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RocketLoans Personal Loans: 2018 Review

Oct. 23, 2018
Loans, Personal Loans, Personal Loans Reviews
NerdWallet adheres to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from partners. Here’s how we make money.
We adhere to strict standards of editorial integrity. Some of the products we feature are from our partners. Here’s how we make money.
4.0 NerdWallet rating

Good for: Good credit

RocketLoans, the sister company to Quicken Loans and its online Rocket Mortgage, offers unsecured personal loans up to $35,000 for good-credit borrowers.

RocketLoans may be a good fit if you:

  • Have good credit. RocketLoans says its minimum credit score is 640, but borrowers’ average score is usually higher. Borrowers must also have at least two years of credit history to qualify.
  • Have strong income. You must earn at least $24,000 a year to qualify, although its borrowers earn an average of $78,000.
  • Want fast funding. Most borrowers get their loans by the next business day, while same-day funding is available for loan amounts up to $25,000.

RocketLoans loan rates and terms

RocketLoans-final-logo-(color)-BlogRoll
Loan amounts$2,000 - $35,000
Typical APR5.98% - 28.99%
FeesOrigination fee: 1% - 6% of loan amount

Late fee: $15 after 10-day grace period

Unsuccessful payment fee: $15
Time to fundingTypically 24 hours; same-day funding available for loans up to $25,000
Repayments3 or 5 years
Soft credit check?Yes
How to qualify
  • Minimum credit score: 640, but average is higher
  • Minimum credit history: Two years
  • Minimum annual income: $24,000, but average is $78,000
  • Debt-to-income ratio: Not specified
Best forGood credit, fast cash
Click "Check Rates" to apply on RocketLoans.

» MORE: Consider other loans for good credit

RocketLoans personal loan review

To review RocketLoans, NerdWallet collected more than 30 data points from the lender, interviewed company executives, completed the online loan application process with sample data, and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Related Reviews

RocketLoans personal loan borrowers can use the funds for almost any purpose, including debt consolidation, home improvement, auto and medical expenses, or any large purchase.

Fast funding: Just like its mortgage counterpart, RocketLoans wants its online application process and speed of funding to stand out. The company says 90% of borrowers are funded by the next business day.

Same-day funding is available for loans up to $25,000 if the loan process is completed by 1 p.m. ET on a business day, though results may vary if your bank has rules that limit RocketLoans’s ability to credit your account on the same business day, according to the lender.

Soft credit check with application: You can get a loan estimate without any impact to your credit score. A hard credit pull occurs only if you proceed with the loan and get a final rate.

The estimated interest rates applicants receive during pre-qualification rarely change, according to RocketLoans.

Origination fee deducted from loan: RocketLoans charges an origination fee of between 1% to 6%, which is deducted from the loan before funding. For example, a $10,000 loan with a 4% origination fee would leave the borrower with $9,600.

Loan example: A borrower with excellent credit who takes out a $20,000 loan with a 36-month repayment term at 13.9% APR would make monthly payments of $683, according to NerdWallet’s personal loan calculator.

How RocketLoans compares

RocketLoans-final-logo-(color)-BlogRoll
Best Egg Logo


APR

5.98% - 28.99%





Loan amounts

$2,000 to $35,000





Loan terms

3 or 5 years





Best for

Good credit, fast cash



APR

5.99% - 29.99%





Loan amounts

$2,000 to $35,000





Loan terms

3 or 5 years





Best for

Good credit, debt consolidation



APR

5.99% - 24.99%





Loan amounts

$5,000 to $35,000





Loan terms

2 to 5 years





Best for

Debt consolidation



Compare rates on NerdWallet. Click to see estimated rates from multiple lenders.

Best Egg and Payoff also lend to good-credit borrowers.

Best Egg’s rates, fees and terms are nearly identical to those of RocketLoans. Its borrowers have an average credit history of seven years.

Payoff’s terms are also similar, and the lender offers personalized financial support to help you pay back your loan. However, it requires higher annual income and a debt-to-income ratio of 50% or lower to qualify.

How to apply for a RocketLoans loan

You can fill out an application on the RocketLoans website. After entering in some personal information, you’ll be presented with loan options for which you pre-qualify. The offer includes your monthly payment, APR and origination fee. If you decide to move forward with the loan, RocketLoans will confirm your identity and do a hard credit pull.

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to see estimated rates from multiple lenders on NerdWallet.

 

Before you shop for a personal loan:
NerdWallet’s ratings for personal loans awards points to lenders that offer consumer-friendly features, including: soft credit checks, no origination fees, payment options, short time to funding, interest rate caps of 36%, and absence of prepayment penalties. Features are considered for their positive impact on consumers’ credit history and financial health. We only review lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

5 stars out of 5 — Among the very best for consumer-friendly features

4.5 stars out of 5 — Excellent; offers most consumer-friendly features

4 stars out of 5 — Very good; offers many consumer-friendly features

3.5 stars out of 5 — Good; may not offer something important to you

3 stars out of 5 — Fair; missing important consumer-friendly features

2.5 stars out of 5 — Poor; proceed with great caution

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