Rocket Loans Review
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.
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.