Rocket Loans

7.9 Total Score
4 reviews
WalletStars

Our rating is based on a combination of expert staff and user ratings.

7.9Expert Score
Support
7
Affordability
8
Benefits
8
Application Process
8.5
8.2User's score
Support
7.3
Affordability
8.3
Benefits
7.5
Application Process
9.8
PROS
  • User-Friendly Platform
  • Loans Often Fund Within 24 Hours
CONS
  • Borrowers Need Good Credit
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Average Score 7.9
PROS:
  • User-Friendly Platform
  • Loans Often Fund Within 24 Hours
CONS:
  • Borrowers Need Good Credit

Introduction

APR 5.89% – 29.99%
Loan Amount $2,000 – $45,000
Loan Duration

3 to 5 Years

About
Headquartered in Detroit, Rocket Loans is a sister company to Quicken Loans and its online Rocket Mortgages. Rocket Loans boasts a simple, fast personal loan process for your average borrower with good credit. Their goal is to create the most user-friendly lending platform in the world. A Rocket Loans personal loan is a general-purpose loan that can be used for nearly anything.

Ideal Borrower
The most ideal borrower for Rocket Loans has good credit. They require a minimum credit score of 640 to qualify, but the average score of an approved Rocket Loans borrower is higher. There are also high origination fees and interest rates, so it’s best if you have a high income as well to sustain those costs.

Best For
You can use your personal loan for debt consolidation, home improvement, medical expenses, auto expenses, small business, and more. The process is entirely online, so you don’t have to go anywhere to get your loan approved. You are likely to receive your money within 24 hours as long as it is under $25,000.

How to Qualify
To qualify for a loan, you need a minimum credit score of 640 and a minimum credit history of two years. There is also a minimum annual income of $40,000, but the average income of Rocket Loans borrowers is $78,000. Preferred debt-to-income ratio is not specified. You can start applying for a loan on the Rocket Loans website.

Additional Fees
Rocket Loans has a high origination fee of 1-6%. There is also a late fee of $15 after a 10 day grace period and an unsuccessful payment fee of $15. The typical APR ranges from 5.89% to 29.99%.

 


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