Rocket Loans Review

Rocket Loans promises a “rocket fast” decision as well as quick access to your loan funds once you’re approved.

APR Range
7.161%–29.99%
Loan Amount
$2K–$45K
Term
36 or 60 months
SimpleScore
3.5 / 5.0
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SimpleScore Rocket Loans 3.5
Rates 4
Loan Size 5
Customer Satisfaction N/A
Support 3
Fees 2
  • Fast funding
  • Offers autopay discount
  • Part of a highly-rated brand

 

  • Origination fees apply

Rocket Loans is part of the Quicken Loans family, which was established back in 1985. Headquartered in Detroit, Rocket Loans aims to offer a quick and easy online personal loan and mortgage process that is unencumbered by the excess paperwork and minutiae required by traditional lenders.

In terms of its personal loans, Rocket Loans has an online application process that never requires you to step foot into a bank. If you’re in the market for a personal loan, need money fast, and want to complete the entire process online, Rocket Loans could be the lender for you.

Check Your Personal Loan Rates

Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

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with our trusted partners at Bankrate.com

In this article

    Rocket Loans at a glance

    • Borrow between $2,000 and $45,000 for home improvements, debt consolidation, or any other reason.
    • Interest rates range between 7.161%% and 29.99%.
    • Repay your loan over 36 or 60 months.
    • Pay an origination fee of up to 6% of your loan amount.
    • Rocket Loans come with no prepayment penalties or hidden fees.
    • Get pre-qualified for a personal loan without a hard inquiry on your credit report.

    Rocket Loans personal loans review

    Where you once had to visit a local bank or credit union to take out any type of loan, the internet has ushered in a world of options that are infinitely more convenient. You can apply for a mortgage and complete the entire process without ever leaving your home these days. And the same is true for personal loans — you can apply, submit all your information, and receive your loan funds directly in your bank account without waiting in line or speaking to a single soul.

    Rocket Loans focuses its efforts on making mortgages and personal loans easy to access and apply for. Their online application process lets you enter your information online and receive a response almost right away, then get your personal loan funded without ever visiting a bank.

    In addition to the convenience factor, Rocket Loans lets you borrow more than most personal lenders — up to $45,000. They also let you repay your loan over 36 or 60 months depending on your goals. Interest rates on Rocket Loans can span between 5.98% and 29.99% APR depending on your creditworthiness, and they come with no hidden fees.

    In summary, Rocket Loans offers an easy personal loan that makes getting access to the money you need a piece of cake. And if you have excellent credit and a high income, you may have no trouble qualifying for a loan with the best rates and terms.

    What to consider

    Borrowing up to $45,000 to consolidate high-interest debt or finance a major home remodeling project can be a savvy move, but there are certain factors you should be aware of before you take out a loan with Rocket Loans. For starters, Rocket Loans does charge an origination fee of up to 6% of your loan amount. This fee bumps up the cost of your loan over the long haul. Not only that, but there are several personal loan companies that offer personal loans without an origination fee or any other fees.

    Also note that interest rates on Rocket Loans personal loans can be rather high. Consumers that can qualify for their lowest rates may get an affordable loan through this company, but bad credit borrowers who are forced to pay up to 29.99% APR on their personal loans could be getting the short end of the stick.

    Finally, Rocket Loans lists a minimum income of $40,000 and a minimum credit score of 640 to qualify for their personal loans. If you’re not earning a lot of money during this phase of your life or you have bad credit, you may not be able to qualify.

    Who Rocket Loans personal loans are good for

    • Consumers with good or great credit who can qualify for their lowest interest rates and best terms.
    • Anyone who needs to borrow up to $45,000 and repay it over up to five years.
    • Borrowers who want to apply for a loan online and get their money automatically deposited into their bank account.

    How to apply for a Rocket Loans personal loan

    One big benefit of Rocket Loans is the fact they allow you to get “pre-qualified” for one of their loans without a hard inquiry on your credit report. To complete this process and see some specifics on the loan you’ll qualify for, you should plan on providing:

    • Your full name
    • Current address
    • Income information
    • Social Security number
    • Date of birth

    Once you’re pre-qualified, you’ll have the opportunity to look over a selection of loans with different terms and rates. If you decide to move forward, you can do so by providing additional information to complete your loan application. This may include your bank account information, pay stubs, driver’s license, tax forms, and other pertinent details that help you prove your identity and income.

    If you agree to all the terms of the loan you’re ultimately approved for, Rocket Loans will start the process to complete the final approval phase for your loan. They also state that, in some cases, you can receive your money in your bank account as soon as the same business day.

    Check Your Personal Loan Rates

    Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

    Get Started

    with our trusted partners at Bankrate.com

    Methodology

    SimpleScore

    The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

    For every review, our editorial team:

    • Identifies five measurable aspects to compare across each brand
    • Determines the rating criteria for each aspect score
    • Averages the five aspect scores to produce a single SimpleScore

    Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

    Why do some brands have different SimpleScores on different pages?

    To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

    However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

    Questions about our methodology?

    Email Hayley Armstrong at hayley@thesimpledollar.com.

    Rates

    We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

    Loan Size

    We awarded higher scores to lenders with more generous loan sizes.

    Customer Satisfaction

    We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

    Support

    We awarded higher scores to lenders with the most channels for customer support.

    Fees

    We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

    Holly Johnson

    Contributing Writer

    Holly Johnson is a frugality expert and award-winning writer who is obsessed with personal finance and getting the most out of life. A lifelong resident of Indiana, she enjoys gardening, reading, and traveling the world with her husband and two children. In addition to The Simple Dollar, Holly writes for well-known publications such as U.S. News & World Report Travel, PolicyGenius, Travel Pulse, and Frugal Travel Guy. Holly also owns Club Thrifty.