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Rocket Loans personal loans: 2024 review

Updated on March 27, 2024

At a glance

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

About Bankrate Score

Bankrate’s take: For quick cash, Rocket Loans lives up to its name with same-day funding.

Lender Details


Loan amount

$2,000 – $45,000


APR from

9.116% to 29.99%

Clock Wait

Term lengths

36 and 60 months

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a Rocket personal loan to consolidate debt, install a solar system for a more energy-efficient home or to spruce up an outdated kitchen.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

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. 

What people are saying about Rocket Loans 

Trustpilot features over 6,100 reviews, and 91 percent of users award Rocket Loans with a 5-star rating. The 2 percent worth of 1-star reviews receive a personalized response from a Rocket Loans representative to try to resolve the issues the consumer had. 

Many of the reviews on the Rocket Loans page have commentary on Rocket Mortgages mixed in, including praise for how easy it is to take out a personal loan as an existing customer.

"Rocket Loans made getting my personal loan so simple and easy. Loan was approved in less than 24 hours and funds in my account within 3 working days."

Trustpilot User

On the negative side, customer commentary centers around a misunderstanding of origination fees and difficulty with the application verification system.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.5 stars out of 5
Bankrate Score
APR from
9.116% to 29.99%
Loan Amount
$2,000 – $45,000
Term Length
36 and 60 months
Min Credit Score
Not disclosed
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.49% to 35.99%*with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
Term Length
24 to 84 months
Min Credit Score

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 lower starting APRs of 8.99 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. 

Do you qualify for a Rocket Loan? 

You’ll need verifiable income and employment and a credit score that meets Rocket Loans’ requirements. Rocket Loans may also require the following:

  • Automatic payment option must be selected for lowest rate discount.
  • Not a resident in Nevada, Iowa or West Virginia.
  • To get same day funding, all of your paperwork must be signed by 1 p.m. ET. 
  • You must qualify based on a 36-month or 60-month repayment term.
  • You must be able to qualify without a co-borrowers.
  • Same-day funding is only possible on business days. 

How to apply for a personal loan with Rocket loans

  • Get a quote: Rocket Loans’ online application can be used for a prequalification, which will not affect your credit scores.
  • Add information and finalize your application: Your documentation can be uploaded online, or you can give Rocket Loans permission to access your income and banking information. 
  • Review the loan details: Once you review and sign paperwork, funds may be available on the same business day. 

How Bankrate rates Rocket Loans

Overall Score 4.5 Explanation
Availability 4.8 Same-day funding possible for eligible borrowers.
Affordability 4.2 Excellent credit borrowers may get single-digit APRs.
Customer Experience 4.7 Monday through Saturday phone support available. No app available.
Transparency 4.2 Credit requirements not listed online, but prequalification is available.


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • 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.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.