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:
Rocket Loans offers personal loans to residents of all states, except Iowa, Nevada, and West Virginia.
Personal loan details
However, loan amounts and rates are also subject to local restrictions. For example, the following states have differing minimum loan amounts:
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:
The Rocket Loans application and approval process works as follows:
Keep reading for pros and cons of borrowing a personal loan from Rocket Loans.
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.
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:
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.
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.
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.
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:
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.