Rocket Loans is an online finance company that offers personal loans ranging from $2,000 to $45,000. Their straightforward application process and quick pre-approval make them an attractive choice for borrowers. Before deciding if Rocket Loans is right for you, let’s delve deeper into the pros and cons of this personal lending service.
Rocket Loans streamlines the borrowing experience with a user-friendly online platform. Applicants can receive pre-approval within minutes, making it convenient for those seeking swift access to funds.
Whether you need a small loan or a larger sum, Rocket Loans caters to a wide range of financial needs. Borrowers can secure loans from $2,000 up to $45,000. Unlike some lenders, Rocket Loans does not penalize borrowers for early repayment. You can pay off your loan at any time without incurring additional fees.
That said, Rocket Loans charges an origination fee of up to 9% of the total loan amount. This fee is significantly higher than many competitors, potentially impacting your overall cost of borrowing.
While Rocket Loans offers flexibility in loan amounts, the available terms are somewhat restricted. Qualified clients can choose between 36 or 60-month loan durations, which may not suit everyone’s preferences.
The Annual Percentage Rate (APR) for Rocket Loans spans from a minimum of 9.116% (with autopay discount) to a maximum of 29.99% (without autopay discount). Borrowers should carefully review their personalized rates to ensure affordability.
Rocket Loans combines convenience, speed, and flexibility, making it a viable choice for those seeking personal loans. However, borrowers should weigh the origination fee and APR carefully before making a decision.
Eligibility depends on several factors, including credit score, income, and debt-to-income (DTI) ratio. Rocket Loans sets the bar with a minimum credit score requirement of 640. Income requirements start at a minimum of $24,000.
To qualify for a Rocket Loan, applicants must meet the following criteria:
Applying for a Rocket Loans personal loan involves a few straightforward steps: prequalification with a soft credit check, selection of loan options, submission of a formal application with additional details, and signing of loan documents upon approval. The process is designed for efficiency, with potential for same-day funding if conditions are met.
Start by submitting an online application, providing personal and financial details. Next, Rocket Loans assesses your application and offers pre-approval. During this process, you’ll need to submit necessary documents, such as proof of income and identification. Once approved, funds are disbursed directly to the your bank account.
You can use your personal loans to help fund almost anything, whether you need help paying for your wedding or covering an emergency vet bill. Rocket Loans offers unsecured personal loans from $2,000 to $45,000. Rates vary from a minimum of 9.116% (with autopay discount) to a maximum of 29.99% (without autopay discount).
Rocket Loans' APRs range from 8.416% to 29.99%, factoring in the autopay discount, and require a minimum credit score of 640. The terms offered are either 36 or 60 months, making it a somewhat flexible but also limited choice depending on the borrower's needs.
The origination fee varies from 1% to 9%, is a critical factor to consider, as it is deducted from the loan amount prior to disbursement, potentially affecting the total available funds. The fees for late payments and returned payments due to insufficient funds stand at $15 each, though there is a grace period for late payments.
Rocket Loans prioritizes customer satisfaction. Their customer service is available by email at support@rocketloans.com or by phone at (800) 333-7625. Support hours are Monday through Friday from 9:00am - 7:00pm ET and Saturday from 9:00am - 6:00pm ET.
Rocket Loans has a range of online resources to provide answers to your questions without contacting support. Their Simple Loan Calculator instantly helps understand rates and monthly repayments for any type of loan. You can also access the learning center to find out more about personal loan basics, financial tips, and lending options available.
Customer reviews on platforms like TrustPilot and the Better Business Bureau (BBB) highlight a generally positive experience, praising the easy application process and quick approval times. Although some borrowers express dissatisfaction with the origination fee, the speed of receiving funds tends to offset these concerns.