Get personal loan offers from Rocket Loans and other great lenders. It takes just two minutes and will not affect you credit score.
Get StartedLoan amount
$2,000 – $45,000
Min. credit score
Not specified
APR from
7.727%% – 29.99% (with autopay)
Funds available in
As soon as the same business day
Here's a breakdown of some of the benefits and drawbacks of Rocket Loans personal loans.
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.
Rocket Loans is transparent about its loan process, although consumers with excellent credit can likely get a personal loan with lower fees elsewhere.
| Loan amounts | $2,000 to $45,000 |
| APR | 7.727%% to 29.99% (with autopay) |
| Minimum credit score | Not specified |
| Time to receive funds | As soon as the same business day |
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.
Rocket Loans offers qualified borrowers personal loans with APRs between 7.727% percent and 29.99 percent. The rate you receive depends on your credit history, current debt load, annual income, requested loan amount, requested repayment term and housing costs. You can borrow between $2,000 and $45,000 and repay your loan over 36 or 60 months. There are no prepayment penalties to worry about if you decide to pay off your loan early.
Rocket Loans doesn’t list a minimum credit score. However, it does explain that your loan eligibility is determined by the following criteria:
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 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.
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.
When you’re ready to apply, you’ll need to head to Rocket Loans’ 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:
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 could also be asked to provide the following:
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.
Upon approval, 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.
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
| Overall Score | 4.6 | |
|---|---|---|
| Availability | 4.8 | Rocket Loans has a low minimum loan amount and quick funding, though it doesn’t disclose many eligibility requirements. |
| Affordability | 4.5 | Rocket Loans’ minimum APRs are low; however, it does charge a few fees. |
| Customer Experience | 4.7 | Rocket Loans has a seamless online platform, but its customer support hours are slightly limited. |
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.