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RocketLoans

in Personal Loans

Unaffiliated Visit Site

RocketLoans

Unaffiliated

in Personal Loans

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Overview

Where does RocketLoans do business?

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

What are the APRs offered via RocketLoans?

RocketLoans offers personal loans with APRs starting at 5.983% and 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 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.

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.

    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.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

    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
    Joint Loan Applications Accepted
    • Only Individual Applications
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Credit Score Range
    640 - 850
    850 300 640
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Bank Account Required?
    Verification Documents Required?
    • Proof of citizenship/residence (Green Card)
    Loan Amount
    $2K - $35K
    $100 $100K+
    APR
    5.983% - 28.99%
    4% 100%+

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