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 borrowers who are comfortable applying for a loan without ever talking to a human.
RocketLoans is a good fit for those who:
- Have good to excellent 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 earn at least $24,000 a year, although applicants should note that borrowers make an average of $78,000 annually.
- 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
|Loan amounts||$2,000 - $35,000|
|Typical APR||5.98% - 28.99%|
|Origination fee||1% to 6% of loan amount|
|Time to funding||Typically 24 hours; same-day funding availability for loans up to $25,000|
|Repayments||3 or 5 years|
|Soft credit check?||Yes|
|How to qualify||
|Best for||Borrowers with good credit, fast cash|
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.
RocketLoans personal loan borrowers can use the funds for almost any purpose, including debt consolidation, home improvement, auto and medical expenses, a vacation or any large purchase.
Fast funding: 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.
RocketLoans also offers same-day funding availability for loan amounts up to $25,000, if the loan process is completed by 1 p.m. ET on a business day. The funds will be submitted to your bank on the same business day, but results may vary and your bank may have rules that limit Rocketloans’ ability to credit your account, according to the lender.
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.
Soft credit check with application: Lenders such as RocketLoans give borrowers a loan 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.
Competitive rates: RocketLoans’ annual percentage rates, loan terms and fees are comparable to those of many online lenders that market to borrowers with good credit.
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
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 prequalify.
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
- Learn how personal loans work
- 4 steps to pre-qualify for a personal loan
- Read more personal loan reviews
Updated March 29, 2018.
PERSONAL LOANS RATINGS METHODOLOGY
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. Read our editorial guidelines.
— 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