Editorial Review

Rocket Loans Personal Loans: 2019 Review

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

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Our Take

4.0

NerdWallet rating 

The Bottom Line: Rocket Loans provides funds as fast as the next day. Its loans have low rates for borrowers with good credit.

RocketLoans

on Rocket Loans's website

on Rocket Loans's website

Min. Credit Score

640

Est. APR

5.98-29.99%

Loan Amount

$2,000-$45,000

Pros & Cons

Pros
  • Fast funding.

  • Soft credit check.

  • Low starting rates.

Cons
  • Origination and late fees.

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

  • No co-sign or secured loan option.

Compare to Other Lenders

RocketLoans
BestEgg
Payoff
Est. APR

5.98-29.99%

Est. APR

5.99-29.99%

Est. APR

5.99-24.99%

Loan Term

3 to 5 years

Loan Term

3 to 5 years

Loan Term

2 to 5 years

Loan Amount

$2,000-$45,000

Loan Amount

$2,000-$35,000

Loan Amount

$5,000-$35,000

Min. Credit Score

640

Min. Credit Score

640

Min. Credit Score

640

Compare estimated rates from multiple lenders

Compare Rates

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 good-credit borrowers who 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 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 rates applicants receive during pre-qualification rarely change, according to Rocket Loans.

Fees:

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

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

  • Unsuccessful payment fee: $15.

How to qualify:

  • Minimum credit score: 640, but average is higher.

  • Minimum credit history: Two years.

  • Minimum annual income: $40,000, but average is $78,000.

  • Debt-to-income ratio: Not specified.

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.

Before you shop for a personal loan

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, 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.

on Rocket Loans's website

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.