Rocket Loans

Rocket Loans's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a credit score of at least 640. You will also need to have a verifiable bank account to qualify for a Rocket Loans personal loan.

Rocket Loans Requirements for Borrowers

• Credit Score: 640
• Income: $24,000
• Age: 18 years old (at least 19 years old in Nebraska and Alabama)
• Citizenship: U.S. citizen or permanent resident
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states state except for Nevada, Iowa, and West Virginia

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

Your Rocket Loans approval odds are good if you have a low debt-to-income ratio and meet Rocket Loans's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having a credit score of 640+, according to multiple third party sources. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.  

What You Need for Good Rocket Loans Approval Odds

• Credit Score Requirement: 640+, according to multiple third party sources
• Age: 18 Years old (at least 19 years old in Nebraska and Alabama)
• Identification: Social Security number
• Bank Account: Verifiable bank account
• Residency: All states except Iowa and U.S. territories
• Citizenship: U.S. citizen or permanent resident
• Income: $24,000

Before applying for any personal loan, it's a good idea to check to see if you pre-qualify in order to estimate your approval odds. You can use WalletHub's free pre-qualification tool to check with multiple lenders at once.

Yes, Rocket Loans personal loans are legit because Rocket Loans is registered to do business in the states it services, which is a legal requirement to be a legitimate lender. Another reason why Rocket Loans personal loans are legit is that the lender has a rating of A+ from the Better Business Bureau

Why Rocket Loans Personal Loans Are Legit

• Rocket Loans is registered as a business in the states it services.
• Rocket Loans has a Better Business Bureau rating of A+.
• Rocket Loans has been around since 2016.
• Rocket Loans has an average user rating of 4.5/5 on WalletHub.
• Rocket Loans personal loans have a rating of 3.9/5 from WalletHub's editors.
• Rocket Loans has a secure website, which you can tell by the fact that the URL has "https" in front of it.

While Rocket Loans personal loans are legit, they may or not be the best choice for you. It's important to compare the terms and requirements of Rocket Loans personal loans against your other options before submitting an application.

No, Rocket Loans does not approve everyone. To qualify for a Rocket Loans personal loan, you need to be at least 18 years old, have a credit score of 640 and have enough income to make the monthly payments, among other requirements. Even if you meet all the requirements, you still may not get approved.

Rocket Loans Personal Loan Requirements

• Age Requirement: 18 years old (at least 19 years old in Nebraska and Alabama)
• Credit Score Requirement: 640
• Income Requirement: $24,000
• Citizenship Requirement: U.S. citizen or permanent resident
• Bank Account Requirement: Verifiable bank account
• Identification Requirement: Social Security number
• Residency Requirement: All states state except for Nevada, Iowa, and West Virginia

For more information, check out the full Rocket Loans personal loan review on WalletHub.

If you stop paying Rocket Loans, you might be charged late fees and your credit score will drop. Other consequences of not repaying a personal loan from Rocket Loans include going into default, being hounded by debt collectors and possibly being sued.

Consequences of Not Paying Rocket Loans

Getting charged a late fee

If you don't make your monthly payment on time, you will be charged a late fee of 5% of payment (min. $15). Rocket Loans does have a 10 day grace period, which means you will not be charged a fee unless your payment is more than 10 days past-due.

Damaging your credit score

If your payment is more than 30 days late, your credit score will suffer. Such late payments will stay on your credit report for 7 years.

To see how a late payment may damage your credit score, check out the free credit score simulator on WalletHub.

Defaulting on the loan

Going into default means you violated the terms of your loan agreement by not paying the bills, which is very bad for your credit score. Once your loan goes into default, your debt is more likely to be sent to debt collections, as well.

Being contacted by debt collectors

When your Rocket Loans loan goes into default, a debt collector will contact you to try to receive payment. It's imperative to know your rights when dealing with collections.

Possibility of being sued

If Rocket Loans or other debt collectors can't receive payment from you, they may sue you. However, they have legal grounds to sue you only if your state's statute of limitations allows them to.

For more information, check out the full Rocket Loans personal loan review on WalletHub.