Our Rating: 80%
Rocket Loans Personal Loan Review
Loan Amount:
$2,000 - $45,000
Minimum Credit Score:
640
APRs From:
7.16% - 29.99%
Funding Speed:
As soon as same day
Pros
- In some cases, loans are funded as soon as the next day
- Rate discounts with autopay
- Low income requirements $24,000
- Soft credit check
Cons
- Origination fee of 1% - 6%
- No option for co-signer, or secured loan option
- $15 late fee
About Rocket Loans Personal Loans
Online mortgage giant Rocket Loans also offers competitive rates on personal loans featuring next-day funding
Compare Similar Lenders
 Our Rating: 80% | Our Rating: 80% |  Our Rating: 82% |  Our Rating: 82% |
|---|---|---|---|
Est. APR 10.68% - 35.89% | Est. APR 7.16% - 29.99% | Est. APR 5.74% - 22.99% | Est. APR 6.90% - 19.98% |
Loan Amount $1,000 - $40,000 | Loan Amount $2,000 - $45,000 | Loan Amount $3,000 - $100,000 | Loan Amount $3,500 - $25,000 |
Loan Terms 3 or 5 Years | Loan Terms 3-5 Years | Loan Terms 1-5 Years | Loan Terms 1-3 Years |
Min. Credit Score 640 | Min. Credit Score 640 | Min. Credit Score Not Specified | Min. Credit Score Not Specified |
Rocket Loans Personal Loan Snapshot
Loan Amount:
$2,000 - $45,000
APR:
7.16% to 29.99%
Minimum Credit Score:
640
Time to Funding:
As soon as same day
Has Origination Fee:
Yes
Origination Fee: 1% - 6%
Pros and cons of Rocket Loans Personal Loans
Before signing up for a loan with Rocket Loans, take a look at this breakdown of some of its benefits and drawbacks.
Pros:
Quick Funding: According to Rocket Loans 85% of borrowers' loans are funded by the next business day.
Autopay Discount: A 0.03% APR discount is applied when borrowers set up automatic payments on their personal loans.
Low-Income Requirements: The minimum income requirement to receive a personal loan is low compared to competitors at $24,000.
Cons:
Origination fee: Rocket Loans charges an origination fee of 1 to 6 percent of the loan amount.
No co-signer or secured loan options: No option to add a cosigner to the loan. A cosigner can increase your chances of being approved.
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Loan Terms
Rocket Loans offers personal loans ranging from $2,000 to $45,000. These loans come with fixed annual percentage rates ranging from 7.16% to 29.99 percent. With a Rocket Loan Personal Loan, your qualification and APR will depend on your:
Credit profile.
Credit history.
Personal income.
Loan Amount.
More.
RocketLoans personal loans come with an origination fee of 1% to 6%. The irrigation fee is based on the same type of factors as your APR. The origination fee will be taken out of the original loan amount. For example, if you take out a $20,000 personal loan with a 2% origination fee, you would receive $19,600 in cash for the loan.
Fees and penalties
Rocket Loans doesn't charge an early payoff fee but does charge a $15 late fee if you miss a payment and do not pay it back within the 10 day grace period.
How to get a Personal Loan with Rocket Loans
Rocket Loans is only available to U.S. citizens who are 18 years or older with a Social Security number.
With Rocket Loans, you can pre-qualify for a personal loan simply by completing an application on their website. Their application asks for some personal information including your address, income, and employment status. By completing this application, you will see what APRs you’re likely to get if approved with a soft credit check that doesn't affect your credit score.
For consumers who are less computer savvy, you can apply for a personal loan with Rocket Loans by calling (800) 333-7625.