Best Personal Loans from Rocket Loans of August 2022

We have found 3 offers from Rocket Loans. The APR for Rocket Loans personal loans starts from 7.73% while the amount you can get varies from $2,000 to $45,000. You can apply for a Rocket Loans personal loan of up to 60 months. See all the terms to decide if Rocket Loans is the right lender for you.

Rocket Loans
By Hanna Volkava
Updated August 15, 2022

See all Rocket Loans personal loans in August 2022

Showing 3 loans
APR
7.43 - 29.69 %
with Autopay
Term
3 - 5years
Loan amount
$2,000 - $45,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.3%
  • Origination fee:
    1 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No Prepayment Fee
    • Autopay Discount
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination Fee
    • No secured loan options

RocketLoans offers personal loans to qualified borrowers with fair to excellent credit score who need to borrow up to $45,000.

The loan is not available in Iowa, Nevada, West Virginia.

Rates range from 7.727% (with autopay) to 29.99% (without it). The loan origination fee ranges from 1% to 6%.

APR
7.43 - 29.69 %
with Autopay
Term
3 - 5years
Loan amount
$2,000 - $45,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.3%
  • Origination fee:
    1 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Debt Consolidation Loan
  • Pros:
    • No Prepayment Fee
    • Autopay Discount
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination Fee
    • No secured loan options

RocketLoans offers personal loans to qualified borrowers with fair to excellent credit score who need to borrow up to $45,000.

The loan is not available in Iowa, Nevada, West Virginia.

Rates range from 7.727% (with autopay) to 29.99% (without it). The loan origination fee ranges from 1% to 6%.

APR
7.43 - 29.69 %
with Autopay
Term
3 - 5years
Loan amount
$2,000 - $45,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.3%
  • Origination fee:
    1 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Home Improvement Loan
  • Pros:
    • No Prepayment Fee
    • Autopay Discount
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination Fee
    • No secured loan options

RocketLoans offers personal loans to qualified borrowers with fair to excellent credit score who need to borrow up to $45,000.

The loan is not available in Iowa, Nevada, West Virginia.

Rates range from 7.727% (with autopay) to 29.99% (without it). The loan origination fee ranges from 1% to 6%.

Check Rocket Loans personal loan rates

scorer
APR Range
7.73 - 29.99%
scorer
Loans
up to $45,000
scorer
Terms
up to 60 months
scorer
Score required:
Fair (580-669)
scorer
Loan purposes:
Personal Loan, Debt Consolidation Loan, Home Improvement Loan

Information about lender

  • Organisation:
    RockLoans Marketplace, LLC
  • Website:
  • Headquarters:
    1274 Library Street, 2nd Floor, Detroit, MI 48226

Rocket Loans Personal loans Pros&Cons

Pros:
  • Prequalification: Rocket Loans allow you to check rates and loan options without hurting your credit score. With a bit of basic information, you'll be able to see your rates.
  • Simple application process: The application process is entirely online too.
  • Fast funding: Rocket Loans offer same-day funding so that some applicants might get their funds as soon as a few hours after approval.
  • Autopay interest rate reduction: By signing up for autopayments, you’ll get a 0.30% rate discount.
Cons:
  • Restrictive loan terms: The two loan term options (3 or 5 years) allow for little flexibility when it comes to loan repayment.
  • Origination fee: Many online lenders don’t charge an origination fee, but Rocket Loans isn’t one of them.
  • Late fee: If you’re late for a monthly payment, you’ll pay a $15 late fee.
  • No direct payment to creditors: Rocket Loans doesn’t offer the option to transfer the loan funds directly to your creditors.

Check loans from other lenders

SoFi
SoFi
Personal Loan
5 out of 5
Recommended credit score
bank name
Good (670-739)
  • 6.74 - 21.98 %
    APR
  • 2 - 7 years
    Loan Term
  • $5,000 - $100,000
    Loan Amount
Check rates
On SoFi‘s site
LightStream
LightStream
Personal Loan
5 out of 5
Recommended credit score
bank name
Fair (580-669)
  • 5.23 - 19.49 %
    APR
  • 2 - 6 years
    Loan Term
  • $5,000 - $100,000
    Loan Amount
Check rates
On LightStream‘s site
Avant
Avant
Personal Loan
3.28 out of 5
Recommended credit score
bank name
Poor (300-579)
  • 9.95 - 35.99 %
    APR
  • 2 - 5 years
    Loan Term
  • $2,000 - $35,000
    Loan Amount
Check rates
On Avant‘s site

Rocket Loans Review

Rocket Loans offers people with fair to excellent credit loans up to $45,000 for several purposes, including debt consolidation and home improvement. APR can be a minimum of 7.73% for those who sign up for Autopay and up to 29.99%. In addition to that, an origination fee of 1 - 6% will be deducted from the loan proceeds. Borrowers can apply online through their website and, if approved, get same-day funding as well.

Rocket Loans Loan types

Rocket Loan states that you can use their online personal loans for any purpose except as a student loan. Let’s look at a few loan uses:

  • Debt Consolidation:A Rocket Loans debt consolidation loan can help you combine your loans and pay them off with single monthly payments. With their relatively affordable interest rate range, the potential for an overall lower interest rate is another plus.
  • Home Improvement: The flexible loan amount range allows you to use this loan for both small and big home improvement projects. So whether you’ve been eyeing a new sofa or want to add a whole room to your house, a Rocket Loans home improvement loan can help you with financing.
  • Auto Loan:Does your car need some repairs or do you want to buy a new one? Whatever vehicle-related expense you may have, an auto loan will cover them.

Loan specifications

You can apply for the following types of loans: debt consolidation, home improvement, auto loan.

APR7.73 - 29.99%
Amount$2,000 - $45,000
Term3 - 5 years
Origination fee1 - 6%

As you can see from the table the maximum loan amount is $45,000, and the APR starts at 7.73% for the best graded borrowers. The loan period varies from 3 to 5 years.

Rocket Loans: pros and cons

Pros: Cons:
Prequalification. Rocket Loans allow you to check rates and loan options without hurting your credit score. With a bit of basic information, you'll be able to see your rates. Restrictive loan terms. The two loan term options (3 - 5 years) allow for little flexibility when it comes to loan repayment.
Simple application process. The application process is entirely online too. Origination fee. Many online lenders don’t charge an origination fee, but Rocket Loans isn’t one of them.
Fast funding. Rocket Loans offer same-day funding so that some applicants might get their funds as soon as a few hours after approval. Late fee. If you’re late for a monthly payment, you’ll pay a $15 late fee.
Autopay interest rate reduction. By signing up for autopayments, you’ll get a 0.30% rate discount. No direct payment to creditors. Rocket Loans doesn’t offer the option to transfer the loan funds directly to your creditors.

Applying for a Rocket Loans loan

All U.S. citizens or permanent residents at least 18 years old are eligible to apply for a Rocket Loans loan. They haven’t defined a minimum credit score requirement, but applicants with a credit score of at least 640 have good chances of being approved. Note that only those with excellent credit will qualify for the lowest interest rate.

In addition to your credit score, your approval will be determined by several other factors, including things like monthly income and existing debt. The good thing is that it'll cost you nothing to check whether you qualify and your loan options. You can do this online at their website by simply clicking 'Apply Now.’ For prequalification, you would need to provide the following basic information:

  • Name, birth date, and address
  • Information about income
  • Social Security number
  • Loan purpose

A soft credit inquiry will be performed. If you like what you're offered, you can proceed to apply for the loan. That's where you'll need to enter some additional information (including bank account info). You might also be asked to provide additional documents like bank statements, tax forms, driver's license, and paystubs.

Once approved, you could get funding the same day.

Conclusion

People who need funding ASAP will appreciate the same-day funding feature offered by Rocket Loans. A prequalification option is always welcomed, as many borrowers are in search of affordable personal loans. Another thing we like is the easy and convenient application process that can be done entirely online.

Unfortunately, the positive things end there. They could do better regarding the flexibility of the loans whose terms are somewhat restrictive – only two loan term options, no option to change the payment date, and no direct payment to creditors. Although the APR starts at a relatively low point, it is only available to borrowers with excellent credit who could get better terms with another lender. The fees don't go into its favor either, considering there are more and more competitors on the market who have no fees at all or at least lower ones.

FAQ

What is the customer service phone number of Rocket Loans?

For questions regarding a new loan application, you can call: (800) 333-7625. If you’re an existing client, you can reach the servicing team at (313) 230-5233.

Is Rocket Loans loan legit?

Rocket Loans are legit, and they offer legitimate loans that can help you finance a purchase, consolidate debt, and more.

Does Rocket Loans offer immediate approval?

No, it doesn’t. Approval for a Rocket Loans personal loan could take 1 to 3 business days.

Is Rocket Loans an easy loan to get approved for?

Although they haven’t disclosed a minimum credit score requirement, those with at least a fair credit score can expect to get approved. Borrowers with a bad credit score, if approved, will most likely get the highest APR of 29.99%.
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