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For quick cash, Rocket Loans lives up to its name with same-day funding.
Qualified Rocket Loans borrowers who agree to automatic payment may be able to snag a rate as low as 9.116 percent the same day they apply — if they apply early enough and submit any needed documents quickly. That’s faster cash at a lower rate than most lenders offer with same-day funding.
At 29.99 percent, Rocket Loans’ maximum rate is lower than the 35.99 percent most lenders may go up to. The lender’s maximum origination fee is nine percent, which is slightly lower than the 9.99 percent fee you might encounter at other personal loan companies.
Borrowers can use funds from a Rocket personal loan to consolidate debt, install a solar system for a more energy-efficient home or to spruce up an outdated kitchen. Borrowers that wake up to an emergency, like a car that won’t start or a roof leak, may have funds to fix the issue the same day with a Rocket loan.
Rocket Loans cannot be used to pay for tuition or as a student loan or for any illegal activities.
You can reach a Rocket Loans representative between 9 a.m. and 7 p.m. ET Monday through Friday, or from 9 a.m. to 6 p.m. ET on Saturdays. The company also offers the option to email them for support. The only physical location is its headquarters in Detroit, but in-person support isn’t available there.
Rocket Loans doesn’t offer a digital app for customers. The Rocket app that is featured in the App Store is only for mortgage customers. The website does have a robust learning center tab with 70 articles aimed at educating customers about personal loans.
The loan process is entirely online, and a portal is available for uploading any approval documents you need to provide.
Trustpilot features almost 6,000 reviews, and 91 percent of users award Rocket Loans with a 5-star rating. The 2 percent worth of 1-star reviews receive a personalized response from a Rocket Loans representative to try to resolve the issues the consumer had.
Many of the reviews on the Rocket Loans page have commentary on Rocket Mortgages mixed in, including praise for how easy it is to take out a personal loan as an existing customer. On the negative side, customer commentary centers around a misunderstanding of origination fees and difficulty with the application verification system.
You can have Rocket Loan funds the same day you apply, versus waiting a full business day for an Upgrade loan to fund. You’ll also save a little money on the maximum 9 percent origination fee charged for a Rocket loan compared to the 9.99 percent you could pay for an Upgrade loan.
Upgrade offers lower starting APRs of 8.99 percent compared to Rocket Loans 9.116 percent minimum.
You’ll also have more repayment options than Rocket’s two choices of 36 and 60 months — Upgrade offers terms as short as 24 months and as long as 84 months.
You can borrow as little as $2,000 with a Rocket personal loan, whereas you’ll need to borrow at least $5,000 to get a SoFi personal loan. SoFi also sets a minimum credit score of 680, which may make qualifying for a Rocket Loan easier since it doesn't disclose a minimum score on its website.
SoFi provides a more impressive range of repayment terms from 24 to 84 months, giving you more payment choices than the 36 and 60 month options offered by Rocket. If you have a big ticket purchase to make, you can borrow up to $100,000 at SoFi instead of being capped at $45,000 at Rocket Loans.
You’ll need verifiable income and employment and a credit score that meets Rocket Loans’ requirements. Rocket Loans may also require the following:
| Overall Score | 4.5 | Explanation |
|---|---|---|
| Availability | 4.8 | Same-day funding possible for eligible borrowers. |
| Affordability | 4.2 | Excellent credit borrowers may get single-digit APRs. |
| Customer Experience | 4.7 | Monday through Saturday phone support available. No app available. |
| Transparency | 4.2 | Credit requirements not listed online, but prequalification is available. |
57
years in business
30
lenders reviewed
20
loan features weighed
665
data points collected
Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
