No, Rocket Loans is not a direct lender, so they do not handle the full loan process. Instead, Rocket Loans will consider your loan application and decide if you're approved, then their partner, Cross River Bank, will actually fund the loan. You will still make your monthly payments through Rocket Loans, though.
If you're interested in borrowing from a direct lender, you may want to look into American Express or SoFi. You can use WalletHub's free pre-qualification tool to see which lenders may approve you and what rates may be available to you.
It is not very difficult to get a personal loan from Rocket Loans because they offer personal loans for people with credit scores as low as 640. Other Rocket Loans personal loan requirements include being at least 18 years old, having an SSN, and having enough income to afford monthly loan payments.… read full answer
Rocket Loans Personal Loan Requirements
Minimum Credit Score: 640 credit score
Minimum Income: $24,000 minimum income
Age: 18+ years old
Residency: U.S. citizen or permanent resident
Identification Type: SSN
Once you make sure you've met all the requirements for a Rocket Loans personal loan, you should have a good chance of approval. However, the exact interest rate you receive will depend on factors such as your credit score, income and debt.
You can use WalletHub's free pre-qualification tool to see if you're likely to get approved and what rates you could get. Plus, it won't hurt your credit.
Yes, Rocket Loans does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.
Rocket Loans's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
It's worth noting that some people may be uncertain about whether Rocket Loans does a hard inquiry because there's only a soft inquiry during the pre-qualification process. Soft inquiries do not impact your credit score. But that's just the first step, and a hard inquiry is required when you officially apply.
If not having a hard inquiry is important to you, lenders that don't do a hard pull at all include OppLoans, NetCredit and Integra Credit.
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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