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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.3

Rocket Loans

Advertiser Disclosure

About the lender

Rocket Loans is a personal loan provider that offers unsecured personal loans to eligible borrowers. The company was founded in 2016 and is headquartered in Detroit, Michigan.

Rocket Loans is a subsidiary of Quicken Loans, one of the largest mortgage providers in the United States. It provides fast and convenient loan solutions to eligible borrowers. The company uses an online application process and provides loan decisions in minutes.

Rocket Loans offers loans with terms ranging from 36 to 60 months and loan amounts ranging from $2,000 to $45,000. To be eligible for a loan from Rocket Loans, you have to be at least 18 years of age and a resident of the United States. Additionally, you must have a minimum credit score, a stable income, and a valid checking account.

Rocket Loans is committed to responsible lending practices and to providing transparent and affordable loan solutions to eligible borrowers. The company provides detailed information about loan terms and conditions on its website and provides tools and resources to help borrowers make informed decisions about their finances.

Key features

  1. Online application process. Rocket Loans personal loan application is a streamlined and convenient online process. Loan decisions are provided in minutes, and funds can be disbursed as soon as the same day in some cases.

  2. Unsecured personal loans. Rocket Loans provides unsecured personal loans, which means that borrowers do not have to put up collateral to secure the loan.

  3. Loan amounts and terms. Rocket Loans offers loan amounts ranging from $2,000 to $45,000 and loan terms ranging from 36 to 60 months.

  4. Affordable rates. Rocket Loans offers competitive interest rates and loan terms designed to help borrowers save money.

  5. Fast disbursal of funds. In some cases, Rocket Loans can disburse loan funds as soon as the same day that a loan is approved.

  6. Flexible use of funds. Rocket Loans provides personal loans for a variety of purposes, including debt consolidation, home improvement, and more.

  7. Dedicated customer support. Rocket Loans provides dedicated customer support to help borrowers with any questions or concerns they may have about their loan.

  8. Responsible lending practices. Rocket Loans is committed to responsible lending practices and to providing transparent and affordable loan solutions to eligible borrowers.

Pros and cons

Pros

  1. Fast and convenient. Rocket Loans provides a fast and convenient online application process, and loan decisions are provided in minutes.

  2. Unsecured loans. Rocket Loans provides unsecured personal loans, which means that borrowers do not have to put up collateral to secure the loan.

  3. Competitive rates. Rocket Loans offers competitive interest rates and loan terms designed to help borrowers save money.

  4. Fast disbursal of funds. In some cases, Rocket Loans can disburse loan funds as soon as the same day that a loan is approved.

  5. Flexible use of funds. Rocket Loans provides personal loans for a variety of purposes, including debt consolidation, home improvement, and more.

Cons

  1. Credit score requirements. To be eligible for a loan from Rocket Loans, you must have a minimum credit score. This may exclude some borrowers who do not have strong credit histories.

  2. High interest rates. While Rocket Loans offers competitive interest rates, they can still be high compared to other types of loans. It's important to carefully consider the terms and conditions of the loan, including the interest rate, before applying.

  3. Potential fees. Rocket Loans charges fees in addition to interest, such as an origination fee or a late fee. It's important to carefully review the terms and conditions of the loan before applying to understand the potential costs associated with the loan.

  4. Limited loan amounts. Rocket Loans offers loan amounts ranging from $2,000 to $45,000, which may not be sufficient for some borrowers who need larger loans.

  5. Loan terms. Rocket Loans offers loan terms ranging from 36 to 60 months, which may not be suitable for all borrowers. It's important to carefully consider the loan term and make sure that it fits your needs before applying for a loan.

Products

The company provides unsecured personal loans to eligible borrowers. The loan amounts range from $2,000 to $45,000, and loan terms range from 36 to 60 months.

Rocket Loans provides a fast and convenient online application process, and loan decisions are provided in minutes. Loan funds can be disbursed as soon as the same day in some cases.

Rocket Loans offers competitive interest rates and loan terms designed to help borrowers save money. The personal loans provided by Rocket Loans can be used for various purposes, including debt consolidation, home improvement, and more.

Reliability

Rocket Loans is a reliable company that provides personal loans to eligible borrowers. It is a division of Quicken Loans, one of the largest mortgage providers in the United States, which has a reputation for providing high-quality financial services to consumers.

Rocket Loans is committed to responsible lending practices and to providing transparent and affordable loan solutions to eligible borrowers. The company provides dedicated customer support to help borrowers with any questions or concerns they may have about their loan. However, as with any financial institution, it is important for borrowers to carefully review the terms and conditions of a loan before applying to ensure that it fits their needs and that they understand the potential costs associated with the loan.

Funding a loan

Rocket Loans provides a fast and convenient online loan application process. Once the loan is approved, the loan funds can be disbursed as soon as the same day in some cases.

To fund a loan with Rocket Loans, borrowers must first complete the online loan application process. This involves providing personal and financial information, including income, employment information, and bank account information. The average credit score you need is 620.

Rocket Loans will perform a credit check and assess the borrower's ability to pay the loan back. If approved, the borrower will receive a loan offer with the terms and conditions of the loan, including the interest rate, loan amount, and loan term. The borrower must then accept the loan offer and provide any additional required information to complete the loan process. Rocket Loans have same-day funding options, so you may receive Rocket Loans loan fast. Once the loan is funded, the loan repayments will be automatically deducted from the borrower's bank account on a monthly basis, based on the loan terms.

Here are the steps to follow to apply for and fund a loan with Rocket Loans:

  1. Go to the Rocket Loans website and click on the "Get Started" button.

  2. Complete the online loan application by providing personal and financial information, including income, employment information, and bank account information.

  3. Wait for Rocket Loans to perform a credit check and assess your ability to repay the loan.

  4. If approved, review the loan offer and accept the terms and conditions of the loan.

  5. Provide any additional required information to complete the loan process.

  6. Wait for the loan funds to be disbursed, which can be as soon as the same day in some cases.

  7. Start repaying the loan according to the loan terms, with the repayments automatically deducted from your bank account on a monthly basis.

Carefully review the terms and conditions of a loan before accepting the offer to ensure that it fits your needs and that you understand the potential costs associated with the loan.

Additional services

Rocket Loans primarily offers unsecured personal loans to eligible borrowers. However, it may also provide additional services, such as customer support and resources to help borrowers manage their loans.

Rocket Loans provides dedicated customer support to help borrowers with any questions or concerns they may have about their loan. This support can be accessed through the company's website or by calling the customer service hotline.

Rocket Loans may also provide educational resources, such as articles and blog posts, to help borrowers better understand personal loans and how to make the most of them. Additionally, the company may offer special promotions or discounts to eligible borrowers from time to time.

Rocket Loans vs. CashNetUSA

Both online lenders offer personal loans to eligible borrowers. While both companies offer personal loan lenders and have fast and convenient loan application processes and funding options, there are some key differences between the two:

  1. Loan amounts. Rocket Loans typically offers larger loan amounts than CashNetUSA, with loans ranging from $2,000 to $45,000. CashNetUSA typically offers smaller loan amounts, with loans ranging from $100 to $3,500.

  2. Loan terms. Rocket Loans offers loan terms ranging from 36 to 60 months, while CashNetUSA typically offers loan terms ranging from 12 to 24 months.

  3. Interest rates. Rocket Loans typically has higher interest rates compared to CashNetUSA, as the loans are unsecured and the company is taking on more risk. However, both companies offer competitive rates compared to other lenders in the industry.

  4. Eligibility requirements. Rocket Loans has higher eligibility requirements compared to CashNetUSA, as the company requires a minimum credit score of 620 and a minimum income of $24,000 per year. CashNetUSA typically has lower eligibility requirements and may offer loans to borrowers with lower credit scores and incomes.

  5. Repayment options. Rocket Loans offers automatic monthly repayments through a linked bank account, while CashNetUSA typically requires borrowers to repay their loans in full on their next payday.

Ultimately, the choice between Rocket Loans and CashNetUSA will depend on the specific needs and financial situation of the borrower. If you struggle with credit debts, you may apply for Rocket Loans personal loan options for debt consolidation loans. It will allow you to merge debts into one and make one monthly payment.

Rocket Loans vs. Speedy Cash

Both online lenders offer personal loans to eligible borrowers. While both companies offer fast and convenient loan application processes and funding options, there are some key differences between the two:

  1. Loan amount. Rocket Loans typically offers larger loan amounts than Speedy Cash, with loans ranging from $2,000 to $45,000. Speedy Cash typically offers smaller loan amounts, with loans ranging from $50 to $26,000.

  2. Loan terms. Rocket Loans offers loan terms ranging from 36 to 60 months, while Speedy Cash offers loan terms ranging from 12 to 60 months.

  3. Interest rates. Rocket Loans typically has higher interest rates compared to Speedy Cash, as the loans are unsecured and the company is taking on more risk. However, both companies offer competitive rates compared to other lenders in the industry.

  4. Eligibility requirements. Rocket Loans has higher eligibility requirements compared to Speedy Cash, as the company requires a minimum credit score of 620 and a minimum income of $24,000 per year. Speedy Cash typically has lower eligibility requirements and may offer loans to borrowers with lower credit scores and incomes.

  5. Repayment options. Rocket Loans offers automatic monthly repayments through a linked bank account, while Speedy Cash offers a variety of repayment options, including in-store payments, online payments, and automatic debit.

The choice between Rocket Loans and Speedy Cash will depend on the specific needs and financial situation of the borrower. It is important to carefully review the terms and conditions of any loan offer and to consider the potential costs and benefits before accepting the offer.

Rocket Loans vs. Mariner Finance

Both online lenders offer personal loans to eligible borrowers. While both companies offer loan options for those in need of quick and convenient financing, there are some key differences between the two:

  1. Loan amounts. Rocket Loans typically offers larger loan amounts than Mariner Finance, with loans ranging from $2,000 to $45,000. Mariner Finance typically offers smaller loan amounts, with loans ranging from $1,000 to $25,000.

  2. Loan terms. Rocket Loans offers loan terms ranging from 36 to 60 months, while Mariner Finance offers loan terms ranging from 24 to 60 months.

  3. Interest rates. Rocket Loans and Mariner Finance both offer competitive interest rates compared to other lenders in the industry, with rates varying based on the loan amount, term length, and the creditworthiness of the borrower.

  4. Eligibility requirements. Rocket Loans has higher eligibility requirements compared to Mariner Finance, as the company requires a minimum credit score of 620 and a minimum income of $24,000 per year. Mariner Finance typically has lower eligibility requirements and may offer loans to borrowers with lower credit scores and incomes.

  5. Repayment options. Rocket Loans offers automatic monthly repayments through a linked bank account, while Mariner Finance offers a variety of repayment options, including in-person payments at local branches, online payments, and automatic debit.

The choice between Rocket Loans and Mariner Finance will depend on the specific needs and financial situation of the borrower. It is important to carefully review the terms and conditions of any loan offer and to consider the potential costs and benefits before accepting the offer.

Rocket Loans vs. Advance America

Both online lenders offer personal loans to eligible borrowers. While both companies offer loan options for those in need of quick and convenient financing, there are some key differences between the two:

  1. Loan amounts. Rocket Loans typically offers larger loan amounts than Advance America, with loans ranging from $2,000 to $45,000. Advance America typically offers smaller loan amounts, with loans ranging from $100 to $5,000.

  2. Loan terms. Rocket Loans offers loan terms ranging from 36 to 60 months, while Advance America offers loan terms ranging from 7 to 35 days for its payday loans and 3 to 24 months for its installment loans.

  3. Interest rates. Rocket Loans and Advance America both offer competitive interest rates compared to other lenders in the industry, with rates varying based on the loan amount, term length, and the creditworthiness of the borrower. However, payday loans from Advance America may have much higher interest rates and fees compared to other loan options, making them a more expensive option for short-term financing.

  4. Eligibility requirements. Rocket Loans has higher eligibility requirements compared to Advance America, as the company requires a minimum credit score of 620 and a minimum income of $24,000 per year. Advance America typically has lower eligibility requirements and may offer loans to borrowers with lower credit scores and incomes.

  5. Repayment options. Rocket Loans offers automatic monthly repayments through a linked bank account, while Advance America offers a variety of repayment options, including in-person payments at local branches, online payments, and automatic debit.

The choice between Rocket Loans and Advance America will depend on the specific needs and financial situation of the borrower. It is important to carefully review the terms and conditions of any loan offer and to consider the potential costs and benefits before accepting the offer.

Rocket Loans

FAQ

How do you qualify for Rocket Loans?

To qualify for a loan from Rocket Loans, you must meet the following eligibility requirements:

  1. Age. You must be at least 18 years old to be eligible for a loan.

  2. Residency. You must be a legal resident of the United States.

  3. Income. You must have a minimum income of $24,000 per year.

  4. Credit Score. You must have a minimum credit score of 620.

  5. Employment. You must be employed or have a steady source of income.

  6. Bank Account. You must have a valid checking account in your name.

In addition to these basic eligibility requirements, Rocket Loans may also consider other factors when determining loan approval, such as your credit history, debt-to-income ratio, and overall financial situation. If you meet the eligibility requirements and submit a complete loan application, Rocket Loans will review your information and make a loan decision. If approved, you can receive your loan funds as soon as the next business day.

How much can you borrow from Rocket Loans?

With Rocket Loans, you can borrow anywhere from $2,000 to $45,000. The exact amount you can borrow will depend on several factors, including your credit score, income, debt-to-income ratio, and overall financial situation. Rocket Loans will determine the amount you are eligible to borrow based on this information, as well as the loan terms and interest rate you select.

Borrowing more than you need can result in higher monthly payments and overall costs. It's a good idea to only borrow the amount you need to cover your expenses and to consider your ability to repay the loan in full over the loan term before applying for a loan.

Does Rocket Loans approve everyone?

No, Rocket Loans does not approve everyone who applies for a loan. Approval is based on a variety of factors, including your credit score, income, debt-to-income ratio, and overall financial situation. Rocket Loans uses this information to determine your loan eligibility and determine the terms and interest rates that are best suited to your needs. You can pre-qualify to determine if you are eligible for the services. It won't affect your credit report, as the lender only conducts a soft credit check.

Keep in mind that loan approval is not guaranteed, even if you meet the eligibility requirements. If your loan application is not approved, Rocket Loans may offer alternative loan options or suggest other resources to help you meet your financial needs. It's always a good idea to compare different loan options and to carefully consider your ability to repay the loan in full over the loan term before applying for a loan.

Is Rocket Loans a legitimate company?

Yes, Rocket Loans is a legitimate company. Rocket Loans is a subsidiary of Quicken Loans, a well-established and reputable online lender. Rocket Loans offers personal loans for a range of purposes, such as debt consolidation, home improvement, medical expenses, and more. The company operates in compliance with all applicable laws and regulations and is committed to responsible lending practices. The company also has a Rocket Mortgage subsidiary offering home loans to US citizens.

It's important to do your own research and consider the terms and conditions of the loan you are considering before making a decision. You can also check with the Better Business Bureau to see if there have been any complaints or negative reviews about Rocket Loans or any other lender you are considering.

Company documents

Customer Notice
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Rocket Loans service available in US States
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Rocket Loans service available in US States
Financial products
Rocket Loans
Personal Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.32
Recommended FinScore™
0
300
650
1000
2000.00 – 45000.00 $
Rate
i

Effective interest rate on the product

to 9.12 %
Term
i

Loan term for the financial product

30 months – 60 months
Apply
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 2000.00 $
Rate
i

Effective interest rate on the product

0.05 – 2.50 %
Term
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Loan term for the financial product

5 days – 3 months
Best Personal Loan Today 30.11.2023*
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Effective interest rate on the product

6.34 – 35.89 %
Term
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Loan term for the financial product

2 months – 72 months
LightStream
Personal Loans
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 24.49%
Term
i

Loan term for the financial product

up to 144 months
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.1
Recommended FinScore™
0
300
650
1000
$500-$4,000
Rate
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Effective interest rate on the product

up to 160%
Term
i

Loan term for the financial product

9-18 months
CashNetUSA
Payday Loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.68
(25 Ratings)
Recommended FinScore™
0
300
650
1000
$50 -$500
Rate
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Effective interest rate on the product

up to 805.28%
Term
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Loan term for the financial product

up to 30 days
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Rocket Loans Calculator
Rocket Loans calculator
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All Rocket Loans’s reviews by november 2023
Leave feedback
8 reviews
Personal Loan
1.6
Disadvantages
Caution is advised. They may initially inform you that you're approved and guide you through the entire process, even requiring you to upload a picture of a voided check, only to ultimately not grant approval. I fell for it, and it turned out to be a complete waste of time.
Complain
9 reviews
Personal Loan
4.4
Advantages
The response time and overall loan application process were impressively quick. I was highly satisfied with every aspect. Although I encountered some trouble while uploading my driver's license and selfie, I reached out for assistance. A very courteous representative guided me through an alternative method for uploading the documents, which proved to be highly effective.
Complain
8 reviews
Personal Loan
1.8
Disadvantages
After my loan application was denied twice, I never received any explanation or a clear reason for the denial. Despite reaching out both times, I received no response.
Complain
6 reviews
Personal Loan
4.2
Advantages
During my challenging times, I have found valuable support and assistance for my short-term financial needs from Rocket Loans. My experience with them has been excellent, and I highly recommend their services.
Complain
15 reviews
Personal Loan
4.6
Advantages
I had a smooth and efficient loan process with Rocket Loans, and it was completed promptly. It was truly a satisfying experience.
Complain
aggregation.company.allReviews
Overall company rating
3.3
/ 5
5 reviews
Execution of an application
3.4
Support service
3.0
Mobile app
3.4
Service quality
3.4
Your satisfaction level
3.4
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