RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.
RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.
RocketLoans is one of the most well-known options amount borrowers. The company requires a credit score of at least 640 and requires a minimum income of $24,000.
RocketLoans allows borrows to use between $2,000 -$45,000 . These funds are able to be direct deposited into the borrower’s account on the same day the loan is taken out. RocketLoans also offers competitive rates, an easy application process, and an auto discount. Also, Rocketlons is included on our best lenders for good credit of 2023.
These benefits are nice, but like any other lender, it’s important to look at the downsides too. For example, RocketLoans has limited terms and doesn’t allow joint borrowers. There’s an origination fee when you first get started, restrictive uses, and they charge late fees and fees for check processing.
- Soft Pull Inquiry
- Competitive Interest Rates
- Same day funding
- Business Loan
- No Joint Borrowers
- Limited Terms
- Origination Fee
- Late Fees and Check Processing Fee
Can I get a Rocketloans loan with a 600 credit score?
Unfortunately, the ideal requirement for a Rocketloans loan is 640+. However, since 600 and 640 are both considered a fair score, you may be able to qualify if you have a strong profile with low debt to income ratio, low credit utilization ratio and other factors.
Just be aware that if you do qualify with your 600 score, you are unlikely to access the best rates and you may find a better deal with another lender.
Is Rocketloans good for debt consolidation?
Rocketloans could be a good option for your debt consolidation. You can borrow up to $45,000 with no origination fee and a rate discount if you sign up for autopay.
However, Rocketloans does not offer direct payments to creditors if you want to consolidate your debt. This means that you will need to receive the lump sum from your loan and distribute the funds yourself.
Do Rocketloans personal loans offer prequalification?
Rocketloans does have a prequalification feature that allows potential customers to check their rate before they commit to a loan.
This prequalification process only uses a soft credit check that will not impact your credit score. If you decide to go ahead with the loan, a hard credit pull will be triggered.
Can I add a cosigner to Rocketloans personal loan?
Unfortunately, Rocketloans does not offer co-signed or joint loans. It is not possible to add a second person to your loan application to either share the loan or boost your lending profile and chances of approval.
So, if you need a cosigner for your loan, Rocketloans is not the right lender for you.
In this Review..
Rocket Loans has a learning center with a wealth of resources for personal loans and other types of financial education. The customer service team for new and existing loans will be available six days a week by phone during working hours on these days, and they can help you if you're not sure how to get a personal loan.
You cannot currently manage your loan using a Rocket Loans app, and the lender has an A+ rating with the Better Business Bureau.
iOS App Score
Android App Score
9 am – 7 pm (ET)
RocketLoans Loan Pros & Cons
As we know, each lender has its own pros & cons – here are the relevant things we found for potential borrowers:
RocketLoans does an initial soft pull inquiry so the borrower can get an idea of the options for which they may qualify.
RocketLoans has very competitive rates for strong borrowers.
RocketLoans has a fast turnaround time, one of the fastest in the industry.
RocketLoans is one of the few personal loan providers that allows borrowers to use the funds for business purposes.
RocketLoans currently does not allow for joint borrowers.
RocketLoans only offers 36 and 60 month terms, which may not fit your needs.
RocketLoans deducts a one-time origination fee of 1% to 6% of your loan amount directly from your loan funds. This should be considered in the pricing of your loan when you apply.
RocketLoans has late fees. There are other providers without late fees. Also,if you want to pay your loan by check, there is a fee.
What Can a RocketLoans Personal Loan Be Used For?
RocketLoans personal loans can be used for many different reasons including debt consolidation, home improvements, medical expenses, auto financing, business use, or “other”. RocketLoans cannot be used for any postsecondary education or any illegal activities.
RocketLoans can be used for home improvement. You can use the funds for a variety of projects and repairs.
The advantage of using a RocketLoans personal loan is that you do not have to use your home as collateral and you get funds much quicker with less documentation. If you have a repair that needs immediate attention, RocketLoans can get you the funds quickly.
RocketLoans can help with business expenses. RocketLoans is one of the very few personal loan lenders that allow their loans to be used for business purposes.
This can help cover some expenses in your small business. Please keep in mind that you (not your business) are responsible to pay back the loan.
RocketLoans can be used for a debt consolidation loan, which is paying off one or more prior unsecured loans with the new personal loan. Instead of multiple payments to multiple lenders, you can create one payment to one lender.
The idea is that you can take a high revolving interest credit card and save money by replacing it with a low-rate fixed installment. RocketLoans will not pay off creditors but will deposit the funds into your account directly.
RocketLoans can be used for auto expenses. This includes buying a new or used car, paying off your current auto loan, or for car repairs.
RocketLoans has a large umbrella for “other” uses. This can include unexpected expenses, traveling, or the purchase of large items.
How to Apply For RocketLoans Personal Loan?
The RocketLoans application is one of the quickest in the marketplace. The process usually takes less than 10 minutes, and the funds are usually in your account within 24 hours.
The RocketLoans application has a one-page form that borrowers can fill out to explore their loan options.
The required information on the form includes loan amount, use, homeownership status, address, email, setting up a password, date of birth, social security number, and income information.
RocketLoans will then do a soft pull to see if you qualify for a personal loan and will give you a list of loan options for which you may qualify. After you choose a loan, RocketLoans will do some verification.
Most of the time, this will verify your banking information but sometimes additional information will be needed such as ID, paystubs, or address verification.
You then sign loan documents online and RocketLoans funds your account. Borrowers will need to be US citizens, with at least 2 years credit history, a valid bank account, annual income of at least $24,000 and be at least 18 years of age.
When RocketLoans Shines
On the bottom line, RocketLoans personal loan can be a better choice:
While RocketLoans may lack some of the features of other lenders, such as being able to directly send funds to your creditors or change your payment date, the lender does offer same-day funding and low rates.
You can use your loan for almost any purpose. Additionally, RocketLoans offers high maximum loan amounts with reasonable rates. However, you will need to meet a list of requirements rather than just a minimum credit score.
In order to complete your loan application, RocketLoans may ask you to provide some paperwork to verify your income. This includes recent pay stubs, W-2s or tax forms.
However, RocketLoans does make it easy to provide your proof of income. You can upload supporting documentation and electronically verify your identity.
SoFi offers loans with a higher maximum amount at potentially a better rate. However, SoFi requirements include a minimum credit score of 680, so it is less accessible than Rocket.
Funds are typically available within a few days and there are no associated fees. Additionally, unlike many lenders, SoFi allows joint applications.
So, if you have good credit, SoFi may be a better choice for you.
Discover personal loan offers more attractive rates compared to RocketLoans. However, you do need to have excellent credit with a score of 720 or more. You can use the proceeds of the loan for almost any purpose and the application process is fully digital. Like Rocket, if you’re approved, you can expect to receive your funds in one business day.
While these are attractive terms, if you have a credit score of less than 720, Rocket Loans may be a decent alternative.
Rocket Loans offers similar maximum loan amounts, but the terms are typically shorter than Figure. Figure interest rates are typically lower, but you can qualify with a lower FICO score.
However, Rocket Loans do require that applicants have a minimum income of $24,000 per year and at least two years of credit history.
So, if you would like to clear your debt in less time or want to use your loan for a large purchase, Rocket is likely to be a better option. However, if you want to consolidate and bring down your monthly expenses, Figure could help.
Review Good Credit Personal Loan
APR Range The annual percentage rate (APR) is the total annual cost of borrowing money. This rate includes the interest rate as well as any additional finance charges. When you take out a personal loan, for example, you may be required to pay loan origination fees.
8.99% – 23.43% (with discounts)
6.99% – 24.99%
Term The term of your loan is the amount of time you have to repay it. For example, if you get a 24 months personal loan, the loan term is 24 months.
$5,000 – $100,000
$3,500 – $40,000
Up to 7 days
As soon as same day
1 to 4 days
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Rocketloans vs Prosper vs Upstart
Each of these three lenders shares and differs in some ways. In general, Upstart is the best option for people who need a small loan or who may not be able to obtain a FICO score. Rocket Loans is a viable option if you need quick access to borrowed funds, whereas Prosper allows you to get a joint loan and caters to people with fair credit.
Read Full Comparison: Rocketloans Vs Prosper Vs Upstart: Which Personal Loan Is Best?
Rocketloans vs Best Egg vs Upgrade
Best Egg has been in operation since 2014 and has serviced over 785,000 loans in that time. It accepts low credit scores and secured loans, as well as a wide range of loan sizes. Rocket Loans is a well-known online lender that takes pride in providing customers with quick access to funds.
Finally, Upgrade has served over 500,000 customers and provided borrowings totaling more than $7 billion during its tenure in business. It offers a slew of great benefits, such as quick funding, substantial autopay discounts, and flexible repayment terms.
Read Full Comparison: Best Egg vs Rocketloans vs Upgrade: Which Personal Loan Is Best?
Rocketloans vs SoFi vs Marcus
SoFi has been around for a long time and is regarded as one of the best options. It has no fees, a flexible repayment system, and a wide range of loan options. Marcus, a Goldman Sachs subsidiary, is yet another high-quality online lender. It is an excellent choice for anyone with good credit who wants to avoid fees and customize their repayment terms.
Finally, while Rocket Loans does not have a competitive offering in many ways compared to the other two options, it does have an extremely fast funding speed.
Read Full Comparison: Rocketloans Vs SoFi Vs Marcus: Which Personal Loan Is the Best?