Rocket Loans Review
Rocket Loans offers a pretty good APR range, from 7.161% to 29.99%, based on creditworthiness. While the minimum is not the absolute cheapest on the market, it’s fairly close, only 1% - 3% above the best competitors’ rates. In addition, 29.99% is far from the highest APR on the market.
Unfortunately, Rocket Loans does charge an origination fee, which can be 1% to 6% of the loan amount. However, with the company’s low rates, the cost of a loan still stays very reasonable. In addition, Rocket Loans is one of the most transparent personal loan providers around, and it has a great reputation.
Rocket Loans Review Highlights
- APR: 7.161% to 29.99%
- Loan sizes: $2,000 to $45,000
- Payoff periods: 36 or 60 months
- Origination fee: 1% to 6%
- Late fee: $15 (after 10-day grace period)
- Funding timeline: 2 to 4 business days
- Credit score requirement: 640+
- Other requirements: 18+ years old, U.S. citizen or permanent resident, SSN
- Customer satisfaction: Rocket Loans has an A+ rating from the Better Business Bureau, and there are very few complaints against them with the Consumer Financial Protection Bureau.
- Pre-qualification: You’re able to pre-qualify for a personal loan online. You can also try out WalletHub’s pre-qualification tool to check your status with other lenders.
Rocket Loans offers very reasonable loans and provides a substantial amount of funding. They have also proven to be a trustworthy company. Below, you can see how WalletHub rates Rocket Loans in our three key categories: Terms, Requirements & Application, and Reviews & Transparency.
Rocket Loans Ratings by Category
Terms: 4 / 5
Requirements & Application: 3.8 / 5
Reviews & Transparency: 4.1 / 5
Overall Score: 3.9 / 5
These 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.