 10+ days late

Other fees: You will have to pay a $15 returned check fee if your automatic payment or check bounces.

 

There are lots of ways to use RocketLoans’ personal loans. You can use the money to consolidate debt, make home improvements, cover vehicle maintenance, pay medical bills, start that small business you’ve been talking about for years or go on your dream vacation. One of the only things you cannot use these loans toward are student loans.


Eligibility requirements

Minimum credit score: 640

Minimum credit history: RocketLoans looks for a pattern of responsibility in your credit history. Your credit report will need to show that you routinely pay your bills on time and that you don’t miss payments on your debt obligations. You will need two years of credit history and an income of at least $24,000.

Maximum debt-to-income: 40%

To qualify for a personal loan from RocketLoans, you must be a U.S. resident who is 18 or older. In Nebraska and Alabama, you have to be 19.


Applying for a personal loan from RocketLoans

To apply for a personal loan with RocketLoans, you can first check your rates via their pre-qualification process. You will need to submit:

Name
Birthdate
Address
Social Security number
Any income information

At this point, RocketLoans will do a soft pull on your credit report, which will not affect your score. You’ll be presented with potential rates and then be able to formally apply by providing additional information, including your bank account number. After you apply, RocketLoans will do a hard pull, which is likely to cause a drop in your credit score.

The offer presented to you after the hard pull is the final offer, which you can either accept or decline. If you accept, your money is typically in your bank account within a couple of business days, though some loans can be filled within 24 hours.


Pros & cons

Pros

 

No prepayment penalty. RocketLoans does not charge a prepayment penalty, allowing you to pay off your debt as quickly as possible in order to save on interest.

 

Quick funding. The longest you have to wait is a couple of business days, though some loans are funded on the day you apply.

 

Can borrow small amounts. The minimum loan amount is $2,000. This saves you from borrowing — and paying interest on — amounts you don’t actually need.

Cons

 

Origination fees. RocketLoans does charge a 1%-6% origination fee on your personal loan. There are other marketplace competitors who do not charge such a fee. Compare fees and rates here.

 

Not the lowest interest rates. If you have a great credit score, you may want to look elsewhere for lower rates with other lenders. While some borrowers will find RocketLoans’ rates competitive, others may be able to find a better deal. Use LendingTree’s personal loan calculator to compare offers.

 

Can borrow larger amounts elsewhere. If you need to borrow more than $35,000, other lenders will issue you a larger personal loan, assuming your credit score, income, debt-to-income ratio and other credit factors make you a desirable and qualified borrower.


Who's the best fit for a RocketLoans personal loan?

The quick turnaround makes this loan a great fit for people who need cash quickly. But if you have a stellar credit history and a higher-than-average income, you may want to look at the competition as there are better rates out there — and loans without origination fees.


Alternative personal loan options

LendingClub

LendingClub offers a similar product to RocketLoans though the minimum credit score requirement is lower. Just remember that your rate is likely to fall at the high end of the APR range.

LendingClub

APR Range

6.95%- 35.89%

Credit Requirement

Min. of 600

Terms

36 or 60 months

Origination Fee

1% – 6%

Marcus by Goldman Sachs

While Marcus by Goldman Sachs® has higher starting interest rates, it lacks the origination fee charged by RocketLoans. Terms can also be stretched over 72 months, which means you could lower your monthly payments. Just be aware that by stretching out your loan term, you’re likely to pay more in interest over the life of your loan.

Marcus

APR Range

6.99% – 24.99%

Credit Requirement

Varies

Terms

36 to 72 months

Origination Fee

None

Advertiser Disclosure: Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Upgrade

Upgrade, like LendingClub, offers a similar product to RocketLoans. The biggest difference is that those with credit scores at the bottom of the acceptable range may pay higher interest rates with Upgrade. Because the products are so similar, it’s worth getting a quote from both companies to see which will offer you a better rate based on your unique credit history.

Upgrade

APR Range

6.99%-35.97%

Credit Requirement

Min. of 620

Terms

36 or 60 months

Origination Fee

1% – 6%

Advertiser Disclosure: The APR on your loan may be higher or lower. Actual rate depends on credit score, credit usage history, loan term and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan.