Pros
- 8.42%
- Fairly low credit score requirement: 640
- Low income requirement: $24,000
- Get funded as soon as the same day you apply
- Loans as high as $45,000
Cons
- APRs as high as 29.99%
- 1% - 7% origination fee
- $15 (after 10-day grace period) late fee
- No joint applications
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 8.416% - 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 Personal Loan Terms
 | |
| APRs | 8.416% - 29.99% |
| Loan Amount | $2,000 - $45,000 |
| Loan Terms | 36 or 60 months |
| Origination Fee | 1% - 7% |
| Prepayment Fee | $0 |
| Late Fee | $15 (after 10-day grace period) |
| Minimum Credit Score | Fair* |
| Minimum Income | $24,000 |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | 2 - 4 business days |
| Other Requirements |
|
Rocket Loans Rates, Fees & Other Terms
Category Rating: 3.8/5
- Overall APR range: Rocket Loans offers fixed-rate personal loans with an APR range of 8.416% - 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 1% - 7% of the loan amount. The fee will be subtracted from the initial amount you receive.
- Late fee: There is a $15 (after 10-day grace period) late fee for payments that are more than 10-days overdue.
- Early repayment fee: Rocket Loans does not charge any fees for paying off a loan early.
- 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: 3.5/5
- Minimum credit score: Rocket Loans has a minimum credit score of 640, according to company representatives.
- Minimum income: Rocket Loans has a minimum income requirement of $24,000.
- Citizenship: You must be a U.S. citizen or permanent resident to qualify.
- Age: You must be at least 18 years old (at least 19 years old in Nebraska and Alabama).
- 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: 4.3/5
- 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 4.2/5, across more than 140 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
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 3.8/5 |
| Requirements & Application Info | 3.5/5 |
| Reviews & Transparency | 4.3/5 |
| OVERALL | 11.6/15 |
Rocket Loans vs. Popular Competitors
| Info | Rocket Loans | SoFi | Wells Fargo |
|---|---|---|---|
| Reviews | |||
| APRs | 8.416% - 29.99% | 8.99% - 25.81% | 7.49% - 23.74% |
| Loan Amounts | $2,000 - $45,000 | $5,000 - $100,000 | $3,000 - $100,000 |
| Loan Terms | 36 or 60 months | 24 - 84 months | 12 - 84 months |
| Minimum Credit Score | Fair* | Fair* | Fair* |
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.
- 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.
- 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.
- 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.
