Features

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 Loan, the second largest lender of mortgage loans in 2015. RocketLoans offers its personal loans through Cross River Bank, a New Jersey-based bank that invested over $2 billion in personal loans in 2015.

How Does RocketLoans Work?

RocketLoans offers unsecured personal loans with fixed interest 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 legal activity.

What Are RocketLoans Interest Rates?

Interest rates vary depending on the credit history and financial health of borrowers. 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 interest rates. Shorter terms (36 months) have lower interest rates than longer terms (60 months).

RocketLoans does not provide a range of interest rates. Based on dummy loan applications performed by our team, interest rates can go as low as 6%. 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.

How Much Money Can I Borrow From RocketLoans?

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.

What Is RocketLoans' Application Process Like?

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 interest 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.

How Is RocketLoans Better Than Other Lenders?

RocketLoans provides fast loans with competitive rates. The application process is painless and entirely online. No need to fax or mail documents.

We would prefer RocketLoans to be more transparent with its range of interest rates. However, checking your interest rate only takes a couple of minutes, and it will not hurt your credit score.

RocketLoans is working on a new feature for its online personal loans called “immediate funding” that will launch in March 2016. Immediate funding will allow qualified borrowers to get up to $10,000 deposited into their accounts within minutes.

 

  • Credit bureau reporting
  • Joint loans available
  • No late fees
  • Lend to military?
  • Institution Type
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I'm excited about RocketLoans given what Quicken Loans has been able to for other parts of the industry. This could be a game changer.


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