Rocket Loans 2025 Personal Loan Review

Rocket Loans offers three- or five-year personal loans with same-day funding and rates that start below 10%. You’ll need at least a 640 credit score and a debt-to-income ratio no higher than 40% (not including a mortgage) to qualify.

With loan amounts ranging from $2,000 to $45,000 and few restrictions on how the loan can be used, you can turn to Rocket Loans for a variety of borrowing needs. Compared with other lenders, Rocket Loans lacks some convenient features, like the ability to manage your loan with a mobile app or send funds directly to creditors with a debt consolidation loan.

» MORE: Compare personal loans

Rocket Loans at a glance

• Disclosure from Rocket Loans

  All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions. Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age. All loan applications are subject to credit review and approval. Offered loan terms depend upon your credit profile, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Please refer to www.RocketLoans.com and our Terms of Use for additional terms and conditions.

Where Rocket Loans personal loans stand out

Low starting APR: Rocket Loans offers annual percentage rates starting at 8.01%, which is relatively low for personal loans. A low APR means you’ll pay less interest costs over the life of the loan.

Multiple rate discounts: Borrowers who set up automatic loan payments receive a 0.30 percentage point rate discount. Existing Rocket Mortgage customers may also receive a rate discount that varies based on their risk profile. Rocket Loans employees may receive rate and seasonal discounts.

Comprehensive pre-qualification: Before committing to a loan, Rocket Loans allows applicants to pre-qualify and check their rate with a soft credit pull, which doesn’t affect credit scores. Pre-qualifying lets you see your potential loan amount, APR, repayment terms, monthly payments and total interest costs. You may also receive multiple loan offers. If you accept a loan offer and formally apply, Rocket Loans will verify your information with a hard pull, which can cause your score to dip by a few points.

Fast funding: Rocket Loans can approve applications within minutes and fund loans the same or following business day. Borrowers who sign their loan documents before 4 p.m. ET Monday through Friday may receive their money the same day. The exact timing depends on how quickly the lender can verify your information and your bank can process the funding.

Wide range of loan amounts: Rocket Loans offers loans from $2,000 to $45,000, which can cover a variety of expenses like debt consolidation or home improvement projects.

Where Rocket Loans personal loans fall short

Origination fee: Rocket Loans charges an origination fee of up to 9% of the loan amount. It deducts this fee from the loan proceeds, so you’ll want to be sure the amount you receive covers your expense. Though many online lenders charge origination fees, some competitors do not.

Limited repayment terms: Rocket Loans offers either a three- or five-year repayment term. Borrowers can’t choose a shorter term and pay less interest, or a longer one to lower their monthly payments.

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

» MORE: Best personal loans with a co-signer

No direct payment to creditors: Borrowers receiving loans for debt consolidation cannot have the funds sent directly to creditors. This means you must pay off your credit accounts yourself, creating an additional step in the process.

No mobile app: Unlike some competitors, Rocket Loans does not offer a mobile app to manage your loan payments.

How to use Rocket Loans personal loans

Do you qualify for a Rocket Loans personal loan?

To qualify for a personal loan from Rocket Loans, you must be at least 18 years old and a U.S. citizen living in one of the states where the lender does business.

Rocket Loans’ borrowing requirements

• Minimum credit score: 640.

• Minimum gross annual income: $24,000.

• Maximum debt-to-income ratio: 40% or 70% including a mortgage.

• Minimum credit history: 2 years and 3 accounts.

• Must have a valid U.S. bank account and valid email address.

• Must provide a Social Security number, proof of residency and proof of employment or income.

• Cannot be a resident of Iowa, Maryland, Nevada or West Virginia.

Rocket Loans' average borrower snapshot

• Average borrower’s credit score: 739.

• Average annual income: $139,530.

• Average borrower’s debt-to-income ratio: 14.8% or 22.1% after closing on the loan.

• Average APR: 17.3%.

• Average loan amount: $20,590.

• Most common loan term: 5 years.

• Most common loan purpose: Debt consolidation.

» MORE: How to get a personal loan

How we rate Rocket Loans

NerdWallet writers and editors rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s how we scored Rocket this year: