About Rocket Loans
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Rocket Loans is a personal loans lender based in Detroit, Michigan. It offers personal loans to borrowers in 47 U.S. states (not available in Iowa, West Virginia and Nevada). Loans range from $2,000 to $45,000 and can be used for most purposes, such as debt consolidation, home improvement or making a big purchase. Rocket Loans is part of Rocket Companies, which includes Rocket Homes, Rocket Mortgage, Rocket Solar and Rocket Auto.
Find Personal Loans partners near you
- See offers with no effect on credit
- Same-day funding possible
- No prepayment penalty
- Origination fee up to 6%
- Limited repayment term lengths
Rocket Loans offers personal loans up to $45,000 in all states except Iowa, Nevada and West Virginia. You can get pre-qualified without a hard credit check and same-day funds access. Approval without good credit is possible.
Rocket Loans requirements
To qualify for a personal loan from Rocket Loans, you must be 18 years old (19 in Nebraska and Alabama) and a U.S. citizen or permanent resident living in a state where Rocket Loans does business (all U.S states excluding Iowa, West Virginia and Nevada). All loans are unsecured, so no collateral is required.
You start by completing an online pre-qualification process that asks for personal information including your name, address, date of birth, Social Security number and income. Rocket Loans then shows you your loan options; you select the loan amount, term and rate that works for you.
Next, you finish the application by providing additional documentation and your bank account information. Rocket Loans performs a hard credit inquiry at this point. It verifies your details and presents the final loan terms. Once you agree to the loan conditions, you can receive funds as soon as the same business day. (It may take longer to access the funds depending on when you sign for the loan and your bank.)
Rocket Loans rates and fees
The annual percentage rate (APR) on Rocket Loans personal loans ranges from 7.727% (with an autopay discount) to 29.99% (without an autopay discount) at the time of publishing. The company states that it considers factors such as credit history, income, your amount of debt and the loan term when determining your rate.
Rocket Loans charges an origination fee of 1% to 6% of the loan amount on each loan. This amount is deducted from your loan before the funds are disbursed. It also has a $15 late payment fee and a $15 returned check/ACH return fee. There is no prepayment penalty.
Rocket Loans FAQ
- What is Rocket Loans?
Rocket Loans, part of the same family of companies as Rocket Mortgage, offers fixed-rate, unsecured personal loans from $2,000 to $45,000. Borrowers complete the entire application process online and get funding as soon as the same business day. Repayment terms are either 36 or 60 months. Rocket Loans is available in all states except Iowa, Nevada and West Virginia.
- What credit score does Rocket Loans require?
Rocket Loans does not state a specific credit score requirement to qualify for a personal loan; it says that the minimum score required is typically 610 to 640.
- How much can I borrow from Rocket Loans?
Rocket Loans personal loans are available in amounts from $2,000 to $45,000.
- What can I use a Rocket loan for?
Borrowers can use a loan for almost any purpose, including debt consolidation, buying an engagement ring, paying for a vacation or home improvements. The only restriction is that funds can’t be used to pay for educational expenses or anything illegal.
- How long does it take to get a Rocket loan?
Once Rocket Loans issues approval, it’s possible to get same-day funding if you sign the loan agreement by 1 p.m. EST. Depending on your bank, it may take up to a couple of business days to access your cash.
Is Rocket Loans legit?
Rocket Loans is a legitimate option for fixed-rate, unsecured personal loans. You can pre-qualify without any effect on your credit score, and the company features an easy online application and fast funding. Borrowing costs can be expensive for some borrowers, though, with APRs as high as 29.99% and origination fees up to 6%. Be sure to review offers from multiple lenders so you find the most favorable loan terms for you.
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Rocket Loans Company Information
- Company Name:
- Rocket Loans
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