RocketLoans is an online provider of personal loans and the newest member of Rock Holdings, the parent company of Quicken Loans. RocketLoans was launched in February 2016 and shares headquarters with its sister company Quicken Loans, one of the largest lenders of mortgage loans. RocketLoans offers its personal loans through Cross River Bank, a New Jersey-based bank known for investing billions of dollars each year in personal loans.
RocketLoans offers unsecured personal loans with fixed rates for practically any purpose. Borrowers can use the cash for debt consolidation, finance home improvements, pay for medical expenses, start a small business or cover auto expenses. However, RocketLoans cannot be used as student loans or for illegal activity.
Rates vary depending on the credit history and financial health of borrowers, ranging from a minimum of 5.983% APR to a maximum of 28.99% APR. RocketLoans bases its rates on FICO Score, monthly income, debt-to-income ratio, home ownership, and the number of inquiries on a borrower’s credit report. The term length of a loan also affects rates.
Checking your rate with RocketLoans will not affect your credit score.
RocketLoans also charges an origination fee that ranges from 1% to 6%. This fee is deducted from the loan amount, so there is no out-of-pocket cost to the borrower. However, borrowers should remember the origination fee when determining the loan amount they need. For instance, if you borrow $10,000 and are charged with a 6% origination fee ($600), you will only receive $9,400 in your bank.
RocketLoans provides loan amounts ranging from $2,000 to $35,000. Your personal maximum loan amount will depend on your income and your debt-to-income ratio.
To illustrate the cost of a RocketLoans, consider these examples of actual loan offers. A $10,000 loan with a 36-month term and an 8.52% APR would have monthly payments of $312.60. The same loan with a 60-month term would have a 12.58% APR and monthly payments of $214.12. The same borrower may qualify for a $35,000 loan with a 36-month term and a 12.54% APR, which would have monthly payments of $1,124.64.
RocketLoans has a fast and easy to complete loan application. Borrowers receive a loan approval decision in less than 10 minutes and get their cash deposited within 1 to 3 days. To check your rate and process your loan, you will need to provide your name, address, income, SSN, and date of birth. RocketLoans will perform a soft credit check when you check what rates and terms you are offered. This will not affect your credit score. However, if you go ahead with the loan RocketLoans will perform a hard check that could ding your credit score by a few points.
RocketLoans provides fast loans with competitive rates. The application process is painless and entirely online. No need to fax or mail documents.