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Personal Loans

Rocket Loans Review: Is This Personal Loan Right for You?

LendEDU rating: 4.6 out of 5

  • Fully online application and funding
  • Get funds as soon as the same business day
  • Origination fees of up to 9%

Rocket Loans personal loans might be a solid option if you prioritize a quick and straightforward lending process. Offering the convenience of a fully online application and same-day funding, Rocket Loans stands out for those in urgent financial situations or who wish to avoid the prolonged wait times associated with traditional bank loans.

The service is best for individuals with fair-to-high credit scores because Rocket tailors its loans to borrowers within this credit range. This focus can help qualified applicants prequalify as they explore options to find the most competitive rates and terms.

Rocket Loans earns a respectable 4.6 out of five in our rating system, but it hasn’t earned one of our best-for designations. Borrowers with good-to-excellent credit scores or specific financial needs might be better served by lenders specializing in longer-term options or those with no fees.

About Rocket Loans

Rocket Loans gained prominence through its affiliate, Rocket Mortgage LLC, previously Quicken Loans LLC. It has been providing personal loans since its inception in 2016. The company has leveraged technology to streamline the lending process to make it as quick and hassle-free as possible for borrowers with fair-to-good credit. 

The company’s products are designed for U.S. citizens or permanent residents needing fast funding for debt consolidation, home improvement projects, or other needs. 

By focusing on a straightforward and rapid delivery of funds, Rocket Loans fulfills its mission by assisting prospective borrowers in achieving their financial goals with minimal delay.

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. We’ll explore this information in more detail below.

Minimum credit scoreMid-600s
Fixed rates (APR)9.116%29.99%
Rate discountsAutopay (reflected in minimum APR above)
Loan amounts$2,000 – $45,000 (Ohio residents: minimum $5,001)
Repayment period36 or 60 months
Unsecured or secured?Unsecured
Time to funding after approvalAs soon as same business day
FeesOrigination fee of up to 9%, late payment, and ACH fees
Unique featuresComplete the full loan process online and get fast funding

This table provides a snapshot of what Rocket Loans offers to prospective borrowers.

How does a Rocket Loans personal loan work?

A Rocket Loans personal loan can simplify the borrowing experience through its streamlined, digital-first approach. Here’s how the product works and what to expect during the loan management process:

  • Credit score and income requirements: Rocket Loans caters to individuals with a minimum credit score in the mid-600s, making it accessible to many borrowers.
  • Interest rates and discounts: The fixed APR depends on the borrower’s creditworthiness. A rate discount is available for those who opt into autopay, reducing the cost for responsible borrowers.
  • Loan amounts and terms: Borrowers can request loans ranging from $2,000 to $45,000, with a higher minimum of $5,001 for Ohio residents. The repayment terms are 36 or 60 months—fewer choices than many other personal loan lenders offer. 
  • Loan types: All loans are unsecured, meaning borrowers don’t need to put up collateral. Rocket Loans doesn’t disclose whether joint loans are an option.
  • Time to funding and loan management: A unique feature of Rocket Loans is the potential for same-day funding after approval, catering to those immediately needing funds. Borrowers manage their loans online, doing everything from applying for the loan to checking balances and communicating with customer service digitally. 
  • Fees and costs: Rocket Loans charges an origination fee of up to 9%, alongside potential late payment and ACH fees. Consider these fees when calculating the total cost of the loan.
  • Repayment: Rocket Loans encourages the use of its online platform to make payments, with autopay options available for those looking to benefit from the rate discount. This digital approach to loan management underscores Rocket Loans’ commitment to convenience and accessibility.

By combining a comprehensive online platform with a range of loan options and terms, Rocket personal loans offer a modern, borrower-friendly solution for financial needs. 

What can a Rocket personal loan be used for?

Rocket Loans offer a versatile financing option, allowing borrowers to use a personal loan for various financial needs and goals. Like most personal loans, borrowers can tailor their loans to suit specific personal or family needs.

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

However, like many lenders, Rocket Loans may restrict using loan funds for certain activities, such as illegal activities, gambling, or speculative investments.

Who’s eligible for a Rocket Loans personal loan?

Rocket Loans’ requirements to qualify for a loan include being a U.S. citizen or permanent resident and having a stable source of income. Rocket Loans requires income verification but doesn’t specify a minimum income threshold, focusing instead on the overall financial stability of the applicant. 

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

CitizenshipU.S. citizen or permanent resident
Employment statusIncome verification required
State of residenceNot available in Iowa, Nevada, or West Virginia
Minimum age18
Minimum credit scoreMid-600s

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

The cost of a personal loan from Rocket encompasses interest rates and fees, which determine the total expense of borrowing funds. The APR, which includes the interest rate and origination fees, is pivotal in calculating the cost of borrowing. Rocket determines these rates based on the borrower’s creditworthiness, including credit score, income, and financial history, ensuring that the rate reflects the risk of lending to the individual.

Rocket Loans’ rates influence the monthly payment amount and the total interest you pay over the life of the loan. A lower APR means less interest, making the loan more affordable. Rocket Loans also charges an origination fee of up to 9%, which is fairly common among personal loan lenders. Rocket will deduct the fee from the loan amount before disbursing funds. Late payment and ACH fees may also apply, adding to the cost.

When comparing these rates and fees to other lenders, Rocket Loans is competitive for borrowers with good credit scores who can access the lower end of the APR range. However, the origination fee is a significant factor to consider because it can increase the effective cost of borrowing.

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:

Loan amount$10,000
Origination fee (6%)$600
Amount disbursed$9,400
Term36 months
Monthly payment~$347
Total paid over term$12,492
Total interest and fees$2,492

This example illustrates the importance of considering the APR and additional fees when evaluating the total cost of a loan.

How do you repay a personal loan from Rocket Loans?

Repaying a personal loan from Rocket Loans is designed to be straightforward and flexible to accommodate various borrower preferences and financial situations. Here’s how the repayment process works, including the options available:

Repayment begins after the funds are disbursed. Borrowers get a set schedule based on the term of their loan, which can be 36 months or 60 months. 

You can select the term when you accept Rocket’s loan offer. The loan size, the APR, and fees charged at the outset determine the monthly payment amount.

Payment options:

  • Automatic payments: You can opt for autopay, where monthly payments are automatically deducted from your bank account. This is convenient—and it earns you a discount on the APR, which can lower the cost of the loan.
  • Online payments: You can also make manual payments online through Rocket Loans’ website at your convenience.
  • Phone payments: For those who prefer to manage their finances through direct interaction, Rocket Loans provides the option to make payments by phone.

Customization and flexibility:

  • Borrowers select a 36-month or 60-month repayment period at loan origination. Once you make a selection, you can’t choose to lengthen or shorten your term to the other option.
  • However, Rocket Loans encourages early repayment and does not charge a prepayment penalty. So you can pay off your loan early, reducing the total interest and decreasing the overall cost.

Impact on overall cost:

  • The repayment terms affect the overall cost of the loan. Choosing automatic payments for a discount on the APR can reduce the cost. Paying off the loan early can also cut down the amount of interest.
  • The fixed repayment terms ensure that borrowers have a clear understanding of their financial commitment from the start. Still, the lack of a prepayment penalty provides an opportunity to minimize costs if your financial situation allows it.

Rocket Loans offers a balanced approach to loan repayment, combining fixed terms with flexible payment options and the opportunity to save on interest by paying off the loan early. 

This structure supports borrowers in managing their loans effectively while providing pathways to reduce the financial burden over time.

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.


  • Fully 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.


  • 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.

  • No joint loan option stated

    There is no clear option for joint applications, which could be a limitation for borrowers who want to apply with a co-borrower to improve their chances of approval or to secure a better rate.

Rocket Loans offers a strong option for borrowers who prioritize a fast, online loan application process and quick access to funds. 

However, it could enhance the borrower’s experience in several areas, such as offering more varied repayment terms or eliminating origination fees. The table below shows several of our top-rated lenders to consider besides Rocket. Click the lender’s name in the table for our full review of the company:

LenderBest forCharges orig. fee?Repayment
SoFiGood credit24 – 144
LightStreamExcellent credit24 – 84
UpgradeFair credit24 – 84
UpstartThin (little to no) credit36 or 60

The competitors above may provide better options for borrowers with excellent credit, those seeking longer repayment terms, or individuals looking for loans without origination fees. 

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:

SourceCustomer ratingNumber of reviews
Trustpilot4.8 out of 55,793
Google3.8 out of 51,471
Better Business Bureau (BBB)1 out of 5
Collected on January 22, 2024.

Rocket Loans enjoys a robust reputation on Trustpilot. Its high score indicates customer satisfaction with the loan process, speed of funding, and customer service. However, several reviews point out concerns regarding fees and customer service issues, which are common areas of critique for many lenders.

The Google rating reflects a more mixed sentiment, which includes not just feedback on personal loans but comments on employee satisfaction and the company’s headquarters, indicating a broader range of opinions. 

The Better Business Bureau gives Rocket Loans an A+ rating, but customer reviews on this platform are lower and highlight issues such as high interest rates, application problems, and a lack of transparency.

Rocket Loans earns high marks for its application process and funding speed, but consider the negative feedback regarding fees, customer service, and transparency. We recommend balancing the lender’s fast and convenient service against the costs and customer service concerns some reviewers highlight.

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

Rocket streamlines the personal loan application process with an online system that stands out for its speed and simplicity. A major feature of the application process is the ability to prequalify without affecting your credit score, so you can see potential loan terms before committing to a full application. 

This prequalification step benefits applicants concerned about their credit or those shopping around for the best rates.

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

A screenshot of the Rocket Loans homepage.
Source: Rocket Loans
  1. Visit the website: Start by going to Rocket Loans’ homepage and clicking “Get Started” or “Apply Now.”
  2. Prequalification: 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.
A screenshot of Rocket Loans prequalification page.
Source: Rocket Loans
  1. Application submission: If you’re happy with the prequalification offer, proceed to submit a full application by providing additional documentation and details as required.
  2. Verify information: Electronically verify your income, identity, and bank information. This might involve uploading documents or providing access to bank statements online.
  3. 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. 

The full application and verification steps’ timing can vary depending on how fast you provide the necessary information and documents.

What if I’m denied a personal loan from Rocket Loans?

Rocket Loans provides applicants with reasons for loan denial as is required by the Fair Credit Reporting Act. Understanding these reasons can help you address the underlying issues and improve your chances of approval in the future.

Applicants can reapply for a loan after taking steps to remedy the factors that led to the initial denial. We advise waiting to reapply until you’ve improved your financial situation or credit profile. Here are common reasons for loan denial and suggested next steps:

  • Insufficient credit history: Building credit can involve obtaining a secured credit card, becoming an authorized user on someone else’s credit card, or taking out a credit builder loan.
  • High debt-to-income ratio (DTI): Paying down debts to lower your DTI can improve your chances. Consider creating a budget that allocates more funds toward debt repayment.
  • Low credit score: Improving your credit score may require paying bills on time, reducing credit card balances, and limiting new credit inquiries.
  • Incomplete application or missing documents: Ensure you’ve completed all required fields accurately and submitted any necessary documents. Double-check your application for omissions or errors before resubmitting.

Rocket Loans personal loan 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 personal 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 is part of assessing 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. 

The actual time to fund the loan can be as soon as the same business day, depending on verifying your information and your bank’s processing times.

How we rated Rocket Loans

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

Our most recent evaluation compared Rocket Loans to several personal loan lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

ProductBest forOur rating
Personal loanNo designation4.6 out of 5View rates