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Rocket Loans personal loans review

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Rocket Loans personal loans
Finder score
Max. Loan Amount
9.116% to 29.99%
Min. credit score

Our verdict

A fast personal loan with fair rates but potentially high fees.

Rocket Loans is ideal for borrowers with decent credit who are looking for fast funding. Depending on what time you submit your application, you might be able to get your funds the same day you apply.

You can check what rates and terms you might qualify for without affecting your credit. And its customer service team gets rave reviews.

But if you don't want to get hit with an origination fee of up to 6%, you'll need to look elsewhere. You also could face an APR as high as 29.99% if you just meet its minimum credit score requirement of 640.

Not sure Rocket Loans is right for you? Compare your other options below.


  • Receive a free quote
  • Fast access to funds
  • No prepayment fees
  • Friendly customer service


  • Origination fee of 1% to 6%
  • Semi-strict credit and income requirements
  • Potentially high APR

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question's rating: 3.85 / 5.0


Bottom line: Same-day funding is available for smaller loans — if you qualify. But borrowers with fair credit may face high rates and a hefty origination fee of up to 6%.


Product details

Min. Loan Amount $2,000
Loan Amount $45,000
APR 9.116% to 29.99%
Interest Rate Type Fixed
Min. credit score 640
Origination Fee 1% to 6%
Late Fee $15
Loan term 3 or 5 years
Turnaround Time As soon as the same day

Contact info

Phone number 800-333-7625
Customer service hours 8 a.m. – 9 p.m. ET, Monday through Friday
9 a.m. – 6 p.m. ET, Saturday
11 a.m. – 2 p.m. ET, Sunday
Twitter @RocketLoans
Facebook @RocketLoans

Rocket Loans rates, fees and terms

Rocket Loans’ APR ranges from 9.116% to 29.99% — if you sign up for autopay. However, it isn’t clear how much you’ll save by enrolling in autopay. The rate you’re quoted will depend on your finances and credit score.

Your origination fee will be between 1% to 6%. This is deducted from your loan before you receive your funds, so be sure to account for it when you fill out an application.

You can borrow between $2,000 to $45,000 for terms of either 3 or 5 years. And while it isn’t included in your APR, Rocket Loans does have a late fee of $15 if you fail to make an on-time repayment within 10 days of the due date.

How Rocket Loans compares to other lenders

Name Product Filter Values APR Min. credit score Loan amount
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Upstart personal loans
7.80% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
SoFi personal loans
8.99% to 29.99%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Finder Score: 4 / 5: ★★★★★
8.49% to 35.99%
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
LendingPoint personal loans
7.99% to 35.99%
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Happy Money
Finder Score: 3.8 / 5: ★★★★★
Happy Money
11.72% to 24.50%
$5,000 to $40,000
Pay down your debt with a fixed APR and predictable monthly payments.

Rocket Loans reviews and complaints

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.95 out of 5 stars, based on 201 customer reviews
BBB customer complaints5
Trustpilot score4.8 out of 5 stars, based on 3,351 customer reviews
Customer reviews verified as of19 October 2020

The majority of reviews are positive but lack much detail. Customers are happy with the quick speed and good customer service, but a report being disappointed that they went through the entire application process only to receive a rejection in the final stages.

How to qualify

You must meet the following eligibility criteria to apply with Rocket Loans:

  • Annual income of $24,000+
  • Credit score of 640 or higher
  • At least two years of credit history
  • Valid bank account
  • US citizen or permanent resident
  • Not a resident of West Virginia, Iowa or Nevada
  • At least 18 years old, 19 in Alabama and Nebraska

Rocket Loans may also consider your current amount of debt in its approval decision.

How the application works

To complete an application with Rocket Loans, visit its website. It should only take a few minutes to answer the initial questions, and you may be preapproved for a loan within seconds of submitting your information.

If you’re eligible, you’ll see the rates you qualify for. At this point, you’ll need to verify your personal and financial information. Depending on when you submit your application — and how much you borrow — you may be able to receive your funds the same day you’re approved.

What sets it apart

Rocket Loans is entirely online. It’s also one of the few lenders that offers same-day approval. And while it doesn’t offer any special programs for borrowers, it does offer home loans, mortgage refinancing and auto loans — although details about its auto loan process are minimal.

Is Rocket Loans legit?

Yes, Rocket Loans is a legit online lender that is upfront about its costs. It works with Cross River Bank and has a secure website that utilizes SSL encryption to keep your information safe. Its privacy policy covers ways it collects and uses your personal information, including for marketing.

However, it only provides a way to opt out of the sale of your information to California residents. You’ll need to contact Rocket Loans if you want to opt out and live in another state.

See how Rocket Loans compares to other lenders with our guide to personal loans.

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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