Yes, Rocket Loans will verify your income when you apply for a personal loan. Rocket Loans requires a minimum annual income of $24,000 to ensure that you can make your monthly payments, and if you don’t meet the minimum income requirement, you likely won’t get approved.
Rocket Loans verifies income by requesting pay stubs, bank statements and/or tax forms. However, simply meeting the income requirement does not guarantee approval for a loan. There are other Rocket Loans personal loan requirements, as well.
Rocket Loans Personal Loan Requirements
$24,000 annual income
Be at least 18 years old
Be a US citizen or permanent resident
Have a Social Security number
Have a credit score of 640 or higher
If you want a better idea of what personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.
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.
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.… read full answer
How a Rocket LoansPersonal Loan Affects Your Credit Score
Hard pull: When you apply for a Rocket Loans personal loan, Rocket Loans will do a hard inquiry into your credit history, which will temporarily drop your credit score by about 5-10 points in most cases.
Increased debt level: Taking out a Rocket Loans personal loan will naturally increase the amount of debt that you have. Since your debt level is one of the components of your credit score, you can expect that to have a negative impact initially.
Account diversity: One positive way that getting a Rocket Loans personal loan can impact your score right away is by adding more diversity to the types of accounts you have open. Your "credit mix" is one of the components of your credit score, and the more types of accounts you have, the better - as long as you handle them responsibly.
Payments: The biggest factor in how a Rocket Loans personal loan affects your credit score is whether you pay on time. If you make on-time payments, your score should steadily increase as a result. If you pay late or fail to make payments altogether, you can expect your credit score to drop.
The bottom line is that while a Rocket Loans personal loan does affect your credit score, most of the way that your score changes depends on how responsible you are with the loan. If you'd like to estimate how certain actions might affect your credit score, you can use WalletHub's free credit score simulator.
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.
Check for pre-qualification. Pre-qualification is a way to check your approval odds and potential rates before applying for a Rocket Loans personal loan. It doesn’t hurt your credit. You can check for pre-qualification on the Rocket Loans website.
Decide which way to apply. You can apply for a Rocket Loans personal loan online or by phone. Applying online is the best way because it typically offers the fastest decision.
Enter your personal information on the application. Rocket Loans requires the following personal information on the application: your full name, current address, date of birth, driver’s license.
Enter your financial information on the application. Rocket Loans requires the following financial information on the application: your income infomation, pay stubs, bank statements and/or tax forms .
Double check the application for accuracy. To ensure that your Rocket Loans personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
Submit your application. Rocket Loans will typically provide a decision on your application within 2 to 4 business days both for approval and funding.
If you are approved for a Rocket Loans personal loan, you will generally receive the funds within 1 to 3 days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
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