RocketLoans Personal Loans Reviews (Aug. 2020) | Personal Loans

Highlights
Community Rating	Rating not yet determined In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote
APR (Fixed APR)	7.161% - 29.99%
Loan Amount	$2,000 - $35,000
Loan Term (Months)	36 - 60 months

RocketLoans Personal Loans Review

RocketLoans Personal Loans is offered by RockLoans Marketplace LLC, a direct lender founded in 2016 and based in Detroit, MI. RocketLoans Personal Loans is available in 48 states across the USA.

Key takeaways

Fast access to cash. In some cases you can get your money within 1 business day.
Fair credit accepted. The credit score needed for RocketLoans Personal Loans is relatively low. Borrowers with a credit score as low as 640 may qualify for RocketLoans Personal Loans.
Origination fees of up to 6%. This is on the high end for lenders on SuperMoney's database. Origination fees are deducted from the loan amount, so consider them when deciding how much you need to borrow.
Minimum income of $24,000. You will need an annual income of at least $24,000 to apply for RocketLoans Personal Loans, which is above average for the lenders in our database.

RocketLoans Personal Loans Pros and Cons:

Pros	Cons
$0 prepayment fee. Considers applicants with poor credit. Fast funding.	APRs as high as 29.99%. Charges an origination fee of up to 6% of the loan amount. RocketLoans Personal Loans does not report to credit bureaus. Charges a late fee of up to $15. No co-sign option.

What rates and terms does RocketLoans Personal Loans offer?

RocketLoans Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.

What APR rate does RocketLoans Personal Loans offer?

RocketLoans Personal Loans offers a fixed APR personal loan product that ranges from 7.161% APR up to 29.99% APR.

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

How much can you borrow via RocketLoans Personal Loans?

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

What can a personal loan from RocketLoans Personal Loans be used for?

Personal loans from RocketLoans Personal Loans 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 Personal Loans?

RocketLoans Personal Loans 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.

RocketLoans Personal Loans Rates & Terms
Loan Amount	$2000 - $35000
Loan Term	36 - 60 months
APR	7.161% - 29.99%

What fees does RocketLoans Personal Loans charge?

Does RocketLoans Personal Loans charge an origination fee?

RocketLoans Personal Loans may charge a loan origination fee of 1% to 6% of the loan amount. RocketLoans Personal Loans 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 Personal Loans charge a late fee?

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

Does RocketLoans Personal Loans charge prepayment fees?

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

RocketLoans Personal Loans Fees
Origination Fee	1% - 6%
Prepayment Fee?	No
Late Payment Fee	$15

What do you need to qualify for RocketLoans Personal Loans?

Applicants with a credit score of at least 640 and up to 850 are eligible for RocketLoans Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via RocketLoans Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by RocketLoans Personal Loans. Permanent resident / green card holders are also eligible to apply.

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

Applicants must have an active and valid personal checking account
Proof of citizenship or residence permit

RocketLoans Personal Loans Eligibility Criteria
Minimum Age	18
Bank Account Required?	Yes
Application Types Accepted	Individual Applications
Credit Score	640 - 850

What is the estimated funding time for a personal loan via RocketLoans Personal Loans?

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

RocketLoans Personal Loans 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.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters
1274 Library Street, 2nd Floor
Detroit, MI 48226
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About RocketLoans Personal Loans

View RockLoans Marketplace LLC Profile

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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	10 days
Late Fee Amount	$15
Origination Fee (%)	1% - 6%

RocketLoans Personal Loans Community Reviews

Would you recommend RocketLoans Personal Loans to your friends?

Checking Account Required
Employment Statuses Considered	Employed Full-Time Employed Part-Time Retired Self-Employed
Immigration Status Considered	U.S. Citizen U.S. Permanent Resident
Joint Loan Applications Accepted	Individual Applications
Military Status	Active Duty Military Military Dependent Non-Military Veterans
Minimum Age	18
Minimum Annual Income	$24,000
Verification Documents Required	Proof of citizenship/residence (Green Card)
Credit Score Range	640 - 850 850 300 640

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