About Lender
Rocket Loans is a personal loan lender founded in 2016 and based in Detroit, Michigan. As a subsidiary of Quicken Loans, one of the largest mortgage lenders in the US, Rocket Loans offers unsecured personal loans to qualified borrowers through a quick and easy online application. You can get a decision in minutes so it’s perfect for when you need cash fast.
To apply for a loan with Rocket Loans you must be at least 18 years old, live in the US, have a minimum credit score, have a stable income and have a valid checking account. Rocket Loans practices responsible lending and is transparent by clearly outlining loan terms and conditions on their website. They also offer tools and resources to help you make informed financial decisions so they can provide affordable and transparent loans. This customer focused approach has made Rocket Loans a trusted partner for people looking for reliable and straightforward financial help.
Key Features
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Online Application. Rocket Loans personal loan application is quick and easy. Get a decision in minutes and funds in as little as the same day.
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Unsecured Loans. Rocket Loans is an unsecured personal loan, no collateral required.
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Affordable Rates. Competitive rates and terms to help you save.
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Fast Funding. In some cases they can fund in as little as the same day of approval.
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Flexible Use of Funds. Loans for debt consolidation, home improvements and more.
Pros and Cons
Pros
Quick and Easy. Rocket Loans online application and decisions in minutes.
Unsecured. This is an unsecured personal loan, no collateral required.
Competitive. Competitive rates and terms to help you save.
Cons
Credit Score Requirements. You must have a minimum credit score to apply for a loan with Rocket Loans.
High Interest Rates. While Rocket Loans has competitive rates, they can be high compared to other types of loans.
Fees. Rocket Loans charges fees in addition to interest, like an origination fee or late fee.
Loan Terms. Loan terms may not be for everyone.
Reliability
BBB Rating. They are accredited by BBB and have an A+ rating.
Client Reviews. They mention client reviews and invite you to check them out on Trustpilot so they must be pretty happy with their customers.
Electronically Managed Process. The fact that they use electronic data sharing for identity, income verification and bank account validation means a quick and modern application process.
How to Apply for a Rocket Loans Loan?
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Visit Website. Navigate to the Rocket Loans homepage to start the process. Click on the "Get Started" button to see loan options tailored to you. This will initiate the loan application process.
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Complete the Application Form. Fill out the online application form with all the required details. This will typically include personal information, financial details, and the purpose of the loan.
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Verify Your Identity. As part of the application process, you will be required to verify your identity electronically. Ensure you have the necessary identification documents ready.
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Verify Your Income. You will also need to verify your income electronically. Be prepared to provide documentation or information regarding your income sources.
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Validate Your Bank Account. Log into and validate your bank account electronically. This step is crucial for the loan disbursement process.
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Review Loan Offers. After submitting your application, you will receive prequalified offers within seconds. Review these offers carefully to understand the terms, interest rates, and any fees associated with the loan.
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Select a Loan Offer. Choose the loan offer that best suits your needs and financial situation.
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Sign the Promissory Note. If you decide to proceed with a loan offer, you will be required to sign a promissory note agreeing to the loan terms and conditions.
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Receive Funds. Once the loan process is completed and the promissory note is signed, you may be eligible for same-day funding. The exact timing of fund disbursement can vary and is subject to meeting the criteria for same-day funding, including completing the loan process and signing the Promissory Note by 1:00 PM ET on a business day.
Conditions and Requirements
Conditions
Loan Terms. Qualified borrowers can choose 36 month or 60 month loan term.
APR Range. APR from 9.116% (with autopay discount) to 29.99% (without autopay discount).
Loan Amounts. Rocket Loans personal loans from $2,000 to $45,000.
Requirements
Age. You must be at least 18 years old.
Residency. You must live in the US.
Minimum Credit Score. 640 credit score required.
Minimum Income. You must have a minimum annual income of $24,000.
Potentially Required Documents. Driver’s license, pay stubs, bank statements and tax forms may be required during the application process.
Ways to Receive the Money
Rocket Loans makes it easy for borrowers to get the money into their bank account. Once you’ve applied, verified your identity, income and bank account electronically and signed the Promissory Note you may be eligible for same day funding. This is provided you complete the loan process and sign the documents by 1:00 PM ET on a business day. The funds are then electronically disbursed to your bank account. This is a quick and secure way to get the money to you so you can get on with your financial needs without delay.
Products
Unsecured personal loans for qualified borrowers. Rocket Loans has a quick and easy online application process and loan decisions in minutes. Loan funds can be disbursed same day in some cases. Rocket Loans has competitive rates and loan terms to help you save. Personal loans from Rocket Loans can be used for debt consolidation, home improvement and more.
Other Personal Loans
Reasons for Loan Refusal
One reason for loan denial could be if you’re an Ohio resident and apply for a loan under $5,001 as Ohio state regulations require loans for Ohio residents to be over this minimum amount. Also, you must be a U.S. citizen or permanent resident, at least 18 years old or the age of majority in your state. All loan applications are subject to credit review and approval process which includes credit score and history. Not meeting the credit requirements could result in loan denial.
How to Repay a Rocket Loans Loan?
Paying back a Rocket Loans is easy and convenient with autopay or traditional methods. With autopay, payments are securely deducted from your bank account each month through the Automatic Clearing House. Or you can opt for the traditional way and send monthly checks to Rocket Loans. To set up either option call one of their Personal Loans Experts at (1-800-333-7625). Rocket Loans will send you an email reminder before each payment is due with the payment amount and date. If you choose to mail checks please send them to Rocket Loans at 28596 Network Place, Chicago IL 60673-1285. Some clients opt to mail checks to make extra payments but this feature is also available with autopay.
Loans like Rocket Loans
OppLoans
OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.
Rise Credit
RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.
OneMain Financial
OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.
Universal Credit
Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Full Rocket Loans Account Review
- How to Apply for a Rocket Loans Loan
- How to Repay a Rocket Loans Loan
- Rocket Loans Customer Reviews
- All Rocket Loans Coupons and Promo for January 2025
- Rocket Loans Loans of January 2025
