Rocket Loans Review – Get Your Loan Fast
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Fast Facts
Loan amount:
$2,000 to $45,000
Availability of funds:
Same day
Origination fee:
1% to 9%
Late fee:
$15
Repayment terms:
36 or 60 months
Availability:
Unavailable for Iowa, Nevada, or West Virginia residents
Finding a personal loan that fits your budget and timeline can be frustrating, especially if you’re a freelancer (like me) or your credit history isn’t squeaky clean. But frustrating or not, personal loans can be a helpful resource in the case of an emergency or unexpected expense.
To help make your search easier, our Rocket personal Loans review will dive deep into how it works.
Jump To
What is Rocket Loans?
Launched in 2016, Rocket Loans offers potential borrowers a quick-and-easy (a “rocket fast”) personal loan process.
The financial institution offers unsecured personal loans between $2,000 and $45,000 with APRs between 9.11% to 29.99%. Getting pre-qualified won’t hurt your credit; the loan funds could land in your account within the same business day. Despite the reasonably speedy online application process, Rocket Loans requires qualified borrowers to pay a hefty origination fee (depending on the borrower’s credit score).
Rocket Loans is a subsidiary of Rocket Companies, Inc., and a sister company of Rocket Mortgage. Rocket Mortgage was founded in 1985 by Dan Gilbert — back then, it was known as Rock Financial, a traditional brick-and-mortar mortgage company. In 1999, Intuit Inc. (AKA the geniuses behind TurboTax and QuickBooks) bought Rock Financial and renamed it Quicken Loans. Rocket Mortgage became the lender’s official name in 2021.
Today, the Rocket Companies Inc. portfolio includes Rocket Mortgage (America’s largest mortgage lender), Rocket Loans, Rocket Homes, and Rocket Auto.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does Rocket Loans work?
Getting started with Rocket Loans is quick and simple, as advertised. To apply for a personal loan with Rocket Loans, visit rocketloans.com and click “Get Started.”
Once you click the “Get Started” button, you’ll be presented with a pre-qualification form—according to the website, getting pre-qualified won’t affect your credit score.
The form asks introductory questions about your employment status, whether you rent or own, and what you intend to use the loan for (e.g., credit card or debt consolidation, medical expenses, home improvement, etc.). Rocket Loans cannot be used to pay student loans.
You’ll also need to provide your full name, address, Social Security number, and date of birth.
Note: To qualify for a personal loan with Rocket Loans, you’ll need to be an 18- or older U.S. citizen. (Nebraska and Alabama borrowers must be at least 19 years old.) Rocket Loans does not offer personal loans to residents of Iowa, Nevada, or West Virginia.
Once you’ve entered your information, click “See My Options.” Rocket Loans will then provide you with a list of loan offers. Each option will include the amount, term, and rate.
The following factors determine a potential borrower’s loan rate:
- Credit history
- Annual income
- Debt-to-income-ratio
- Loan term
- Homeownership
- Number of credit inquiries
If you find an option that works for you, you’ll need to complete a loan application. Filling out and completing an application will impact your credit score—a loan application is considered a hard inquiry.
After completing your application, the only thing left to do is wait. Rocket Loans will validate your information during this (hopefully short) waiting period. While this could be quick and simple for some, others may need to provide additional documentation (e.g., driver’s license, pay stubs, bank statements, or tax forms).
Note: If you’re self-employed or a freelancer or independent contractor, you should have these documents on hand and ready to send. More often than not, 1099 workers need to provide additional documentation.
If approved, you’ll need to agree to the final terms and sign your loan agreement. According to the website, some borrowers could see funds in their bank account on the same business day. However, this depends on the bank you use and your approval timeline.
Related: Best Low-Income Loans
How much does Rocket Loans cost?
Although Rocket Loans allows potential borrowers to check their loan rates for free, approved customers must pay an upfront origination fee of up to 9%, which is deducted from the borrower’s loan proceeds.
Rocket Loans also charges a late payment fee of $15 for those who fail to make a payment within the 10-day grace period and a $15 fee for borrowers whose payment is declined due to insufficient funds, among other reasons. You can see Rocket Loans’ fee schedule here.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Rocket Loans features
Here’s a short list of Rocket Loans’ features.
Hassle-free pre-qualification
Getting pre-qualified is easy, and it won’t impact your credit score. Just fill out the online form and check your rates—it’s that simple!
Autopay discount
Rocket Loans offers a rate discount to borrowers who enroll in autopay. This discount is only available to borrowers who opt in during the application process. Those who automate their payments after receiving their loan do not qualify for the autopay discount.
No prepayment penalties
If you want to pay your loan off early, there are no prepayment fees or penalties.
Who is Rocket Loans best for?
Prospective borrowers who are looking for a small personal loan. Rocket Loans may be a good option for individuals who need a small personal loan. Rocket Loans offers loan amounts of as little as $2,000.
People with fair credit who need quick funds. Rocket Loans could be a good option for individuals with fair-to-good credit who need funds quickly. Rocket Loans offers same-day funding to customers who sign their loan documents by 1 p.m. EST.
Who shouldn’t use Rocket Loans?
Individuals with poor credit. Someone with poor credit may be subject to a hefty origination fee.
Prospective borrowers with excellent credit. While Rocket Loans is transparent about its loan process, those with excellent credit can likely get a better, more flexible deal elsewhere.
Related: Best Personal Loans for Bad Credit
Pros and cons
Pros
- Easy to get started. As advertised, Rocket Loans makes it easy to get started. Potential borrowers can complete an online form and see their loan options within seconds.
- Pre-qualification won’t hurt your credit score. In addition to making things quick and straightforward for soon-to-be borrowers, Rocket Loans does a soft credit pull for pre-approval—which won’t affect your credit score.
- Fast funding. Rocket Loans offers same-day financing for individuals who complete the loan process and sign their paperwork by 1 p.m. EST.
- No prepayment penalties. Borrowers who decide to pay off their loan before their term ends can do so whenever they want without paying a prepayment penalty.
- Autopay discount. Customers who choose autopay during the application process receive a rate discount.
- Borrow up to $45,000. With Rocket Loans, potential borrowers can apply for a loan of up to $45,000.
Cons
- Not available in all states. Rocket Loans does not work with Iowa, Nevada, or West Virginia residents.
- Late fees. Those who fail to make their monthly payment within 10 calendar days of their due date must pay a late payment fee of $15.
- Limited repayment terms. Rocket Loans has two options: 36 or 60 months for loan terms. There is no in-between.
- Upfront origination fee. Rocket Loans charges an upfront origination fee between 1% and 9% compared to other lenders. (Some lenders do not charge an origination fee, so it helps to do your research beforehand!)
- High interest rates. Borrowers with excellent or good credit may get a lower APR elsewhere. Rocket Loans currently offers APR ranges between 9.11% and 29.99%.
- No co-signers are allowed. Rocket Loans does not allow applicants to apply with a co-signer or co-applicant.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Rocket Loans vs. Upgrade vs. SoFi
Lender | Loan amount | Minimum credit score | Origination fee | APR |
Rocket Loans | $2,000 to $45,000 | 640 | 1% to 9% | 9.11% to 29.99% |
Upgrade | $1,000 to $50,000 | 560 | 1.85% to 9.99% | 8.49% to 35.99%
|
SoFi | $5,000 to $100,000 | None | $0 | 8.99% to 29.49% |
Upgrade
Upgrade personal loans range between $1,000 to $50,000 with 24 to 84 months repayment terms. Upgrade does not charge prepayment penalties and offers one-day funding to those who speed through the approval process.
SoFi
SoFi offers unsecured personal loans up to $100,000. SoFi is a good option for borrowers with good or excellent credit (690 FICO or higher). SoFi also offers additional loan products, including private student loans (e.g., undergrad, grad, MBA, etc.), home loans (e.g., mortgage loans and mortgage refinancing), and refinancing options for auto loans. SoFi doesn’t charge origination fees, prepayment penalties, or late fees.
FAQS
Is Rocket Loans good for bad credit?
Rocket Loans is better suited for people with fair-to-good credit. If approved for a loan with Rocket Loans, individuals with a poor or bad credit score may end up paying a high origination fee and a high interest rate.
Is Rocket Loans the same as Quicken Loans?
Quicken Loans changed its name to Rocket Mortgage on July 31, 2021. Rocket Loans is a sister company of Rocket Mortgage.
Is Rocket Loans legit?
Rocket Loans has a rating of 4.8 stars on Trustpilot and an A+ rating with the Better Business Bureau (BBB).
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Is Rocket Loans legit?
Rocket Loans isn’t exactly unique when compared to other online lenders. While Rocket Loans is a good option for people who need funds fast, it may be worth looking elsewhere first — this is especially true for those needing a co-signer.
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Writer
Tabitha Britt is a New York-based freelance writer and editor whose work has appeared on INSIDER, the Huffington Post, and Taste of Home. When she's not glued to her computer screen, she can be found walking her beloved pooch, Biscuit.
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