Rocket Loans Review

Rocket Loans Review Summary

Rocket Loans lives up to its name with fast personal loan funding, as soon as the same day you apply. Rocket Loans also has very competitive interest rates, with an APR range of 8.31% - 29.99% for the most qualified applicants. The fast approval and low-rate potential, along with loan amounts up to $45,000, make Rocket Loans good for debt consolidation.

Rocket Loans’ minimum credit score requirement is 640, and the minimum income requirement is $24,000 – less than the average American makes in a year. People who barely meet the 640 credit score requirement are more likely to receive an APR closer to the maximum.

Read on for additional information about personal loans from Rocket Loans and how WalletHub rates them in our three key categories: Terms, Requirements & Application, and Reviews & Transparency.

Rocket Loans Rates, Fees & Other Terms

Category Rating: 76% (3.8 out of 5)

• Overall APR range: Rocket Loans offers fixed-rate personal loans with an APR range of 8.31% - 29.99%. Rocket Loans rates are comparable to what many other lenders offer.
• How rates are determined: Your exact interest rate will depend on your credit profile, income, loan amount and more.
• Origination fee: Rocket Loans personal loans have an origination fee of Up to 9% of the loan amount. The fee will be subtracted from the initial amount you receive.
• Loan amounts & timelines: Rocket Loans personal loans range from $2,000 - $45,000. Borrowers get 36 or 60 months for repayment.

Rocket Loans Requirements & Application Info

Category Rating: 70% (3.5 out of 5)

• Minimum credit score: Rocket Loans has a minimum credit score of 640, according to company representatives.
• Citizenship: You must be a U.S. citizen or permanent resident to qualify.
• Identification: You must have a Social Security number to apply.
• Pre-qualification: You can check your potential Rocket Loans rates by clicking the “See My Options” button on their website and filling out some personal information, such as your address, income, and employment status. This process will not affect your credit score.
• Ways to apply: You can apply for a Rocket Loans personal loan online or by calling (800) 333-7625.
• No joint loans: Rocket Loans only accepts individual applications; they do not allow co-borrowers.

Rocket Loans Reviews & Transparency

Category Rating: 86% (4.3 out of 5)

• Better Business Bureau: Rocket Loans gets the BBB’s top score, an A+. They’ve had BBB accreditation since 2015.

• Consumer Financial Protection Bureau: The CFPB complaints database has very few(only 12) complaints about personal loans from Rocket Loans. Some complaints include people having difficulty making payments online and being denied after receiving pre-qualified offers.

• WalletHub: Rocket Loans has a user score of 3.8/5, across more than 145 reviews.

• Transparency: Rocket Loans is extremely transparent compared to many lenders, as they provide specific credit score and income requirements for approval. In addition, they are upfront about both their fees and interest rates, and they offer pre-qualification to potential customers. Because of this, it’s unsurprising that Rocket Loans has good reviews from the BBB.

Rocket Loans scores very well in this category due to their outstanding level of transparency and their clean reputation.

Summary: Rocket Loans Scores by Review Category

Other Key Things to Know

• Age: You must be at least 18 years old.
• Prepayment Fee: Rocket does not have any prepayment fee.

Rocket Loans vs. Popular Competitors

**SoFi Personal Loan Disclosure
Fixed rates from 8.74% APR to 35.49% APR. APR reflect the 0.25% autopay interest rate discount and a 0.25% SoFi Plus interest rate discount.

SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 11/03/25 and are subject to change without notice. Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

SoFi Plus Discount: SoFi Plus members are eligible for an interest rate reduction of 0.25% on a Personal Loan. To be eligible for the discount, you must meet the SoFi Plus eligibility criteria within 31 days of the funding of your loan. For complete SoFi Plus eligibility, please see the SoFi Plus terms. When you enroll in SoFi Plus, the discount will lower the interest rate that applies to your loan only during periods in which you are enrolled in SoFi Plus. The discount will be removed during periods in which SoFi determines you are not enrolled in SoFi Plus. Each time your loan is re-amortized, your monthly payment amount will change based upon the interest rate that was in place. SoFi reserves the right to change or terminate this offer for unenrolled participants at any time. You are not required to enroll in SoFi Plus to be eligible for Loan approval.

Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

Direct Pay: Terms and conditions apply. Offer good for personal loan customers with credit cards and personal loans in their name only and subject to lender approval. To receive the offer, you must: (1) register and/or apply through this landing page; (2) complete a loan application with SoFi within 90 days of your application submit date; (3) meet SoFi’s underwriting criteria; (4) apply 50% or more of your loan proceeds directly to your lenders/creditors. Once conditions are met and the loan has been disbursed, the interest rate shown in the Final Disclosure Statement will include an additional 0.25% rate discount. SoFi reserves the right to change or terminate the Direct Pay Rate Discount Program to unenrolled participants at any time with or without notice. It takes about 3 business days for your creditor/lender to receive payment after your loan is signed. You will be responsible for making all required payments to avoid credit card and other loan fees.

To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2024 was around $33K. Information current as of 11/03/25.SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

Methodology

In order to provide the most accurate Rocket Loans review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.

1. The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Rocket Loans terms do not fluctuate significantly by state, however.
2. The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
3. The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.

The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.