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
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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.
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Unsecured personal loans. Rocket Loans provides unsecured personal loans, which means that borrowers do not have to put up collateral to secure the loan.
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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.
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Affordable rates. Rocket Loans offers competitive interest rates and loan terms designed to help borrowers save money.
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Fast disbursal of funds. In some cases, Rocket Loans can disburse loan funds as soon as the same day that a loan is approved.
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Flexible use of funds. Rocket Loans provides personal loans for a variety of purposes, including debt consolidation, home improvement, and more.
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Dedicated customer support. Rocket Loans provides dedicated customer support to help borrowers with any questions or concerns they may have about their loan.
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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
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Fast and convenient. Rocket Loans provides a fast and convenient online application process, and loan decisions are provided in minutes.
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Unsecured loans. Rocket Loans provides unsecured personal loans, which means that borrowers do not have to put up collateral to secure the loan.
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Competitive rates. Rocket Loans offers competitive interest rates and loan terms designed to help borrowers save money.
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Fast disbursal of funds. In some cases, Rocket Loans can disburse loan funds as soon as the same day that a loan is approved.
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Flexible use of funds. Rocket Loans provides personal loans for a variety of purposes, including debt consolidation, home improvement, and more.
Cons
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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.
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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.
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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.
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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.
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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:
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Go to the Rocket Loans website and click on the "Get Started" button.
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Complete the online loan application by providing personal and financial information, including income, employment information, and bank account information.
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Wait for Rocket Loans to perform a credit check and assess your ability to repay the loan.
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If approved, review the loan offer and accept the terms and conditions of the loan.
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Provide any additional required information to complete the loan process.
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Wait for the loan funds to be disbursed, which can be as soon as the same day in some cases.
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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:
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.
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.
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.
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.
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:
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.
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.
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.
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.
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:
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
