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Rocket Loans Personal Loan Review

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8.42% to 29.99% APR Loan terms of 36 or 60 months Loan amount from $2,000 to $45,000 Origination fee of 1.00% - 6.00%

Rocket Loans at a glance

Rocket Loans can be a great option for borrowers with decent credit who want flexible loan amounts and a fast application process. Prospective borrowers who apply with the online-only lender can receive an offer within seconds and may see funding on the same day — this is much quicker than the response times of some of its competitors. However, Rocket Loans’ origination fee can make this a pricey option for borrowers who could otherwise qualify for another lender’s fee-free loan.

  • Online loan process: Rocket Loans is an online-only lender, so the application process and services are offered completely online.
  • Fast funding: If you need your money right away, you could receive up to $45,000 the same day you apply as long as you complete the loan process and sign a promissory note by 1 p.m. EST on a business day.
  • Checking loan offers won’t affect credit: Rocket Loans performs a soft pull before displaying offers, which won’t hurt your credit.
  • No prepayment penalties: Rocket Loans doesn’t charge fees for making additional payments or paying off your loan early.
Pros Cons
  Fast application process: Rocket Loans offers a fast application process that can be completed entirely online.

  Same day funding: You may be able to get up to $45,000 the day you apply for a Rocket Loan.

  Low minimum loan amount: If you need a small loan, Rocket Loans offers loans for as little as $2,000.

  Origination fee: Rocket Loans personal loans come with an origination fee of 1.00% - 6.00%. Competitors may offer no origination fees.

  Limited repayment terms: You can only choose from a 36 or 60-month term.

  High interest rates for borrowers with poor credit: If you don’t have the best credit, you may get a high interest rate.

Rocket Loans personal loan requirements

  • Minimum credit score: 640
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

To be eligible for a Rocket Loans personal loan, you must be a U.S. citizen or permanent resident who’s at least 18 years of age (19 in Alabama or Nebraska). Your credit score, requested amount and loan term, credit usage and credit history will be taken into consideration when Rocket Loans decides whether or not to approve you for a loan.

As of March 2021, Rocket Loans does not lend to borrowers in Iowa, Nevada and West Virginia.

Who’s the best fit for a Rocket Loans personal loan?

If you have good credit and are looking for a personal loan lender that offers fast funding, Rocket Loans may be a good choice. You can receive up to $45,000 — potentially on the same day you apply — and fund an unexpected expense like a car repair or medical bill. With a best-available APR of 8.42% and an origination fee, however, high-credit borrowers may be able to score a better deal elsewhere.

If you prefer an in-person loan experience, you’ll also need to look elsewhere; Rocket Loans is an exclusively online finance company. Since viewing offers from Rocket Loans won’t affect your credit score, it’s wise to do so in order to give yourself a point of comparison and find out if you could get a better deal elsewhere.

What borrowers are saying about Rocket Loans

Most Rocket Loans borrowers are pleased with how quick and easy the lender makes it to obtain a loan. The company has an average rating of 4.5 stars out of 5 on and 90% of customers have recommended them on the site.

“I received my approval within 10 minutes,” said user Robin from Pflugerville, Texas, who noted, “I would work with them again.” Another Texan, Rob from Dallas, found the service to be “great,” and complimented a customer service representative for “guid[ing] me through the process patiently and call[ing] me back as soon as the loan was approved.”

Although most reviews are positive, some users gave Rocket Loans negative marks. James from Mooresville, N.C. opined that Rocket Loans is “slow and disorganized,” while Jessica from Hollywood, Fla., wrote that she had “the worst experience ever,” due to an interest rate increase between the time of application and closing. (Rocket Loans responded to both of these complaints.)

Applying for a personal loan from Rocket Loans

  1. Request offers: You’ll need to enter personal information like your full name, date of birth, address, Social Security number and income information to see your offers. During this step, Rocket Loans will perform a soft credit check and analyze your information without affecting your credit.
  2. Choose an offer: If you receive a list of personalized loan offers, you’ll select the right one for your unique situation. During this step, calculate your potential loan costs to determine affordability.
  3. Verify identity and income information: After you choose a loan option, you may need to submit documents, such as pay stubs, tax returns and your driver’s license (or other government-issued identification), to verify your identity and income. At this stage of the process, you’ll submit to a hard credit check.
  4. Receive your money: If approved, you’ll agree to the final loan terms. Rocket Loans will then disburse funds as quickly as the same day (though in some cases, you may have to wait a few business days).

Alternative personal loan options

Comparing Rocket Loans to competitors
Rocket Loans Best Egg Happy Money SoFi
Est. APR:
8.42% – 29.99%
Loan length:
36 or 60 months
Loan amount:
$2,000 to $45,000
Origination fee: 1.00% - 6.00%
Min. credit score:
Est. APR:
8.99% – 35.99%
Loan length:
36 to 60 months
Loan amount:
$2,000 to $50,000
Origination fee:
0.99% - 8.99%
Min. credit score:
Est. APR:
7.99% – 29.99%
Loan length:
24 to 60 months
Loan amount:
$5,000 to $40,000
Origination fee:
0.00% - 5.00%
Min. credit score:
Est. APR:
7.99% – 23.43%
Loan length:
24 to 84 months
Loan amount:
$5,000 to $100,000
Origination fee:
No origination fee
Min. credit score:

Best Egg vs. Rocket Loans

Best Egg and Rocket Loans offer comparable terms and the same minimum credit score. Best Egg has a slightly higher maximum origination fee and a lower maximum loan amount, making it a good competitor for comparing loan offers against Rocket Loans.

In addition, the loan process at Best Egg is similar to the one at Rocket Loans. Both lending companies allow applicants to begin the process online and get a quote with a soft credit check. However, the Rocket Loans approval process is generally faster, with same-day funding available. Best Egg usually takes one to three business days from application to funding, although it does note that “in some cases” same-day funding is available.

Happy Money vs. Rocket Loans

Happy Money offers personal loans specifically for refinancing and consolidating credit card debt — Rocket Loans personal loans aren’t limited to those uses.

For borrowers who do want to refinance or consolidate credit card debt, Happy Money is a fierce competitor. Happy Money’s lowest APR of 7.99% is on par with Rocket’s best rate of 8.42%, though its origination fee has a lower maximum. Happy Money also offers a shorter minimum loan term, which could be great for borrowers who want to wipe out their debt quickly.

SoFi vs. Rocket Loans

SoFi has various advantages over Rocket Loans. Their APRs range from 7.99% – 23.43%, and they charge zero origination fees. Further, SoFi offers a broader range of loan terms, from 24 to 84 months, versus the 36 or 60-month options from Rocket Loans.

SoFi loan limits range from $5,000 to $100,000, meaning borrowers who only need a small amount of funds may prefer Rocket Loans. Loans may be a bit tougher to get at SoFi, as well, with the lending company requiring a minimum credit score of at least 680 to qualify.


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