Good for: Good credit
Rocket Loans, the sister company to Quicken Loans and its online Rocket Mortgage, offers unsecured personal loans for good-credit borrowers.
Rocket Loans may be a good fit if you:
- Have good credit. Rocket Loans 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 $40,000 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.
Rocket Loans loan rates and terms
|Loan amounts||$2,000 - $45,000|
|Typical APR||5.98% - 29.99%|
|Fees||Origination fee: 1% - 6% of loan amount
Late fee: $15 after 10-day grace period
Unsuccessful payment fee: $15
|Time to funding||Typically 24 hours; same-day funding available for loans up to $25,000|
|Repayments||3 or 5 years|
|Soft credit check?||Yes|
|How to qualify||
|Best for||Good credit, fast cash|
Rocket Loans is unavailable to borrowers in West Virginia.
Rocket Loans personal loan review
To review Rocket Loans, NerdWallet collected more than 30 data points from the lender, interviewed company executives 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.
Rocket Loans 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, Rocket Loans 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 Rocket Loans’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 Rocket Loans.
Origination fee deducted from loan: Rocket Loans 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 Rocket Loans compares
Best Egg’s rates, fees and terms are nearly identical to those of Rocket Loans. 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 Rocket Loans loan
You can fill out an application on the Rocket Loans 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, Rocket Loans 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 pre-qualify and receive a personalized rate from multiple lenders on NerdWallet.
Before you shop for a personal loan:
- Learn how personal loans work
- Boost your chances of getting approved
- 4 steps to pre-qualify for a personal loan
NerdWallet’s ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to 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.