NerdWallet rating: 4.0 / 5.0
Good for: Good credit
RocketLoans offers unsecured personal loans to good-credit borrowers. It’s the sister company to Quicken Loans, known for its online Rocket Mortgage, and similarly appeals to self-service-oriented people who are comfortable applying for a loan without ever talking to a human.
RocketLoans is a good fit for those who:
- Have what lenders consider good credit scores. RocketLoans says its minimum credit score is 640, but borrowers’ average score is usually higher.
- Have at least two years of credit history and a debt-to-income ratio of 32% or less.
- Earn a solid income. RocketLoan borrowers make an average of $80,000 annually.
RocketLoans at a glance
|Typical APR||5.9% to 28.99%|
|Loan amounts||$2,000 to $35,000|
|Time to funding||Next business day|
|Origination fee||1% to 6% of loan amount|
|Soft credit check with application||Yes|
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 product.
Detroit-based RocketLoans was founded in February 2016.
Just like its mortgage counterpart, RocketLoans wants its online application process and speed of funding to stand out, says Mark Acchione, chief investment officer and executive vice president.
The lender says that 90% of borrowers get their loans the next business day and that the estimated interest rates applicants receive during the initial application stages rarely change. (Lenders usually give borrowers an estimate using a “soft” credit check that doesn’t affect their credit scores and then provide a final rate after a “hard” credit check, which does affect their credit scores.)
RocketLoans’ annual percentage rates, loan terms and fees are comparable to those of many online lenders that market to borrowers with good credit.
How to apply for a RocketLoans loan
You can apply on the RocketLoans website, or you can apply on NerdWallet. NerdWallet’s lender marketplace checks multiple lenders and displays all the loans for which you qualify. You can compare rates in one place, and applying won’t affect your credit score.
Details about RocketLoans loans
- Minimum credit score: 640, but average is higher
- Minimum gross income: Not provided, but average is $80,000
- Minimum credit history: Two years
- Maximum debt-to-income ratio: 32% or below, excluding mortgage
RocketLoans lending terms
- Annual percentage rate range: 5.9% to 28.99%
- Minimum loan amount: $2,000
- Maximum loan amount: $35,000
- Loan duration: Three or five years
- Time to receive funds: Typically next business day
RocketLoans fees and penalties
- Origination fee: 1% to 6% of loan amount
- Prepayment fee: None
- Late fee: $15 after 10-day grace period
- Personal-check processing fee: $5
- Other fees: $15 returned payment fee
Before you take a personal loan
PERSONAL LOANS RATINGS METHODOLOGY
NerdWallet’s ratings for personal loans award 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. To ensure accuracy and consistency, our ratings are reviewed by multiple people on the NerdWallet Personal Loans team.
— Among the very best for consumer-friendly features
— Excellent; offers most consumer-friendly features
— Very good; offers many consumer-friendly features
— Good; may not offer something important to you
— Fair; missing important consumer-friendly features
— Poor; proceed with great caution