RocketLoans personal loans review
A fast personal loan with fair rates but potentially high fees.
RocketLoans is one of many personal loan options looking to make borrowing quicker and easier with its online platform. However, potentially high origination fees and interest rates could make borrowing expensive for those without excellent credit.
Max. Loan Amount
7.16% to 29.99%
Min. Credit Score
What makes RocketLoans personal loans unique?
RocketLoans is an online lending service and member of the Detroit-based Quicken Loans family. It offers loans of up to $45,000 with terms of up to five years.
RocketLoans aims to streamline the borrowing experience with a “rocket fast personal loan process.” While traditional lenders like big banks could take weeks to assess your application, RocketLoans boasts that on average, 90% of approved applicants receive their loan funds the very next business day.
What are RocketLoans personal loans?
Select from unsecured personal loans of up to $45,000 with either a three- or five-year term. Borrowers must typically earn at least $24,000 a year and have a minimum credit score of 640.
RocketLoans online lending process — from loan application submission, assessment and funding — helps it eliminate costs and offer more competitive rates than traditional lenders.
What are the benefits of a RocketLoans personal loan?
- Free quotes. Take advantage of a free quote for your personal loan to compare loan options. RocketLoans tells you what you’re eligible for with no obligation to accept the loan.
- Same-day funding. RocketLoans offers same-day funding for loans under $25,000 — provided your promissory note is signed before 1 p.m. ET on a business day.
- Friendly customer service. Borrowers report RocketLoans customer service reps are courteous, informative and responsive. Agents are available to help over the phone, through email or live chat from Monday to Friday, 9 a.m. to 6 p.m. ET.
What to watch out for
While you can look forward to a quick application turnaround and attentive RocketLoans customer support, there are a few things to be on the lookout for:
- Origination fees. RocketLoans charges a one-time loan processing fee of 1% to 6%, ultimately reducing your overall loan amount.
- Credit and income requirements. RocketLoans requires you to have a minimum credit score of 640 and a minimum income of $24,000 per year. Most borrowers have credit scores well above 640 and an average annual income of $78,000.
- Late fees. While RocketLoans offers a 10-day grace period for late payments, you’ll pay $15 for payments made after.
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Am I eligible?
You must meet the following eligibility criteria to apply with RocketLoans:
- Minimum annual income of$24,000
- Minimum credit score of 640
- Valid bank account
- At least two years of credit history
- US citizen or permanent resident with a valid visa
- At least 18 years old
How do I apply?
To get started with your loan application, follow these steps:
- Go to RocketLoans and click See my options.
- Enter your basic personal information, including your full name, contact information and annual income. Click See my options.
If you’re eligible for a loan, you’ll see the rates you qualify for. At this point, you’ll provide supporting documentation to verify your personal and financial information.
I got a personal loan from RocketLoans. Now what?
Once you have your loan, make sure you know when your payments are due and pay attention to the loan agreement.
- Review your loan agreement. Make sure you understand the fine print of your loan agreement, including when monthly payments are due and acceptable payment methods.
- Avoid missed payments. You’ll pay a $15 late fee if your monthly loan payment isn’t received within 10 calendar days of your payment due date. To avoid unnecessary fees and penalties, look into autopay.
- Contact customer service. If you need help with your loan agreement or payment deadlines, contact RocketLoan’s customer service by email, phone or live chat during business hours.
RocketLoans offers personal loans to those with good personal credit looking for financing options they can repay in three or five years. If you’re not sure you meet RocketLoans credentials, obtain a free quote by visiting its website. Be sure to explore more loan options with other providers to find the best loan to fit your needs.