Rocket Loans Personal Loan Review
Ratings and reviews are from real consumers who have used the lending partner’s services.
Ratings and reviews are from real consumers who have used the lending partner’s services.
8.01%-29.99% (with autopay)
36 or 60 months
$2,000-$45,000
620
LendingTree rating: 4.3/5
- Eligibility and access: 5/5
- Cost to borrow: 4.5/5
- Loan terms and options: 3.8/5
- Repayment support and tools: 3/5
Rocket Loans is an arm of Rocket Companies, perhaps better known for its mortgage loans, sold under Rocket Mortgage. With this online personal loan lender, you can expect:
- Fast cash: Rocket Loans offers same-day funding as long as you sign your loan agreement by 4 p.m. Eastern time, depending on your bank.
- Easy online process: Rocket Loans usually verifies its applicants’ information electronically, so you won’t have to worry about uploading or emailing documents.
- Loans are pretty basic: Rocket Loans doesn’t allow cosigners, co-borrowers or collateral. It also only has two repayment terms to choose from: 36 or 60 months.
- Competitive rates: Most online lenders cap their rates at 35.99%. Rocket Loans’ maximum is lower, at 29.99% (with autopay).
- Don’t need perfect credit: You only need a credit score of 620 or higher to qualify for Rocket Loans.
- Best for quick loans with no frills: If you’re in a bind and need money right away, check out Rocket Loans. You might get your loan the same day that you apply. But if you were hoping to get a joint loan or to offer collateral, you’ll have to find a different lender. Those options aren’t available.
Rocket Loans pros and cons
Every personal loan lender offers its own benefits, drawbacks and rates. Review the pros and cons below. They can give you an idea whether Rocket Loans is right for you.
| Pros | Cons |
|---|---|
Quick online process, and quick access to cash Lower rates than many other online lenders Has a mobile app for budgeting and subscription management | Can’t add a second person to your loan Fewer loan terms and loan amounts available Up to 9.99% origination fee No mobile app for paying and managing your personal loan |
Rocket Loans may be a great choice if you need a basic personal loan, and fast. It offers an easy online application. It’ll even verify your income, identity and other personal information electronically.
Rocket Loans also caps its rates at 29.99% (with autopay). Most financial experts agree that 36% is the cutoff between an affordable loan and one that may be predatory. Rocket comes in well below that.
However, personal loans from Rocket can come with an origination fee. You won’t pay this out of pocket. Rocket Loans will deduct it from your loan before sending you the money.
You can’t get a joint loan with Rocket, and it only offers unsecured personal loans (it doesn’t accept collateral). You’ll have to qualify based on your creditworthiness alone.
Still, Rocket Loans has a fairly low minimum credit score requirement, at 620. So it’s possible that you wouldn’t need those options to get approved, anyway.
Rocket Loans requirements
Personal loan requirements vary from lender to lender. When you apply, Rocket Loans will review your credit score, credit history, your current amount of debt and other factors.
At minimum, you’ll need to meet the requirements below.
| Minimum credit score | 620 |
| Minimum annual income | $24,000 |
| Residency requirements | Not available in Iowa, Maryland, Nevada or West Virginia |
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. While Rocket Loans does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
| Rocket Loans’ personal loans CAN be used for… | Rocket Loans’ personal loans CANNOT be used for… |
|---|---|
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If Rocket Loans’ loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with Rocket Loans
Check your rate and compare offers
First, you’ll prequalify for a personal loan on Rocket Loans’ website. This lets you see if you’re eligible and what kind of rates you might get without hurting your credit score. If you see an offer that you like, you’ll move on to the next step: applying.
Fill out an application
Once you choose an offer, you’ll formally apply for the loan. Follow the prompts and Rocket Loans will verify your personal information electronically. If it approves you, Rocket Loans will send you a loan agreement, which you will e-sign.
Get your loan
When Rocket Loans receives your signed loan agreement, it will send your loan straight to your bank account. If you finalize your loan before 4 p.m. Eastern time, you could get your money that same day. Otherwise, it can take one to three business days to get your loan.
How Rocket Loans compares to other personal loan companies
Even if you believe Rocket Loans aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Rocket Loans stacks up against similar personal loan lenders.
| Lender | Rocket Loans | Prosper | U.S. Bank |
|---|---|---|---|
| LendingTree’s rating | 4.3/5 | 4.5/5 | 4.1/5 |
| Minimum credit score | 620 | 560 | Not specified |
| APRs | 8.01%-29.99% (with autopay) | 8.99%-35.99% | 8.74%-24.99% (with autopay) |
| Loan amount | $2,000-$45,000 | $2,000-$50,000 | $1,000-$50,000 |
| Repayment terms | 36 or 60 months | 24 to 60 months | 12 to 84 months |
| Origination fee | Up to 9.99% | 1.00% - 9.99% | None |
| Funding timeline | Funding may be available as soon as the same business day | Funding may be available as soon as one business day | Funding may be available as soon as one business day |
| Bottom line | Rocket Loans has fewer loan term options and potentially high origination fees, but sends loans quickly. | Prosper is a peer-to-peer lender and has a lower minimum credit score requirement. However, its rates aren’t as competitive. | U.S. Bank doesn’t charge any origination fees, but you have to be a current customer to get its biggest loans and longest repayment terms. |
How we rated Rocket Loans
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Rocket Loans may be a solid choice if you need quick cash, based on our Rocket Loans personal loan review. In some cases, you can get your loan the same day that you apply. Rocket Loans’ rates are also competitive, although it does charge an origination fee on some loans.
Rocket Loans also doesn’t accept cosigners, co-borrowers or collateral. If you are interested in those options, then Rocket Loans may not be good for you.
Rocket Loans requires a minimum credit score of 620, and you must make at least $24,000 a year. It’ll also review how much debt you already have, your payment history and other standard loan underwriting factors. But compared to some lenders, it’s not hard to get a Rocket personal loan.
No, Rocket Loans does not accept collateral for its personal loans. All of its personal loans are unsecured.
This can be a good thing if you don’t want to risk losing something valuable. However, you also can’t help your approval odds or get a lower rate by opting for a secured loan like you can with some other lenders.