Personal Loans » Personal Loan Lender Reviews » RocketLoans Personal Loan: 2024 Review
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RocketLoans Personal Loan: 2024 Review

RocketLoans is best for borrowers with strong credit histories and cash flows that need cash quickly. RocketLoans has one of the easiest online applications and is one of the fastest personal loan providers.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: September 20, 2023
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Lorraine Smithills
Lorraine Smithills

Writer, Contributor

Experience

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
Interest Rates Last Update: November 1, 2023

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.

APR

9.11% - 29.99%

Loan Amount

$2,000 -$45,000

Term

36-60 months

Min score

640

RocketLoans is great for borrowers with strong credit histories and cash flows that need cash quickly.

Rocket Loans

APR

9.11% - 29.99%

Loan Amount

$2,000 -$45,000

Term

36-60 months

Min score

640

Our Verdict

Rocket Loans offers personal loans to help people get money quickly for things like paying off debts, fixing up their homes, or covering unexpected expenses. Customers can get a loan of $2,000 -$45,000 with terms of  36-60 months . According to Rocket Loans, funding can be transferred on the same day you apply, which is great if you need it fast.

One good thing is that they don't charge you if you want to pay back your loan early, so you can save money on interest. However, they do have a fee when you first get the loan, called an origination fee. This fee can be up to 9% of the amount you borrow, so it's something to keep in mind.

Also, they only offer two options for how long you have to pay back the loan: either three years or five years. It's important to know that Rocket Loans may not be available in all states, so you'll need to check if it's offered where you live. 

Meeting RocketLoans Personal Loan Requirements

Before applying for a personal loan with Rocket Loans, it's essential to understand the requirements and what you'll need to provide. Here are the key requirements and application details:

  • Credit Score Requirements: You'll need a minimum credit score of 640
    to qualify for a personal loan from Rocket Loans. While they consider fair credit, a higher score can improve your chances of approval.

  • Income Requirements: Rocket Loans evaluates your income as part of the loan approval process. While specific income requirements aren't disclosed, you'll need to demonstrate sufficient income to repay the loan.

  • No Co-signers and Co-applicants: Rocket Loans does not permit co-signers or joint applicants on personal loans. You'll need to qualify based solely on your credit and financial information.

  • Personal Information: To apply, you'll need to provide personal details such as your name, address, Social Security number, birth date, and income information. Additionally, you may need to provide documentation like pay stubs or bank statements to verify your income.

  • Proof of Residence: You'll need to verify your current address, typically with a utility bill or lease agreement.

  • Eligible States: Check if Rocket Loans operates in your state, as it may not offer loans in all states.

Rocket Loans makes it easy to apply for a personal loan online, but it's important to ensure you meet the requirements and have all necessary documentation ready before applying.

Navigating RocketLoans Repayment Options

Understanding the loan repayment options is crucial when considering a personal loan from Rocket Loans. Here's what you need to know:

  • Payment Options: Rocket Loans offers various payment methods, including online payments, automatic deductions from your bank account, or mailing a check. 

  • Missed Payment Consequences: Missing a payment can result in late fees, typically around $15, and it may negatively impact your credit score. 

  • Changing Payment Dates: While Rocket Loans doesn't specify if you can change payment dates, you can reach out to their customer service to inquire about modifying your payment schedule.

  • Difficulty Making Payments: If you're facing difficulties making payments, it's crucial to contact Rocket Loans as soon as possible. They may offer hardship assistance or alternative repayment plans to help you manage your loan. 

RocketLoans Personal Loan Pros & Cons

Like all lenders, RocketLoans has its own set of advantages and drawbacks that potential borrowers should consider:

Pros
Cons
Soft Pull Inquiry
No Joint Borrowers
Competitive Interest Rates
Limited Terms
Same Day Funding
Origination Fee
No Prepayment Penalties
Late Fees and Check Processing Fee
Autopay Discount
No Direct Payment to Creditors
Positive Customer Service Ratings
No Secured or Co-signed Loans
Wide Range of Loan Purposes
Lack of Mobile App

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.

Borrowers can pay off their loans early without incurring any penalties, saving money on interest.

Borrowers can receive a rate discount by setting up automatic payments, reducing overall interest costs.

Personal loans can be used for various purposes, including business loans, debt consolidation, home improvement, and medical expenses.

Rocket Loans has received high marks from customers on platforms like Trustpilot, indicating satisfaction with the loan process and customer service.

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 up to 9% 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.

Borrowers cannot have loan funds sent directly to creditors for debt consolidation, adding an extra step in the process.

Rocket Loans only offers unsecured personal loans, meaning borrowers cannot secure the loan with collateral or add co-signers.

Rocket Loans does not offer a dedicated mobile app for managing loans, potentially inconveniencing borrowers who prefer mobile banking.

RocketLoans Customer Experience

Customer reviews for Rocket Loans are generally positive, with high ratings on platforms like Trustpilot. Many customers praise the loan process's efficiency and the fast funding turnaround, highlighting satisfaction with Rocket Loans' service.

However, some negative reviews mention concerns about high origination fees and limited repayment options.

Rocketloans
iOS App Score
4.9
Android App Score
4.8
BBB Rating
A+
TrustPilot
4.8
Contact Options
phone/mail
Availability
9 am – 7 pm (ET)

To reach Rocket Loans customer service, you can contact them by phone at 800-333-7625 or via email at [email protected]. Customer service representatives are available from Monday to Friday, 9:00 a.m. to 7:00 p.m. Eastern Time (ET), and on Saturdays from 9:00 a.m. to 6:00 p.m. ET.

You can inquire about loan applications, discuss repayment options, or address any concerns or questions you may have regarding your personal loan. Additionally, Rocket Loans provides an FAQ section on their website that may address common inquiries.

Which Loan Purposes Are Allowed? Which Aren't?

A Rocket Loans personal loan can be used for a variety of purposes to meet borrowers' financial needs.

Common uses include debt consolidation, home improvement projects, covering auto-related expenses like maintenance or repairs, medical bills, financing small business expenses, making large purchases, and funding special occasions such as vacations or weddings.

However, there are certain purposes for which Rocket Loans does not allow personal loan funds to be used. Borrowers are prohibited from using the loan proceeds for student loans or making purchases related to illegal activities.

Is RocketLoans Right for You?

Rocket Loans offers personal loans with various features and benefits. Understanding who should consider applying can help potential borrowers determine if it's the right fit for their financial needs.

Who should consider applying:

  • Individuals with Good Credit: Rocket Loans accepts applicants with fair credit scores starting at 640
    . Those with good credit may find favorable terms and rates, making it a viable option for them.
  • Borrowers in Need of Quick Funding: With same-day funding available for some loans, Rocket Loans is suitable for individuals who require fast access to funds to address urgent financial needs.

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 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.

Rocket Loans

Most of the time, this will verify your banking information but sometimes additional information will be needed such as ID, paystubs, or address verification.

Rocket Loans

 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.

Rocket Loans

RocketLoans FAQs

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

sofi logo
Rocket Loans
Marcus logo
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% – 29.99%
9.11% – 29.99%
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.
24-84 months
36-60 months
36-72 months
Loan Amount
$5,000 – $100,000
$2,000 -$45,000
$3,500 – $40,000
Minimum Score
680
640
660 (FICO)
Funding Time
Up to 7 days
As soon as same day
1 to 4 days

Review Personal Loan Top Lenders

Compare Alternative Lenders

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?

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?

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?

Lorraine Smithills

Lorraine Smithills

Lorraine is a freelance finance writer with years of experience in the banking sector and after a successful career in one of the largest retail and commercial financial services providers. She has a passion for helping people with less financial confidence to get control of their money through budgeting, saving, and responsible credit practices.
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Loan Reviews Methodology

When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.