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.
|Product Name||RocketLoans personal loans|
|Min. Loan Amount||$2,000|
|Max. Loan Amount||$35,000|
|APR||5.98 to 28.99%|
|Interest Rate Type||Fixed|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
- Age 18+
- Valid bank account
- US citizen or permanent resident
- At least two years of credit history
- Credit score of 640+
- Annual income of $24,000+
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 $35,000 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 $35,000 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 RocketLoans eliminate costs and offer more competitive rates than traditional lenders.
What are the benefits of a RocketLoans personal loan?
- Receive a free quote. 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.
- Fast access to funds. Some RocketLoans borrowers receive their funds in as little as 24 hours after application approval.
- No prepayment fees. Pay off your RockletLoan early without worrying about penalties or fees.
- 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.
Compare more personal loan providers
Am I eligible?
To be a successful loan applicant with RocketLoans, you should meet the following eligibility criteria:
- You are a US citizen or permanent resident with a valid visa.
- You are at least 18 years old.
- You have a valid bank account.
- You have at least two years of credit history.
- You have a minimum credit score of 640.
- You have a minimum annual income of$24,000.
How do I apply?
- To get started with your loan application, go to RocketLoans and click See my options.
- Enter your basic personal information, including your full name, personal contact information and annual income. Click See my options.
- After you submit your application, RocketLoans assesses your information. 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?
- 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.