Rocket Loans

Rocket Loans

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Rocket Loans
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About Rocket Loans

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.

Pros & Cons


  • See offers with no effect on credit
  • Same-day funding possible
  • No prepayment penalty


  • Origination fee up to 6%
  • Limited repayment term lengths

Bottom Line

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.

» MORE: Is Rocket Loans legit?

Rocket Loans Reviews

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Page 1 Reviews 0 - 10
Verified Reviewer
Original review: May 28, 2023

I had been pre-approved by Derek ** to handle our loans and Alex ** as my realtor. Initially the website had my loan set at $100,000 less than the approval on my letter, which I had to call Derek to fix. I talked to Alex one time and he has ghosted me for a month after promising to walk homes for us virtually because we are buying out of state. Alex told me to sign up on a different search engine then Rocket Mortgage so it is 'more efficient and updates', however as we know, you want us to go through Rocket Mortgage so we can collect tokens for doing research and homework like a child to give a better closing cost that you actually could just give the buyer instead of doing award-based activities to make them feel better about a purchase!

Still I tried to do everything I was told like watching videos and gaining points after taking quizzes for a better closing cost while simultaneously looking through a different portal for Alex saving homes he was supposed to follow up on. Three weeks has gone by with nothing from Alex but his automated search engine (Not Rockets) that sends me homes that are not even in my criteria! So I tried to talk to Derek ** about what house qualifies since after doing my own research on manufactured homes (most of the only homes populating) are on unimproved roads that most FHA and conventional loans won't finance, they have to be 1975 or newer and they have to be permanent homes (which is really hard with manufactured homes to be considered). There are HUD plates that need to be looked for to find out if qualification can take place on any age manufactured homes.

Because Alex wasn't getting back to me about my questions, Derek said to send me over any prospective house and he could research and make sure they were able to qualify. I sent him two properties with MLS and he said those 'look good' and quoted the text found at the bottom of any home search engine about it being cash or conventional. I waited for them to get back to me and when I complained that Andrew went 'Radio Silent' he told me all I had to do was to give him, Derek the listings and he would check them out. I told him I sent him two listings and I am the one doing all the research here. I was told I could trust these individuals to find me an out-of-state home and here I can't trust them to get back to me. I told him I talked to other list realtors and they don't want to work with Rocket at all and warned me my pre-approval was not legit.

Derek told me you don't get to be as big as Rocket if you hand out fake approvals! I replied that Rocket has changed it's name so it does not mean biggest is always best. Today, he said he is insulted and is not going to work with me anymore because he stopped texting me and I texted him that he seems to be "ghosting me" which has enraged him so much he is done with me! He did nothing and neither did any of the three agents I got paired with. This seems like a scam if not just a waste of my time and watching houses I love just get snatched up! Of course Derek does this over Memorial weekend so we can't get a hold of anyone (not like I could before).

I have left messages with Chris **, head of realtors with no follow up. This has been my worst nightmare! My husband has to relocate for his job and this was time sensitive which I told everyone. In the end Derek is incredibly immature and ignorant to handle this the way he did. I had to research everything about loans and send him the questions with telling me it will be fine. I have never dealt with such incompetence and I get a 'break-up' text sent to me at 6 am that he is insulted! I have everything in writing about how this went down. This is ridiculous the way Rocket plays mind games!

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    Rocket Loans Company Information

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    Rocket Loans