Does Rocket Loans offer credit-builder loans? This question is about Rocket Loans

Does Rocket Loans offer credit-builder loans?

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This question is about Rocket Loans

Grace Enfield, Content Writer

@grace_enfield • 12/01/21 This answer was first published on 12/01/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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No, Rocket Loans does not offer credit-builder loans. Alternatives to credit-builder loans from Rocket Loans include personal loans, though they may be difficult to get if you have fair credit.

If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.

Notable Credit-Builder Loan Options

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How do I apply for a Rocket Loans personal loan?

To apply for a Rocket Loans personal loan, first check for pre-qualification and decide which way you will apply (online or by phone), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.

How to Apply for a Rocket Loans Personal Loan

Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates...

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Does a Rocket Loans personal loan affect your credit score?

Yes, a Rocket Loans personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Rocket Loanspersonal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.

How a Rocket LoansPersonal Loan Affects Your Credit Score

Hard pull: When you apply for a Rocket Loans personal...

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Does Rocket Loans allow cosigners on personal loans?

No, Rocket Loans does not allow cosigners on personal loans, unlike some personal loan providers. A cosigner is a second person who serves as a guarantor on the loan, and thus promises to pay the loan back if the primary applicant cannot.

Although Rocket Loans does not accept cosigners on personal loans, there are quite a few lenders out there that do. You can check out WalletHub's picks for the best personal loans that allow cosigners to find some good...

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