RocketLoans Personal Loans: 2017 Review

Loans, Personal Loan Reviews, Personal Loans
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4 stars out of 5Rocket Loans Logo_2017 (1)

NerdWallet rating: 4.0 / 5.0
Good for: Good credit

RocketLoans offers unsecured personal loans to good-credit and near-prime 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 or near-prime 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.
  • Earn at least $24,000 a year. RocketLoan borrowers make an average of $78,000 annually.

RocketLoans at a glance

Typical APR5.98% to 28.99%
Loan amounts$2,000 to $35,000
Time to fundingTypically 24 hours
Origination fee1% to 6% of loan amount
Soft credit check with applicationYes

» 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.

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.

Best Egg and LoanDepot are among those that offer similar personal loans. NerdWallet recommends checking rates with more than one lender, especially if you have a good credit score.

How to apply for a RocketLoans loan

You can fill out an application on the RocketLoans website. 

If you want to compare an offer from RocketLoans with those from other lenders, you can check rates with multiple lenders on NerdWallet using the button below. NerdWallet will check its lender marketplace and display the loans for which you qualify, so you can compare rates in one place. Checking your rates won’t affect your credit score.

Details about RocketLoans loans

RocketLoans requirements

  • 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: Not provided

RocketLoans lending terms

  • Annual percentage rate range: 5.98% to 28.99%
  • Minimum loan amount: $2,000
  • Maximum loan amount: $35,000
  • Loan duration: Three or five years
  • Time to receive funds: Typically 24 hours

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 shop for a personal loan

Updated Sept. 15, 2017.


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.

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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