Rocket Loans personal loans: 2025 review

Rocket Loans is best for same day funding for low-interest rate loans

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.

Rocket Loans purposes

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a Rocket personal loan to consolidate debt, install a solar system for a more energy-efficient home or to spruce up an outdated kitchen.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. 

Where Rocket Loans stands out

• Same-day funding option: You may be able to have cash for an unexpected expense by the same afternoon, if you apply early and have your paperwork signed by 1 p.m. ET on a business day. 
• Single-digit rates possible for excellent credit customers: If you’ve managed your credit well, you may qualify for Rocket Loans’ low 9.116 percent APR. You’ll have to agree to automatic payments to get the lowest rate discount. 
• Lower origination fees and no prepayment penalties: Rocket Loans maximum origination fee is 9 percent, which is slightly lower than the 9.99 percent max charged by many other lenders. There is also no penalty payment for extra payment or early payoff. 

Where Rocket Loans falls short

• Only two repayment terms offered: You can choose a 36 month or 60 month repayment term, which is more limiting than other lenders that offer 12 to 84 month repayment schedules. 
• Qualifying requirements not disclosed on the website: Rocket Loans doesn’t disclose the minimum credit score or income you’ll need to qualify for a personal loan. If your score is low, you may want to find a lender that publishes their requirements online. 
• Not available in all states: Rocket Loans are not available in Iowa, Nevada or West Virginia.  

Rocket Loans customer resources

Customer support

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. 

Digital experience

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. 

Rocket Loans vs. Upgrade

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 slightly higher starting APRs of 9.99 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. 

Rocket Loans vs. SoFi

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. 

How Bankrate rates Rocket Loans