Rocket Loans Personal Loans: 2022 Review

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

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Our Take


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The bottom line:

Rocket Loans’ personal loans can be inflexible compared with competitors, but they stand out for fast funding.

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Pros & Cons


  • Soft credit check with pre-qualification.
  • Rate discount for autopay.
  • Able to fund loans the same day.
  • Offers wide range of loan amounts.


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

Compare to Other Lenders

Lending Club
NerdWallet rating 
NerdWallet rating 
Est. APR


Est. APR


Loan term

2 to 7 years

Loan term

3 to 5 years

Loan amount


Loan amount


Min. credit score


Min. credit score


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Full Review of Rocket Loans

Compared with 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’ competitive rates on personal loans, 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.

  • Need funds fast.

  • Don’t want to add a co-signer, co-borrower or collateral to the application.

Rocket Loans at a glance


  • 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 within one to three business days.

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

  • Not available in: IA, NV, WV.


  • Soft credit check to pre-qualify.

  • Reports on-time payments to three credit bureaus.

  • 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.

Key terms to know about personal loans

Annual percentage rate

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

Origination fee

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

Debt-to-income ratio

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Soft credit check

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

Where Rocket Loans stands out

Autopay discount: If you set up automatic loan payments from your bank account, you can receive a rate discount of 0.3 percentage points, which is a larger discount than other lenders.

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

Pre-qualify with soft credit pull: Rocket Loans allows you to check your rate before committing to a loan with a soft credit pull, which doesn’t hurt your score. If you accept the offer, a hard pull — which can temporarily drop your score a few points — is triggered.

Quick funding: The lender says it typically funds loans within one to three business days, which is comparable with other lenders. Approval can take less than five minutes, and borrowers who sign their loan documents before 1 p.m. ET, Monday through Friday, can receive same-day funding. Exact timing will depend on your bank and how easily the lender can verify your information.

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 help borrowers match their payment date with other monthly obligations or update it if their payday changes.

No secured, 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% of the loan amount, 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 loan from Rocket Loans

  • Minimum credit score: 640; borrower average is 684.

  • 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 20%.

  • Must be at least 18 years old in most states.

  • Must provide Social Security number.

Loan example: A three-year, $12,000 loan with a 20.5% APR would cost $449 in monthly payments. You’d pay $4,165 in total interest on that loan.

How to get a loan from Rocket Loans

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.

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NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

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