Rocket Loans Review: Fast Personal Loans for Fair to Good Credit

4.6 _/5

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Personal Loans

• Fully online application and funding
• Get funds as soon as the same business day
• Autopay discount

• Origination fee of up to 9%
• Only 2 repayment terms
• Not available in Iowa, Nevada, or West Virginia

Rates (APR)	9.116% – 29.99%
Loan amounts	$2,000 – $45,000
Repayment	36 or 60 months

Rocket Loans offers a fast and convenient personal loan option, with an online application and the potential for same-day funding. It may be ideal for borrowers with fair to high credit scores who need quick access to funds.

Those with excellent credit or seeking longer-term options may want to explore no-fee personal lenders that offer more repayment terms.

Rocket personal loan at a glance

Here’s a quick overview of what to expect, from Rocket Loans’ minimum credit score to its rates, terms, and more.

Terms	Details
Min. credit score	Mid-600s
Rates (APR)	9.116% – 29.99%
Rate discounts	Autopay (reflected in min. APR above)
Loan amounts	$2,000 – $45,000 (Ohio residents: min. $5,001)
Repayment period	36 or 60 months
Time to funding after approval	As soon as same business day
Fees	Origination fee of up to 9%, late payment, and ACH fees

How does a Rocket Loans personal loan work?

Rocket Loans operates entirely online, making the process simple and fast. To start, you’ll fill out a brief application to prequalify, which results in a soft credit check that won’t affect your credit score.

If eligible, you can then choose your loan amount and term. Rocket Loans offers fixed-rate loans, and the interest rate is based on your credit profile. Once you’re approved, the funds can be deposited as soon as the same business day.

You’ll manage your Rocket Loan online, making payments through the digital platform, with an option to enroll in autopay for a rate discount. However, an origination fee of up to 9% might apply, so it’s essential to account for that when calculating total costs.

What can a Rocket personal loan be used for?

Like most personal loan lenders, Rocket Loans allows borrowers to use a personal loan for various financial needs and goals.

During the application process, you’ll select the purpose of your loan. This information helps Rocket Loans tailor the loan experience and offer to your situation, but the company doesn’t limit how loan funds can be used once disbursed. 

Like many lenders, Rocket Loans may restrict the use of loan funds for certain activities, such as illegal activities, gambling, or speculative investments.

Who’s eligible for a Rocket Loans personal loan?

Here’s a table summarizing the eligibility requirements for a Rocket personal loan:

Requirement	Details
Citizenship	U.S. citizen or permanent resident
Employment status	Income verification required
State of residence	Not available in Iowa, Nevada, or West Virginia
Minimum age	18
Minimum credit score	Mid-600s

What are the costs and fees of a Rocket personal loan?

The main costs of a Rocket personal loan include the interest rate and an origination fee of up to 9%. Your annual percentage rate (APR) will depend on your credit score and financial history, and it affects the total interest you’ll pay over the life of the loan.

Rocket deducts the origination fee from your loan amount before disbursing the funds. Additional fees, such as late payment and ACH fees, may apply.

It’s important to consider the interest rate and fees when evaluating the overall cost of a loan. Here’s an example of how fees and interest affect the cost of a $10,000 personal loan with a 36-month term and an APR of 15%, which includes a 6% origination fee:

Description	Amount
Loan amount	$10,000
Origination fee (6%)	$600
Amount disbursed	$9,400
Rate (APR)	15%
Term	36 months
Monthly payment	$347
Total paid over term	$12,492
Total interest and fees	$2,492

How do you repay a personal loan from Rocket Loans?

Repaying a Rocket Loans personal loan is straightforward. Once your loan is disbursed, you’ll follow a set repayment schedule based on your selected term of 36 or 60 months. Your monthly payments are determined by the loan amount, rate, and any fees.

You have flexible payment options, including automatic payments (which also earn you a rate discount), online payments, or phone payments. Rocket Loans doesn’t charge a prepayment penalty, so you can pay off the loan early to save on interest.

By selecting autopay and repaying the loan early, you can reduce the total interest paid and lower the overall cost.

Pros and cons of Rocket Loans

When considering Rocket Loans for personal financing needs, it’s important to weigh the benefits and drawbacks to make an informed decision. Below are the pros and cons of Rocket Loans.

Pros

• 100% online process

  Rocket Loans provides a digital application and funding process, making it convenient for borrowers to apply for and manage their loans without needing physical paperwork or in-person visits.

• Fast funding

  One of the standout features of Rocket Loans is the ability to fund loans as soon as the same business day, which is crucial for borrowers needing urgent financial assistance.

• No prepayment penalties

  Borrowers have the flexibility to pay off their loans early without incurring additional fees, allowing them to save on interest over the life of the loan.

• Autopay discount

  Rocket Loans offers a rate discount for borrowers who opt into automatic payments, reducing the overall cost of the loan for those who choose this payment method.

Cons

• Origination fee

  The origination fee, which can be as high as 9%, increases the cost of borrowing and is deducted from the loan amount before Rocket disburses funds to the borrower.

• Limited repayment terms

  With only two repayment term options (36 or 60 months), borrowers have limited flexibility in adjusting their monthly payment amount or loan duration to better suit their financial situation.

It’s important to consider several options when you’re looking at personal loans. The table below shows several of our top-rated lenders to consider besides Rocket, along with the best-for designation each company earned, its rating, and whether it charges an origination fee:

Is Rocket Loans a reputable lender?

To evaluate Rocket Loans’ reputation as a lender, looking at customer ratings and reviews across various platforms is helpful. Below is a table summarizing these ratings:

Source	Customer rating	Number of reviews
Trustpilot	4.8/5	6,540
Google	3.8/5	1,477
Better Business Bureau (BBB)	1/5	5

Rocket Loans earns high scores on Trustpilot, with more than 6,500 reviews. In general, the reviews show satisfaction with the loan process, speed of funding, and customer service. However, several reviews point out concerns regarding fees and customer service issues.

The Google rating reflects feedback on personal loans as well as comments on employee satisfaction and the company’s headquarters. The BBB gives Rocket Loans an A+ rating, but customer reviews on this platform—while far fewer—highlight issues such as high interest rates, application problems, and a lack of transparency.

Does Rocket Loans have a customer service team?

The Rocket Loans customer service team can assist with application questions as well as account management and payment issues. 

Points of contact for Rocket Loans customer service include:

• Email: For new loan inquiries, reach out to [email protected]. Current Rocket customers with service needs can use [email protected].
• Phone: Prospective and current customers can call 800-333-7625. The team is available Monday through Friday from 9 a.m. to 7 p.m. Eastern and on Saturday from 9 a.m. to 6 p.m.

How to apply for a Rocket personal loan

Here are the steps to apply for a Rocket Loans personal loan.

1. Visit the website: Start by going to Rocket Loans’ homepage and clicking “Get Started” or “Apply Now.”
2. Prequalify: Fill out the prequalification form with information including your income, Social Security number, and date of birth. This step allows Rocket Loans to give you a preliminary offer without affecting your credit score.

3. Apply: If you’re happy with the prequalification offer, proceed to submit a full application by providing additional documentation and details as required.
4. Verify information: Electronically verify your income, identity, and bank information. This might involve uploading documents or providing access to bank statements online.
5. Loan approval and funding: After Rocket reviews and approves your application and documents, you could get your loan funds as soon as the same business day, depending on your bank’s processing times.

The entire process is designed to be fast and user-friendly, reflecting Rocket Loans’ commitment to efficiency. Most borrowers can complete the prequalification step in just a few minutes. 

FAQ

Can you have more than one Rocket personal loan?

Rocket Loans allows borrowers to have more than one personal loan under certain conditions. You must meet eligibility criteria for each loan you apply for, which includes considerations of creditworthiness and debt-to-income ratio. 

It’s important to assess your financial situation and ensure that taking on additional debt is manageable and aligns with your financial goals.

Can you pay off a Rocket Loans personal loan early?

Yes, you can pay off a Rocket Loans personal loan early without prepayment penalties. This flexibility allows borrowers to save on interest costs over the life of their loan by making extra payments or paying off their loan balance ahead of schedule.

Are these loans the same as Rocket Mortgage loans?

Rocket Loans and Rocket Mortgage are part of the Rocket Companies family but serve different financial needs. Rocket Loans provides unsecured personal loans for debt consolidation, home improvement, and major purchases. 

Rocket Mortgage, on the other hand, specializes in home loans and mortgage refinancing. While related in branding, the products they offer are distinct.

What is Rocket Loans’ minimum credit score for a personal loan?

Rocket Loans typically requires a minimum credit score in the mid-600s for personal loan applicants. This requirement assesses an applicant’s creditworthiness and helps determine the loan terms and interest rates the lender can offer.

How long does Rocket Loans take to approve?

Rocket Loans prides itself on its quick approval process. Many applicants receive a decision on their loan application within minutes of submitting their information online. Depending on how your information is verified and your bank’s processing times, the actual time to fund the loan can be as soon as the same business day.

How we rated Rocket Loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Rocket Loans to several personal loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
Rocket Loans personal loan	4.6/5