Rocket Loans personal loans review
A fast personal loan with fair rates but potentially high fees.
finder.com’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%.
- Check rate without affecting your credit score
- Same-day funding for loans under $25,000
- Friendly customer service with great reviews
- Origination fee of 1% to 6%
- Semi-strict credit and income requirements
- Potentially high APR
Rocket Loans rates, fees and terms
Rocket Loans’ APR ranges from 5.97% 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 three or five 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
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Rocket Loans reviews and complaints
|BBB customer reviews||4.95 out of 5 stars, based on 201 customer reviews|
|BBB customer complaints||5|
|Trustpilot score||4.8 out of 5 stars, based on 3,351 customer reviews|
|Customer reviews verified as of||19 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?
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.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
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.