Rocket Loans
Is This Your Business?Author: Kaitlyn Short
RocketLoans Marketplace, LLC is an online personal loan company based in Detroit, Michigan. The Rocket Loans brand was launched in 2015 and is owned by Rock Holdings, Inc, which also owns Quicken Loans. Personal loans from this service are funded by Cross River Bank. While they can't be used for personal loans, they can be used for the following purposes:
- Car repairs and loans
- Debt consolidation
- Home improvement
- Medical expenses
- Small business expenses
Rocket Loans offers personal loans to residents of all states, except Iowa, Nevada, and West Virginia.
Personal loan details
- Loan amounts: $2,000–$45,000
- Loan terms: 36–60 Months
- APR: 7.161% (with autopay discount)–29.99% (without autopay discount)
- Includes origination fee (1%–6% of the loan amount)
- Lowest rates are only for excellent credit
However, loan amounts and rates are also subject to local restrictions. For example, the following states have differing minimum loan amounts:
- Georgia ($3,001)
- Massachusetts ($6,001)
- New Mexico ($2,501)
- Ohio ($5,001)
To apply for a Rocket Loan, you must be at least 18 years old (19 in Nebraska and Alabama) and a United States resident.
Qualification and approval is based on several factors:
- Location (residents of all the states except Iowa, Nevada, and West Virginia)
- Credit score
- Monthly income
- Amount of existing debt
- Debt-to-income ratio (DTI ratio)
- Loan term
- Number of credit inquiries
- Homeownership
The Rocket Loans application and approval process works as follows:
- Submit details (soft credit check)
- Your Full Name
- Current Address
- Income Information
- Social Security number
- Date of Birth
- See offers and options
- Complete your application (hard credit check)
- Verification — in some cases, additional documentation is needed:
- Drivers license
- Bank statement
- Tax forms
- Pay stubs
- Verification — in some cases, additional documentation is needed:
Keep reading for pros and cons of borrowing a personal loan from Rocket Loans.
Top Ranked Companies
The Good
- Simple Application and Process
- Fast Funding
- Customer Support Options
- Rate Discount
Simple Application and Process
Many personal loan companies require a final phone discussion with a loan officer before you can be approved. It's definitely one of the factors that people take into account when they're deciding which service to go with. People want to know how arduous the application process is going to be.
For people who don’t want to sit by the phone waiting for a call, only to play phone tag for a few days, being able to complete the full process online can be a definite pro.
Fast Funding
Same day funding is an option at Rocket Loans. This isn't always the case with personal loans. Depending on the lender, and how much document verification is needed for your approval, it can take a few business days.
Rocket Loans' same-day funding isn't always an option. Availability depends on the following factors:
- Whether it's a business day
- Your bank
- Whether your information can easily be verified electronically, or documents need to be requested and uploaded
- How much you are borrowing (max for same day is $25,000)
- Loan process completed and promissory note signed by 1 p.m. Eastern
Customer Support Options
With Rocket Loans, customer support is available through multiple channels: email, phone, online chat. The more ways for people to be able to get help, the better.
Rate Discount
If you set up autopay during the lending process, you may be eligible for a rate discount. However, if you don't set it up at the beginning of your loan, you won't be eligible if you opt for autopay later.
The Bad
- More Information Needed
- Loan Fees
- Max Loan Limits
More Information Needed
There are lots of things that go into the decision for Rocket personal loans. However, it would be helpful to provide minimum requirements so that people that already know their credit score or DTI can save time.
Loan Fees
While Rocket Loans does not charge borrowers prepayment penalties for paying their loan off early, there are a few fees that potential customers should know apply to their loan agreement:
- Late Payment Fee — $15
- ACH Return Fee/NSF — $15
- Origination Fee — 1%-6%
Max Loan Limits
The maximum amount that you can borrow from this lender is $45,000. This will exclude people who are looking to borrow more in one lump sum.
The Bottom Line
Rocket Loans offers competitive loans to people in 47 U.S. states. This company puts an emphasis on technology. Its application process is simple and easy, and all-online. Rates vary across the personal loans spectrum but aren't the lowest available in the market. Rocket Loans uses technology to benefit customers by offering rate discounts for autopay, digital verification, and multiple customer support channels.
We still need a little more feedback from customers before we can fully recommend this lender. Have you taken out a personal loan from Rocket Loans? Let us know about your experience with a quick review below.
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