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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 are the APRs offered via RocketLoans?
RocketLoans offers a fixed APR personal loan product that ranges from 5.98% up to 28.99%.
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 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:
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.
1274 Library Street, 2nd Floor
Detroit, MI 48226 USA
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Message from RocketLoans
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Active Duty Military
- Military Dependent
- Only Individual Applications
- Proof of citizenship/residence (Green Card)