Quicken Loans Personal Loans Review
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Fast Facts
Loan amount:
$2,000 to $45,000
Repayment tenure:
36 or 60 months
Interest:
Fixed
Origination fees:
Upto 9%
Prepayment penalty:
Nil
Late fees:
$15
Need to buy a new water heater for your home but don’t have the cash to cover the bill? Maybe you need an expensive car repair so that you can make it to work each day. Or maybe you want to pay off all that high-interest-rate debt that you’ve racked up on your credit cards.
A personal loan from financial institution Quicken Loans –now known as Rocket Mortgage or Rocket Loans, depending on the division of the company with which you are working – can help.
Rocket Loans is a lender that provides personal loans. You can use the funds from one of these loans for whatever you’d like, including covering emergency expenses or paying off credit card debt that typically comes with a higher interest rate than what you’d get with a personal loan.
Are you one of the many borrowers who could benefit from a Quicken Loans personal loan? Read our review to learn more about how personal loans from Quicken work, the fundamentals of the loan application process and the loan options available to you.
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What is a Quicken Loans personal loan?
If Quicken Loans – or Rocket Loans – approves you for a personal loan, you’ll receive a lump sum of money that you can spend however you want.
You will have to repay what you’ve borrowed, though, in monthly payments with interest. Your monthly repayment amount depends on your interest rate, loan amount and loan terms. If you have a longer-term personal loan, you’ll pay less each month. But if you take out a personal loan with a shorter term, you’ll pay less in interest over time.
Your interest rate will depend largely on your credit score. The higher your three-digit credit score, the more likely you are to qualify for a personal loan from Quicken Loans with a lower interest rate. If you have bad credit, you might struggle to qualify. Rocket Loans says that you generally need a minimum credit score of 640 to qualify for one of its loans.
You can borrow from $2,000 to $45,000 with a personal loan from Quicken. Rocket Loans offers personal loans with terms of 36 or 60 months. The APR with these loans ranges from a low of 9.11% -- a rate available only to those who sign up for autopay -- to a maximum of 29.99%. APR is the total cost of your loan, including both the loan’s interest rate and closing costs.
You can apply for a Rocket Loans personal loan with the company's online application and possibly receive same-day funding.
Quicken Loans, under its new name of Rocket Mortgage, is most famous for originating home loans. But there is a big difference between personal loans and mortgage loans. With a personal loan, your home equity – the difference between what you owe on your mortgage and what your home is worth – doesn’t matter. With a home equity loan, you need a certain amount of equity to qualify.
Most personal loans are also unsecured, meaning that there is no collateral backing them up. If you fail to pay your mortgage or auto loan, your lender can take your home or car. With an unsecured personal loan, your lender can fine you or take you to collections. A lender can even sue you. But lenders can’t take your home or car.
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How do Quicken Loans personal loans work?
Your Quicken Loans personal loan will be a fixed-rate loan, meaning that its interest rate does not change over its term. This means that your monthly payment will not change, either. Once you are approved for a personal loan, you’ll receive the money in a single payment. You then repay that money, with interest, in regular monthly payments.
You can use your personal loan however you’d like. You might use it to fund a home-improvement project or cover an emergency expense. You might use it for debt consolidation: If you’ve run up thousands of dollars in credit card debt, you can use a Rocket Loans personal loan to pay this debt off. The benefit here? Your personal loan will usually come with a lower interest rate than does credit card debt. By using a personal loan to pay off your credit card debt, then, you’ll spend less money over the long run.
A personal loan is a good alternative if you don’t own a home or if you haven’t built equity in your home. If you had equity, you could apply for a home equity loan or home equity line of credit. You could even apply for a cashout refinance to access extra cash to cover emergencies or other expenses. But without a home or home equity, a personal loan might be your best choice for fast, relatively inexpensive, cash.
But what is the application process like with Rocket Loans? What eligibility requirements must you meet to qualify for a Rocket Loans personal loan?
This provider will check your credit history, study your credit reports and calculate your debt-to-income ratio to determine if you qualify for a personal loan.
Fortunately, applying for a personal loan from Quicken Loans is a quick process that you can do entirely online. Start by logging onto Rocket Loans’ personal loan home page here. Then click on the “Apply Now” button at the top of the page.
That will bring up Rocket Loans’ online application:
Here, you’ll need to provide your employment information, full name, Social Security number, phone number, annual income and date of birth.
You’ll also need to tell Rocket Loans what you intend to use your personal loan for. From the dropdown menu, you can choose from uses such as debt consolidation, home improvement or medical expenses.
You’ll also need to tell Rocket whether you own or rent and whether you are employed full-time, part-time or are retired or are self-employed.
Once you fill out and submit this form, Rocket Loans will quickly tell you whether you are approved for a personal loan. Rocket will provide you with several loan offers with differing terms, dollar amounts and interest rates. Just remember, not all borrowers earn loan approval from Rocket. The health of your personal finances largely determines whether you qualify.
You will need a bank account to receive your funds. If you are approved, Rocket Loans can often deposit money in your bank account on the same day that you are approved.
How much does a Rocket Loans personal loan cost?
Rocket Loans charges an origination fee of up to 9%, an amount that it deducts from the balance of your loan before funds are disbursed to you. Rocket Loans also charges interest on its loans, with the APRs on its loans ranging from a low of 9.11% to a maximum of 29.99%.
Here's an example of what you might pay for a $16,000 personal loan: If Rocket Loans charges an origination fee of 6.95%, it would remove $1,112 from your loan amount, leaving you with a loan amount of $14,888.
If this loan came with a 60-month term -- or five years -- and an interest rate of 14.55%, you'd make a monthly payment of $376.83 for 60 months. You would pay a total of $6,632.06 in interest.
You can pay your loan off early without getting hit with any penalties. Rocket Loans does not charge prepayment penalties. If you make a late payment, though, Rocket Loans charges a late fee of $15.
Features of a Quicken Loans personal loan
You can refinance an existing personal loan
Already paying off a personal loan that comes with a particularly high interest rate? Refinancing to a new personal loan from Rocket Loans could be a solution. When you refinance an existing personal loan, you are basically taking out a new one and using the funds from it to pay off your existing loan. The goal is to end up with a new personal loan that comes with a lower interest rate.
Flexibility
You have options when taking out a personal loan from Rocket Loans. You can borrow from $2,000 to $45,000. You can repay this amount in terms of either 36 months or 60 months.
Quick payouts
Is this your first time taking out a personal loan? You might wonder how long it will take for your loan funds to hit your bank account. Rocket Loans says that depending on your bank and its ability to verify your financial information electronically, it might be able to send you your money on the same day on which it approves your loan.
No fees for early payments or extra payments
You can pay off your personal loan before its term ends without facing any prepayment penalties. You can also make extra payments in the months in which you have extra cash. Rocket Loans won’t charge you any fees for processing more than one payment in a month.
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- Compare Solutions
- Cash Out Refinance
- Home Equity Loans
- Home Equity Line of Credit
- Personal Loans
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Who should apply for a personal loan from Quicken Loans?
Borrowers with a strong credit score. If your FICO score is higher, you’ll qualify for a personal loan with a lower interest rate. If your loan’s interest rate is lower, your monthly payment will be, too.
Borrowers who need cash fast. You can apply for a Rocket Loans personal loan entirely online, and it should take you less than 15 minutes to fill out the online loan application. If Rocket Loans approves your loan application, it might deposit your funds in your bank account on the same day.
Borrowers who don’t need to borrow too much. You can only borrow up to $45,000 with a Rocket Loans personal loan. If you only need a smaller amount of cash, Rocket could be a good choice.
Borrowers without a home. Personal loans are often a good choice for borrowers who don’t have a home. That’s because these borrowers can’t apply for a home equity loan or home equity line of credit, two loans that are based on the amount of equity built by homeowners. A personal loan, which is a type of unsecured loan, is a good option for those who don’t own a home.
Who should not apply for a personal loan from Rocket Loans?
Those with bad credit. If your credit score is too low, you might not qualify for a personal loan from Quicken Loans. And even if you do, you will be hit with a higher interest rate, which will make your monthly payment a higher one.
Those with a high debt-to-income ratio. Your debt-to-income ratio measures how much of your income your monthly debts consume. Rocket Loans will check your ratio when you apply for a personal loan. If it is too high, Rocket will either reject your loan application or will charge you a higher interest rate.
You need to borrow a lot of money. If you need to borrow more than $45,000, you’ll need to choose a different lender. Rocket Mortgage only lends up to $45,000 with its personal loans.
Pros and cons
Pros
- You can apply online in minutes.
- You can receive your money on the same day as Rocket Loans approves your application.
- No prepayment penalties.
- Can use the funds from a personal loan for whatever you’d like.
- Interest rates are generally lower than what you’d get when borrowing with a credit card.
Cons
- Can only borrow up to $45,000.
- Rocket Loans charges an origination fee of up to 9%.
- Rocket Loans charges late fees of $15.
- Can only choose from loan terms of 36 months or 60 months.
Quicken Loans personal loans vs. the competitors
Lender | APR | Terms | Fees |
Quicken Loans | 9.11% to 29.99% | 36 months or 60 months | Charges an origination fee of up to 9% of loan amount |
Upgrade | 8.49% to 35.99% | 24 to 84 months | Origination fees range from 1.85% to 9.99% |
Avant | 9.95% to 35.99% | 24 to 60 months | Up to 9.99% of your loan amount |
Upgrade
You can borrow from $1,000 to $50,000 with a personal loan through Upgrade. If you are approved, Upgrade can deposit your money in your bank account within a day. Upgrade doesn't list a minimum credit score but will check your credit and payment history when considering your application.
To qualify for an Upgrade personal loan, you must be at least 18 years old and a U.S. citizen, permanent resident or be living in the United States on a valid visa.
You can choose a loan term of 24 to 84 months. Upgrade personal loans come with interest rates of 8.49% to 35.99%. The company charges an origination fee that ranges from 1.85% to 9.99%.
Avant
With Avant, another online lender, you can apply for personal loans of $2,000 to $35,000. Your APR, which will be based on the strength of your credit, will range from 9.95% to 35.99%. You can choose a personal loan with a term of 24 to 60 months.
Avant charges an administration fee, which is similar to an origination fee, of up to 9.99% of your loan amount. It also charges late fees of $25 for payments that are not made within 10 days after their due dates.
If you are approved for an Avant personal loan, you will typically receive your funds the next business day.
- Complete Our Questionnaire
- Compare Solutions
- Cash Out Refinance
- Home Equity Loans
- Home Equity Line of Credit
- Personal Loans
- Home Equity Alternative Solutions
- Connect with Providers
FAQs
How much can I borrow with a Quicken Loans personal loan?
You can borrow up to $45,000. You must borrow at least $2,000.
How long do I have to pay off my personal loan?
Quicken Loans personal loans come with terms of 36 or 60 months. The longer your term, the lower your monthly payment will be. But you’ll pay more in interest, making your loan costlier, if you select a 60-month repayment period over a 36-month one.
How much does a Quicken Loans personal loan cost?
Quicken charges an origination fee of up to 9.99% of the amount of your loan. That figure is deduced from the amount that you are borrowing.
Can I apply with a cosigner?
Yes. You can apply with a cosigner if your credit is weak. Remember, though, your cosigner is also responsible for your payments if you fail to make them on time.
The bottom line
No one likes to face financial emergencies. A personal loan from Quicken Loans, though, can help you pay for that emergency, typically at interest rates lower than what you’d face by turning to credit cards. This option only makes sense, though, if your credit score is high enough so that you qualify for a lower interest rate. You’ll also need to make sure that you can afford your monthly payment.
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Writer
Dan Rafter is a freelance writer who has more than 20 years experience covering personal finance. He's written for the Chicago Tribune, Washington Post, Bankrate, CreditCards.com, Rocket Mortgage, NortonLifeLock and several others.
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