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Rocket Loans personal loans: 2023 review

Updated on Jun. 12, 2023
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At a glance

Rating: 4.5 stars out of 5
Bankrate Score
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Rating: 4.2 stars out of 5
Rating: 4.8 stars out of 5
Customer Experience
Rating: 4.7 stars out of 5
Rating: 3.5 stars out of 5

About Bankrate Score

Rocket Loans makes it easy for consumers to apply for an unsecured personal loan. Prospective borrowers can check their rate and determine eligibility without a hard inquiry on their credit report, and those who are approved can apply online and receive funding as soon as the same day.

Loan amount $2,000 – $45,000
APR from 9.116% - 29.99% (with autopay discount)
Clock Wait
Term lengths 36 or 60 months
Credit Good
Min Credit Score 640
This lender is best for borrowers with low credit scores who need money fast.

Rocket Loans is best for borrowers with fair credit scores who need money fast

Rocket Loans is transparent about its loan process. It also serves borrowers with fair credit scores as low as 640. But consumers with excellent credit can likely get a personal loan with lower fees elsewhere.

Rocket Loans pros and cons


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    Easy online application process

  • Checkmark

    Check your rate with no impact to your credit score

  • Checkmark

    No prepayment penalties

  • Checkmark

    Rapid funding


  • Close X

    Origination fee

  • Close X

    High rates for excellent credit

  • Close X

    Few repayment options

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    Not available in all states

Do you qualify?

Rocket Loans doesn’t list a minimum credit score. However, it does explain that your loan eligibility is determined by the following criteria:

To qualify for a personal loan from Rocket Loans, you need to be at least 18 years of age — or 19 in Nebraska or Alabama. Rocket Loans states that, aside from your age and where you live, it considers your credit score, your monthly income and how much existing debt you have, among other details.

What Rocket Loans doesn't allow loan funds to be used for

Borrowers are prohibited from using personal loan proceeds for student loans or make purchases related to illegal activities.

How this lender compares

Rating: 4.5 stars out of 5
Bankrate Score
APR from
9.116% - 29.99% (with autopay discount)
Loan Amount
$2,000 – $45,000
Term Length
36 or 60 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.49% - 35.99%
Loan Amount
$1,000 – $50,000
Term Length
24-84 months
Min Credit Score
Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score

Rocket Loans vs. Upgrade

Upgrade is another online lender offering personal loans to borrowers with fair credit. You could access a slightly lower amount of $1,000 if you’d prefer a smaller loan, but loan terms of up to 84 months are available. Like Rocket Loans, an origination fee is also assessed. The upside is it can be as little as 1.85 percent, but some borrowers pay an origination fee as high as 9.99 percent. Furthermore, its starting APR of 8.49 percent (with autopay) is slightly lower than you’ll get with Rocket Loans.

Rocket Loans vs. SoFi

SoFi features flexible personal loans between $5,000 and $100,000 with rates as low as 8.99 percent (with autopay) to borrowers with credit scores as low as 680. Although the minimum credit score is slightly higher compared to Rocket Loans, the lender is worth considering if you need to access a more sizable amount of funding. You can also view loan offers with no credit impact in just 60 seconds and access same-day funding. There are no origination fees or late fees, which can also make SoFi more attractive. Plus, unemployment protection is available if you find yourself in-between jobs in the future. 

Rocket Loans: in the details

What we like and what we don’t like

What we like

  • Easy online application process: You can apply online in minutes without having to submit loads of documents. 
  • Check your rate with no impact to your credit score: Using Rocket Loans’ prequalification form will help you determine eligibility and estimate loan costs before you apply with only a soft credit inquiry.
  • No prepayment penalties: You can pay off your personal loan at any time without incurring a prepayment penalty.
  • Rapid funding: Borrowers can receive loan proceeds the same business day they apply.

What we don't like

  • Origination fee: Rocket Loans charges an origination fee of up to 9 percent of the loan amount. Since a handful of personal loan providers don’t charge this fee, you should keep this added cost in mind.
  • High rates for excellent credit: Some personal loan companies offer starting APRs that are lower than those of Rocket Loans. Consequently, Rocket Loans is an inferior option if you have excellent credit that could help you qualify for a personal loan with more competitive rates and terms elsewhere.
  • Few repayment options. Borrowers are limited to two loan terms — 36 months or 60 months.
  • Not available in all states: Personal loans are not available in Iowa, Nevada or West Virginia.

How to contact Rocket Loans

If you have questions about Rocket Loans, you can reach a personal loan expert at 800-333-7625. Representatives are available Monday through Friday from 9 a.m. to 7 p.m. ET and on Saturday from 9 a.m. to 6 p.m. ET. 

You can also get in contact with the lender via email anytime at

How to apply for a personal loan with Rocket Loans

When you’re ready to apply, here’s how to move forward:

Fees and penalties

Rocket Loans charges an upfront origination fee of  up to 9 percent of your loan amount, which can vary based on the details in your application and your creditworthiness. This fee is deducted from your loan proceeds, meaning that someone who borrows a $20,000 loan with an origination fee of 6 percent would only receive $18,800 in loan proceeds. However, they would need to repay the entire $20,000 loan plus interest.

Rocket Loans also charges a $15 late payment fee if you fail to make a payment within the 10-day grace period. You may also pay a $15 returned check fee if your check or ACH transfer is rejected by your bank for insufficient funds or any other reason.

Features and additional perks

Borrowers enjoy a streamlined application process. Instead of uploading a stack of documents, you can provide your banking information, along with some other data, and Rocket Loans will handle the verification process electronically. This means that your identity and income can be verified at the click of a button, saving you a ton of time. (Note: The lender may request additional information if there are issues validating your information). An autopay discount is also available to help lower your borrowing costs. 

Rocket Loans frequently asked questions

How Bankrate rates Rocket Loans

Overall Score 4.5 Explanation
Availability 4.2 Rocket Loans’ minimum APRs are low; however, it does charge a few fees.
Affordability 4.8 Rocket Loans has a low minimum loan amount and quick funding, though it doesn’t disclose many eligibility requirements.
Customer Experience 4.7 Rocket Loans has a seamless online platform, but its customer support hours are slightly limited.


To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Availability: Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

Editorial disclosure: All reviews are prepared by 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.