Michael W.
Verified BorrowerIt was easy and smooth.
Rocket Loans 2026 Personal Loan Review
Rocket Loans is a solid online loan option if you have good or excellent credit and need to borrow money fast.
Checking rates is free and won't impact your credit score
Est. APR
7.99 - 29.99%
Min. credit score
640
Time to fund
Same day
Loan amount
$2K - $75K
Loan term
3 to 5 years
Origination fee
Up to 9.99%
Best if you
- Want fast funding.
- Want a three- or five-year loan term.
Not ideal if you
- Have bad credit or no credit history.
- Want to apply with a co-borrower.
What to know about Rocket Loans personal loans
Rocket Loans’ low rates, fast funding and wide range of loan amounts are features I find appealing when comparing various personal loan options.
Its average borrower gets an annual percentage rate under 15%, which is a good deal for a personal loan. But you’ll need excellent credit to qualify for those rates.
If your credit score is lower than 640, you’ll need to look elsewhere for a personal loan. Rocket Loans offers only single-applicant, unsecured loans, so you aren’t able to compensate for a lower credit score by adding a co-signer or co-borrower to your loan application or pledging collateral to secure a loan.
Rocket Loans also lacks some consumer-friendly features other lenders offer, like a mobile app to manage payments, a wide range of repayment term options and direct payment to creditors for debt consolidation loans.
But if those features don’t concern you and fast funding is a top priority, I recommend you pre-qualify with Rocket Loans and compare its loan offers. Rocket Loans can send your loan funds the same day you apply.
» MORE: Compare the best personal loans
What the nerds think
“You’ll likely avoid the frustration of having to submit multiple documents or speak with a loan officer when applying for a personal loan from Rocket Loans. The lender says 70% of applications don’t require any document uploads due to online verification technology. Rocket Loans also told us only 21% of loans require interaction with a representative for final approval. No extra paperwork or phone calls is my definition of a streamlined online application process.”
Nicole DowLead Writer & Content Strategist
What we like most about Rocket Loans
- Rates are relatively low: Though Rocket Loans’ annual percentage rates range from 7.99% to 29.99%, the lender says rates for its average borrower range from 10% to 14.99%, which is relatively low for personal loans. You can also get a 0.25 percentage-point rate discount by opting to make automatic loan payments. A lower APR means you’ll pay less interest over the life of the loan.
- You can get same-day funding: Rocket Loans says it can instantly approve qualified borrowers’ applications and provides same-day funding if you sign your loan documents before 4 p.m. ET on a business day. Other lenders promise fast funding, but it may take 24 hours for them to fund a personal loan after approval.
- You can choose from a wide range of loan amounts: Rocket Loans offers loans from $2,000 to $75,000, which lets you cover a variety of expenses. You could use a Rocket Loan personal loan if you need a couple thousand dollars for a car repair or up to $75,000 for a major home renovation.
Why Rocket Loans may not be right for you
- You’ll have to pay an origination fee: Your personal loan’s origination fee could be as high as 9.99% of the loan amount, which is pretty standard for online lenders. However, Rocket Loans says the average fee is under 5% if you have very good credit. The origination fee is deducted from your loan amount before you receive the funds, so you may need to request a higher amount than what you really need to borrow.
- Your credit score must be 640 or higher: Rocket Loans told NerdWallet that a low credit score is one of the common reasons applicants are denied a loan.
- You can’t get a joint, co-signed or secured loan: Rocket Loans only offers unsecured personal loans to individuals. You cannot apply with a co-borrower or have a co-signer vouch for your ability to repay the loan. You also can’t leverage collateral to secure the loan. These options are offered by some of the lender’s competitors and could help you qualify for a lower rate or a larger loan.
» MORE: Our picks for the best co-sign and joint personal loans
How much does a Rocket Loans personal loan cost?
The total cost of your loan depends on the amount borrowed, annual percentage rate and loan term. Rocket Loans told NerdWallet its average borrower typically gets an APR from 10% to 14.99%. Here's how different rates affect the costs of a $20,000 loan with a 5-year term.
APR | 10%. | 14.99%. |
Monthly payment | $425. | $476. |
Total interest cost | $5,496. | $8,541. |
Total loan cost | $25,496. | $28,541. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a Rocket Loans personal loan?
You may qualify for a personal loan from Rocket Loans if you have fair credit or better. This lender offers loans in all states except Iowa, Maryland, Nevada and West Virginia.
You can pre-qualify for a loan in minutes without any impact to your credit score.
Rocket Loans’ borrowing requirements
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% excluding mortgage or 70% including mortgage.
- Minimum credit history: 2 years and 3 accounts.
- Must be at least 18 years old.
- Must provide a Social Security number.
- Must be a U.S. citizen and provide proof of residency.
- Must provide proof of employment or income.
- Must have a valid email address.
- Must have a valid U.S. bank account.
Profile of an average Rocket Loans borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked Rocket Loans about its average borrower. Here’s what the lender told us.
- Average loan amount: $20,000.
- Average APR: 10% to 14.99%.
- Most common loan term: 5 years.
- Most common loan purposes: Debt consolidation and home improvement.
- Average borrower’s credit score: 720 or higher.
- Average annual income: $100,000 or higher.
- Average borrower’s debt-to-income ratio: 30% or less.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can I use a Rocket Loans personal loan for?
A: You can use a personal loan from Rocket Loans for almost any reason, including debt consolidation, home improvement projects, medical expenses, emergency purposes, business expenses, vacations, weddings and more. The lender does, however, restrict you from using its loans for college tuition or higher education expenses, investing, gambling or illegal activities.
Q: Does Rocket Loans send funds directly to my other creditors if I’m using the loan to consolidate debt?
A: No, if you’re approved for a loan for debt consolidation, Rocket Loans will send the money directly to you. Then you would use that money to pay off your creditors. Some other lenders help you skip a step by sending loan funds directly to your creditors.
Q: What happens if I can’t make an upcoming loan payment?
A: Rocket Loans has a grace period of 10 calendar days before charging a $15 fee for late payments. But if you’re experiencing financial hardship, contact the lender to discuss accommodation options. You could be eligible for payment deferment or temporary payment reduction. Rocket Loans says it works with its borrowers to develop hardship accommodations based on their individual needs.
How does Rocket Loans compare?
|  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 7.99% to 29.99% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $2,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit score640 | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
Overall rating
4.4/5
Affordability25% of rating
4.4/5
Rocket Loans offers competitive rates and the ability to get a rate discount, but its origination fee can be up to 9.99%.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
Customer experience20% of rating
4.3/5
Rocket Loans lets you adjust your monthly payment withdrawal date and request hardship accommodations. However, it doesn’t have a mobile app to manage loans, and customer service representatives aren’t available on Sundays.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
Loan flexibility20% of rating
3.7/5
Rocket Loans has a wide range of loan amounts, but it only offers two repayment term options and doesn’t allow joint, co-signed or secured loans. It also doesn’t send loan funds to other creditors if you’re using the loan for debt consolidation.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
Underwriting and eligibility20% of rating
4.8/5
Rocket Loans provides personal loans in most U.S. states and doesn’t require you to have a specific bank account to qualify. You can pre-qualify for a loan with a soft credit check, which doesn’t impact your credit score.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
Application process15% of rating
4.7/5
Rocket Loans lets you preview key details about your potential loan when you pre-qualify. It also has fast approval and funding times.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Rocket Loans borrower reviews
4.6out of 5
(11 reviews)
100%
Would recommend
this product
Rating Breakdown
5
(6)4
(4)3
(0)2
(0)1
(0)Sort by:
Julie M.
Verified BorrowerThe people that I talked to, it's been a while, but they were really helpful and just seemed like they wanted to help me acquire the loan. So, yeah, they were really helpful.
Bert M.
Verified BorrowerWould you recommend this product? Yes
It went pretty easily. I was a little bit confused.
Delia B.
Verified BorrowerWould you recommend this product? Yes
It went really fast. It was like real quick. Hustle and bustle. And yeah, I loved it.
Lynne M.
Verified BorrowerWould you recommend this product? Yes
It went very efficiently. There's not much hiccups and everything happened so quickly that I'm like, wow, everything is good.
User reviews are displayed for informational purposes only and are not monitored for accuracy. These reviews do not reflect the opinions of NerdWallet or the financial institutions referenced and are not endorsed by them. Neither NerdWallet nor the financial institutions are responsible for the content of any review, nor are the financial institutions obligated to respond to or address any user posts.
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