Rocket Loans Personal Loans: 2021 Review

At a glance


Bankrate Score

  • Availability
  • Affordability
  • Customer Experience

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About Rocket Loans

  • Loan amount

    $2,000 – $45,000

  • Min. credit score

    Not specified

  • APR from

    5.97% – 29.99% (with autopay)

  • Funds available in

    As soon as the same business day

Rocket Loans features

Here's a breakdown of some of the benefits and drawbacks of Rocket Loans personal loans.


  • Easy online application process
  • Check your rate without a hard inquiry on your credit report
  • No prepayment penalties


  • Origination fee
  • Inferior rates for excellent credit

Rocket Loans, which was created by mortgage provider Quicken Loans, makes it easy for consumers to apply for an unsecured personal loan. Qualified borrowers can apply online and receive funding as soon as the same day, and it’s even possible for consumers to check their rate and determine eligibility without a hard inquiry on their credit report.

Rocket Loans is transparent about its loan process, although consumers with excellent credit can likely get a personal loan with lower fees elsewhere.

Overall, Rocket Loans personal loans are a solid option for borrowers with good credit who cannot qualify for a personal loan without an origination fee.

Rocket Loans snapshot

Loan amount $2,000 – $45,000
APR 5.97% – 29.99% (with autopay)
Minimum credit score Not specified
Time to receive funds As soon as the same business day

Pros and cons of Rocket Loans personal loans

Before you apply for a personal loan from Rocket Loans, you should know about the upsides, as well as any potential pitfalls to watch out for. Here are the main advantages and disadvantages.


  • Easy online application process: You can apply online and receive funding as soon as the same business day.
  • Check your rate without a hard inquiry on your credit report: Using Rocket Loans’ prequalification form will help you determine eligibility and estimate loan costs before you apply.
  • No prepayment penalties: You can pay your personal loan off at any time without paying a penalty.


  • Origination fee: Rocket Loans personal loans come with an origination fee between 1 percent and 6 percent of the loan amount. Since a handful of personal loan providers don’t charge this fee, you should keep the extra cost in mind.
  • Inferior rates for excellent credit: Some personal loan companies offer starting APRs that are lower than those of Rocket Loans. That makes Rocket Loans an inferior option if you have excellent credit that could help you qualify for a personal loan with the absolute best rates and terms.

Lending terms

Rocket Loans offers qualified borrowers personal loans with competitive rates, and you can borrow between $2,000 and $45,000 depending on your needs and eligibility. You can repay your loan over 36 or 60 months, and there are no prepayment penalties to worry about if you decide to pay your loan off early.

While Rocket Loans doesn’t list a minimum credit score, multiple third-party sources list a minimum of 640. Rocket Loans does explain that your loan eligibility will be determined based on the following criteria:

  • FICO score
  • Income
  • Debt-to-income ratio
  • Whether you rent or own your home
  • Number of credit inquiries
  • Requested loan term

Fees and penalties

Rocket Loans charges an upfront origination fee of 1 percent to 6 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 $20,000 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.

Other fees to be aware of include a $15 late payment fee that is charged any time you fail to make your payment within 10 calendar days of its due date. You may also pay a $15 returned check fee if your check or ACH transfer is returned for insufficient funds or any other reason.

How to apply for a loan with Rocket Loans

To apply for a loan from Rocket Loans, you’ll need to head to its website and click “Get Started” or “Check Your Loan Options.” From there, you’ll be asked to enter personal information on the loan prequalification page. Details you should prepare to share include your:

  • Loan purpose
  • Whether you rent or own your home
  • Employment status
  • Gross income
  • Address
  • Full name
  • Phone number
  • Social Security number
  • Email address
  • Date of birth

Rocket Loans will move forward with a soft credit check, which will not impact your credit score. From there, you’ll find out if you’re prequalified for a personal loan. If you do meet its general eligibility requirements, you’ll be presented with a list of loan options with unique rates and terms. These options will vary in terms of the loan amount you would receive, as well as the length of time you would be required to make payments on your loan.

You can compare loan options at this point and click on the question mark icon for each loan option to see the origination fee you would be charged.

If you like one of the loan options available to you, you can click on the button to “select” the loan and set up a password for your loan account. From there, you’ll consent to the funding of the loan, at which point Rocket Loans will move forward with a hard inquiry on your credit report.

If you’re approved, you’ll enter bank account information that Rocket Loans will use to move your loan funds into your account. Since Rocket Loans can fund personal loans as soon as the same business day, it’s possible that you could apply in the morning and have your loan funds deposited into your account and ready to spend by the evening.

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, factors it considers include your credit score, how much you earn and how much existing debt you have, among other details.

How Bankrate rates Rocket Loans

Overall score 4.5
Availability 4.8
Affordability 4.0
Customer experience 4.7

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.