Rocket Loans Personal Loans: 2020 Review

Rocket Loans offers same-day and next-day funding for most loans, and applicants can get a loan estimate with no impact on credit scores.

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Our Take


NerdWallet rating 

The bottom line: Rocket Loans offers relatively low rates for borrowers with fair credit, and funding can be as fast as the same business day.


Rocket Loans

Min. Credit Score


Est. APR

7.16 - 29.99%

Loan Amount

$2,000 - $45,000

Pros & Cons


  • Able to fund some loans the same day as approval.

  • Soft credit check with pre-qualification.

  • Rate discount for autopay.


  • Charges origination fee.

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

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

Compare to Other Lenders

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 - $35,000

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, 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, the sister company to Quicken Loans and its online Rocket Mortgage, offers unsecured personal loans for fair-credit borrowers (630 - 689 FICO) who can use the funds for almost any purpose, including debt consolidation, home improvement, auto and medical expenses or any large purchase.

Credit score and debt-to-income ratio are among the more important qualifying factors on an application, the company says. Credit history has less bearing beyond the two-year minimum requirement.

Repayment terms on a loan from Rocket Loans can be three or five years.

Fast funding: Just like its mortgage counterpart, Rocket Loans wants its online application process and speed of funding to stand out. The company says 85% of borrowers are funded by the next business day. The longest it would take for a loan to fund is about three business days.

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’ ability to credit your account on the same business day, according to the lender.

Autopay discount: Rocket Loans offers an APR discount of 0.03% for borrowers who set up automatic payments on their loan.

Soft credit check with pre-qualification: 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 rate applicants receive during pre-qualification rarely changes, according to Rocket Loans.


  • Origination fee: 1% - 6% of loan amount.

  • Late fee: $15 after a 10-day grace period.

  • Unsuccessful payment fee: $15.

How to qualify:

  • Minimum credit score: 580; borrowers’ average is 710. Rocket Loans uses the FICO 9 credit scoring model.

  • Maximum debt-to-income ratio: 40%; borrowers’ average is 14%. This lender doesn’t include a mortgage in its debt-to-income calculation.

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

  • Minimum credit history: Two years; borrowers’ average is 18 years.

Loan example: A borrower with fair credit who takes out a $20,000 loan with a 36-month repayment term at 21.8% APR would make monthly payments of $762, according to NerdWallet’s personal loan calculator.

Before you shop for a personal loan

Pre-qualify on NerdWallet

NerdWallet recommends comparing loans to find the best rate for you. Pre-qualifying may get you personalized rates from multiple lenders that partner with us, including Rocket Loans. Pre-qualifying will not impact your credit.

Apply on Rocket Loans

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.

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.