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RocketLoans

in Personal Loans

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RocketLoans

Unaffiliated

in Personal Loans

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Overview

Where does RocketLoans do business?

RocketLoans is a direct lender based in Detroit, MI. Founded in 2016, RocketLoans offers access to personal loans in 48 states across the USA.

What personal loan APRs are offered via RocketLoans?

RocketLoans offers a fixed APR personal loan product that ranges from 5.98% up to 28.99% APR.

Does RocketLoans charge an origination fee?

Yes, RocketLoans charges a loan origination fee of 1% to 6% of the loan amount. RocketLoans deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.

Does RocketLoans charge a late fee?

Yes, RocketLoans may charge borrowers a late payment fee of up to $15, which is triggered if you're 10 days late.

Does RocketLoans charge prepayment fees?

No, RocketLoans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow via RocketLoans?

Loan amounts start at $2,000 and go up to $35,000.

What can a personal loan from RocketLoans be used for?

Personal loans from RocketLoans are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.

What is the maximum loan term you can get with RocketLoans?

RocketLoans offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with RocketLoans?

Applicants with a credit score of at least 640 can apply for a loan via RocketLoans . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

To qualify for a RocketLoans loan, applicants need a minimum annual income of $24,000 or higher. RocketLoans only considers borrowers who are employed and meet the minimum income requirement.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via RocketLoans. Their rates fall within the limits of The Military Lending Act.Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid checking account
  • Proof of citizenship or residence permit
  • What is the estimated funding time for a personal loan via RocketLoans?

    RocketLoans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 7 business days of approval.

    ROCKETLOANS Disclosure: All personal loans are made by Cross River Bank, a New Jersey state chartered commercial bank, Member FDIC, Equal Housing Lender. All loans are unsecured, fully amortizing personal loans. Eligibility for a loan is not guaranteed. Please refer to our Disclosures and Licenses page for state-required disclosures, licenses, and lending restrictions. Qualified clients using RocketLoans will see loan options for a 36 or 60 month term, and APR ranges from a minimum of 5.983% (rate with autopay discount) to a maximum of 29.99% (rate without autopay discount) depending upon their credit profile. An origination fee of 1% - 6% is charged for each loan. This fee is deducted from the balance before funds are disbursed to the client. For example, a 3 year $10,000 loan with an 8% interest rate and a 4% ($400) origination fee would have 36 scheduled monthly payments of $313.36 for an APR of 10.796% (rates assume autopay discount). Borrower must be a U.S. citizen or permanent U.S. resident alien at least 18 years of age (in Nebraska and Alabama a borrower must be at least 19 years of age). All loan applications are subject to credit review and approval and offered loan terms depend upon credit score, requested amount, requested loan term, credit usage, credit history and other factors. Not all borrowers receive the lowest interest rate. To qualify for the lowest rate, you must have excellent credit, meet certain conditions, and select autopay. Rates and Terms are subject to change at any time without notice. Same Day Funding availability for loan amounts up to $25,000, and client must complete loan process and sign Promissory Note by 1:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.
    SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

    Contact

    • Headquarters
    •   1274 Library Street, 2nd Floor
      Detroit, MI 48226 USA
    •   Visit Site

    Message from RocketLoans

    Headquartered in Detroit, RocketLoans was established to create the most simple, rocket fast personal loan process. We assembled a top-notch team of individuals combining new, passionate team members with some of the best veterans from Quicken Loans to create the most user-friendly lending platform in the world.

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 48 states
    • Alabama
    • Alaska
    • Arizona
    • Arkansas
    • California
    • Colorado
    • Connecticut
    • Delaware
    • Florida
    • Georgia
    • Hawaii
    • Idaho
    • Illinois
    • Indiana
    • Kansas
    • Kentucky
    • Louisiana
    • Maine
    • Maryland
    • Massachusetts
    • Michigan
    • Minnesota
    • Mississippi
    • Missouri
    • Montana
    • Nebraska
    • New Hampshire
    • New Jersey
    • New Mexico
    • New York
    • North Carolina
    • North Dakota
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • Rhode Island
    • South Carolina
    • South Dakota
    • Tennessee
    • Texas
    • Utah
    • Vermont
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin
    • Wyoming

    Feature Breakdown

    No Prepayment Fee  
    Late Fee After (number of days) 10
    Late Fee Amount $15
    Origination Fee 1% - 6%
    Minimum Age 18
    Credit Score Range 640 - 850
    850 300 640
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Minimum Annual Income $24,000
    Bank Account Required?  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Joint Loan Applications Accepted
    • Individual Applications
    Verification Documents Required
    • Proof of citizenship/residence (Green Card)
    Loan Amount $2K - $35K
    Loan Term (Months) 36 - 60
    APR (Fixed APR) 5.98% - 28.99%

    Reviews

     
     

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