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Rocket Loans Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

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

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.

Moneybag
Loan amount $2,000 – $45,000 (with autopay discount)
Rates
APR from 8.416% - 29.99%
Clock Wait
Term lengths 36 to 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

PROS

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    Easy online application process

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    Check your rate with no impact to your credit score

  • Checkmark

    No prepayment penalties

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    Rapid funding

CONS

  • Close X

    Origination fee

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    High rates for excellent credit

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    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:

  • FICO score.
  • Monthly income.
  • Debt-to-income ratio.
  • Whether you rent or own your home.
  • Number of credit inquiries.
  • Preferred repayment term.
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, how much you earn 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 to cover higher education expenses or make purchases related to illegal activities.

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 and receive funding as soon as the same business day.
  • 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 paying 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 7 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.
  • 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 of 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 Saturday from 9 a.m. to 7 p.m. ET and Saturday from 9 a.m. to 6 p.m. ET

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 7 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.

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.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three 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.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

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.