Rocket Loans Personal Loans: 2021 Review

Rocket Loans offers online personal loans to borrowers with fair credit and at least two years of credit history.

Jackie VelingDec 21, 2020
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Our Take


NerdWallet rating 

The bottom line: Rocket Loans’ personal loans can be inflexible compared to competitors, but they stand out for their low rates and same-day funding.


Rocket Loans

Min. Credit Score


Est. APR

5.97 - 29.69%

Loan Amount

$2,000 - $45,000

Pros & Cons


  • Soft credit check with pre-qualification.

  • Competitive rates among fair-credit lenders.

  • Rate discount for autopay.

  • Able to fund loans the same day.

  • Offers small loans of $2,000.


  • Charges origination fee.

  • Does not offer direct payment to creditors with debt consolidation loans.

  • No option to choose or change your payment date.

  • Borrowers can choose from only two repayment term options.

  • No co-sign, joint or secured loan option.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Est. APR

5.99 - 29.99%

Est. APR

5.99 - 24.99%

Loan Term

3 to 5 years

Loan Term

2 to 5 years

Loan Amount

$2,000 - $50,000

Loan Amount

$5,000 - $40,000

Min. Credit Score


Min. Credit Score


Compare estimated rates from multiple lenders

Compare Rates

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Full Review

To review Rocket Loans’ personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with customer service representatives 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 offers unsecured personal loans for borrowers who meet its qualifications, which include a minimum FICO score of 640, two years of credit history and a minimum annual income of $24,000.

Compared to other online lenders, Rocket Loans lacks some convenient features, like the ability to choose or change your payment date and the option to send funds directly to your other creditors with a debt consolidation loan.

But Rocket Loans’ low rates, same-day funding and range of loan amounts might be the perfect fit for some fair-credit borrowers.

Rocket Loans is best for borrowers who:

  • Have at least a 640 credit score.

  • Are looking to get an unsecured loan without adding a co-borrower or co-applicant.

  • Want a small loan they can access quickly.

Rocket Loans at a glance

Credit building

  • Soft credit check to pre-qualify.

  • Reports payments to three credit bureaus.


  • APRs are low among lenders targeting fair-credit borrowers.

  • Charges origination fee.

  • No prepayment fee.

  • Rate discount for autopayments.

Loan flexibility

  • Offers only unsecured loans.

  • No option to choose or change payment date.

  • Can fund loans the same day.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • Not available in: IA, NV, WV.


  • Discloses rates, fees, terms on website.

  • Offers FAQ that answers key borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Does not offer mobile app to manage loan.

  • Offers financial education.

Where Rocket Loans stands out

Low rates: Rocket Loans’ personal loans have low annual percentage rates compared to other fair-credit lenders, and you can receive an extra 0.30% discount on your rate for setting up autopay.

Quick funding: The lender offers same-day funding for borrowers who sign their loan documents before 1 p.m. ET, Monday through Friday. Exact timing will depend on your bank and how easily the lender can verify your information.

For those who don’t receive same-day funding, the lender says the maximum time it would take to fund a loan is three business days.

Small loans: Rocket Loans offers a fairly wide range of loan amounts that start at $2,000. Paired with its same-day funding, the lender could be an ideal option for borrowers who need to cover a small emergency expense or repair.

Where Rocket Loans falls short

Inflexible payment date: Borrowers cannot choose their payment date when signing their loan agreement or change it later. It’s rare for an online lender to not offer at least one of these features, which are helpful to borrowers who want to match their payment date with other monthly obligations or update it if their payday changes.

No secure, co-signed or joint loans: Rocket Loans offers only unsecured personal loans, meaning you cannot secure the loan with collateral (think your car) or add a co-signer or co-borrower to your application. These options, offered by some of the lender’s competitors, can help you qualify for a lower rate or a larger loan.

Limited repayment terms: Borrowers can choose from a three- or five-year repayment term. Though offering two repayment terms is somewhat common for online lenders, it doesn’t give you the option to choose a shorter term and pay less interest, or a longer one to lower your monthly payments.

Origination fee: Rocket Loans charges an origination fee ranging from 1% to 6%, which is taken from the loan before the money is sent to you. Though many online lenders charge an origination fee, some of Rocket Loans’ competitors do not.

How to qualify for a Rocket Loans loan

  • Minimum credit score: 640; borrower average is 710.

  • Minimum credit history: Two years.

  • Minimum annual income: $24,000; borrower average is $85,000.

  • Maximum debt-to-income ratio: 40% or 70% including mortgage; borrower average is 14%.

  • Must be at least 18 years old (19 in Alabama and Nebraska).

  • Must provide Social Security number.

Loan example: A five-year, $15,000 loan with a 23.4% APR would cost $426 in monthly payments. You’d pay $10,560 in total interest on that loan.

How to get a Rocket Loans loan

Apply on Rocket Loans

You can apply on Rocket Loans’ website by entering your name, address, income, Social Security number and date of birth. Then, you’ll be shown loan offers you qualify for.

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify on NerdWallet. You may receive personalized rates from multiple lenders that partner with us. Pre-qualifying will not impact your credit.

Personal Loans Rating Methodology

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.