2020 Rocket Loans Review – Good Personal Loans?
Rocket Loans Review Summary: Rocket Loans – a division of Quicken Loans, along with Rocket Mortgage – lives up to its name with fast personal loan funding, typically providing payment within 4 days of an application being submitted. Rocket Loans also has very competitive interest rates, with a minimum APR of 7.161% 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.
To top it off, the average person should be able to get approved. 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 only just meet the 640 credit score requirement may have to pay interest at an annual APR of up to 29.99%, which is neither the best nor the worst option available.
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. You can also see what some of their major competitors bring to the table.
RocketLoans Personal Loan Terms
|APRs||7..161% - 29.99%|
|Loan Amount||$2,000 - $45,000|
|Loan Terms||36 or 60 months|
|Origination Fee||1% - 6%|
|Late Fee||$15 (after 10-day grace period)|
|Minimum Credit Score||Fair*|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||2 - 4 business days|
Rocket Loans Rates, Fees & Other Terms
Category Rating: 4/5
The Rocket Loans APR range is 7.161% to 29.99%. The low end is only slightly higher than what some of the best lenders offer (around 6%), and the maximum isn’t the highest rate around, as many personal loan companies go up to 36%. Rocket Loans uses fixed interest, so you will keep the same rate during the entire repayment process. Your exact APR will depend on your credit profile, income, loan amount and more.
The Rocket Loans personal loan origination fee is 1% to 6% of the loan amount, and is based on the same types of factors as the APR. Rocket Loans will subtract the origination fee from the original amount they send you. If you take out a $10,000 loan with a 2% origination fee, for example, you will get $9,800. Rocket Loans does not charge an early payoff fee. But if you miss a payment due date along the way, you’ll owe a $15 late fee unless you can make up the payment during a 10-day grace period.
Though Rocket Loans scores decently in this category for its reasonable APR range, the company does lose some points for charging an origination fee. However, they do also get good marks for their large loan sizes, $2,000 to $45,000, and their long payoff periods, at 36 or 60 months.
Rocket Loans Requirements & Application Info
Category Rating: 3.8/5
Rocket Loans has a minimum credit score requirement of 640. In other words, Rocket Loans isn’t the easiest lender to get approved by, but it certainly isn’t the hardest, either. Many lenders require scores of 660 and up. Rocket Loans is also one of the few lenders to clearly disclose a minimum income requirement: You must earn $24,000 per year to qualify. That’s less than the real median personal income in the U.S. ($33,706 in 2018), according to the Federal Reserve Bank of St. Louis.
Rocket Loans only accepts applications from U.S. citizens and permanent residents who have a Social Security number. You’ll also need to be a minimum of 18 years old.
You can pre-qualify for a Rocket Loans personal loan by clicking the green “See My Options” button on their website and filling in some personal information like your address, income and employment status. By doing so, you can see what rates you’re likely to get if approved without hurting your credit score. Just keep in mind that pre-qualification doesn’t guarantee approval, and applying for a loan will have a small effect on your score. You can apply for a Rocket Loans personal loan online or by calling (800) 333-7625. Rocket Loans does not allow you to apply with a co-applicant.
The biggest positives for Rocket Loans in this category are their pre-qualification process, the fact that their loans are relatively easy to get, and the multiple ways available for applying. However, their score is held back a little bit by requiring an SSN and not allowing co-applicants.
Rocket Loans Reviews & Transparency
Category Rating: 4.1/5
- 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 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: There is not enough user review data to give Rocket Loans a score.
- 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.
Rocket Loans vs. Popular Competitors
|APRs||7..161% - 29.99%||5.99% - 18.64%||5.24% - 24.49%|
|Loan Amounts||$2,000 - $45,000||$5,000 - $100,000||$3,000 - $100,000|
|Loan Terms||36 or 60 months||12 - 84 months||12 - 60 months|
|Minimum Credit Score||Fair*||Fair*||Fair*|
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.
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