2019 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 what some of their major competitors bring to the table.
LoanMe Personal Loan Terms
|APRs||7.161% - 29.99%|
|Loan lengths||36 or 60 months|
|Loan amounts||$2,000 - $45,000|
|Approval time||1 business day|
|Origination fee||1% - 6%|
|Early payoff fee||$0|
|Late payment fee||$15 (after 10-day grace period)|
|Credit score requirement||640|
|Credit score minimum||Not disclosed|
|Minimum income requirement||$24,000|
|Other requirements (all must apply)||18+ years old
U.S. citizen or permanent resident
Rocket Loans Rates & Fees
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% - 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.
Rocket Loans Requirements & Application Info
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. ($31,099 in 2017), 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.
Rocket Loans 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.
- 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 doesn’t have any complaints that mention Rocket Loans by name. But there are 11 personal loan complaints directed toward Quicken Loans, the company of which Rocket Loans is a division. None of these complaints are more recent than September 2018.
- WalletHub: Rocket Loans deserves a score of 4.5/5 due to their high transparency, potential for low APRs, and easier-than-average approval requirements.
Rocket Loans vs. Popular Competitors
|Lender||Rocket Loans||SoFi||Wells Fargo|
|APR||7.161% - 29.99%||5.99% - 16.49%||7.24% - 24.29%|
|Loan amounts||$2,000 - $45,000||$5,000 - $100,000||$3,000 - $100,000|
|Loan lengths||36 or 60 months||12 - 84 months||12 - 60 months|
|Credit score required||640||680||660* (has secured loans for bad credit)|
*According to multiple third-party sources
WalletHub used a list of 23 important metrics to give our rating to Rocket Loans. Below you can see the full breakdown of which metrics we used, grouped into seven convenient categories.
- APR: WalletHub’s editors found out the different interest rates available through Rocket Loans, and whether those rates can go up or down over time.
- Fees: We checked to see if Rocket Loans charges any major fees that increase the cost of a loan.
- Requirements: Our editors found information on the minimum qualifications to apply with Rocket Loans, including aspects like whether you need U.S. citizenship, whether you need a SSN, minimum credit score and minimum income.
- Loan amounts: This category included the minimum and maximum dollar amounts to borrow, along with the longest and shortest payoff timelines.
- Application process: WalletHub checked for the ability to apply with a co-signer and the ability to pre-qualify. We found out how long the approval process takes and how Rocket Loans needs to deposit funds after approval.
- Transparency: Our editors rated how good a job Rocket Loans does of being clear about their loan terms and minimum requirements.
- Customer satisfaction: To measure customer satisfaction, WalletHub used WH user reviews, BBB ratings and complaints on file with the CFPB.
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