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BestMoney.com
Rocket Loans Review
Reviews 5,036
Rocket Loans
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Rocket Loans
Rocket Loans
Excellent
Reviews 5,036
Michael Graw
May. 15, 2023
2 min read
Michael Graw
Rocket Loans Summary
Rocket Loans℠ is a division of Rocket Companies®, a publicly traded company that includes Rocket Mortgage®. Rocket Loans offers personal loans ranging from $2,000 to $45,000 with options for same-day funding. There is a minimum credit score requirement of 640 and there is a $24,000 minimum annual income requirement. Only terms of 36 or 60 months are available, but there are no prepayment penalties. All loans include an origination fee.
Pros
  • Fully online application process
  • Same-day funding available
  • Get prequalified offers in minutes
Cons
  • Up to 9% origination fee for all loans
  • Does not allow co-signers

Rocket Loans at a glance

8.8
Editorial score

Variety of loan types

Offers most loan types
8.0

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
8.0

Loan amount range

Loan amount up to $45K
8.0

Repayment flexibility

Loan terms of 36 or 60 months
10.0

Rocket Loans Rocket Loans Visit Rocket Loans

Suitable For?

Rocket Loans is suitable for individuals who need a personal loan and have good credit. Applicants need a minimum credit score of 640 and there is a $24,000 minimum annual income requirement.

Rocket Loans also offers small loans of just $2,000. This can make it a good option for individuals who need to borrow money for smaller expenses as opposed to massive home renovations or large medical bills. The maximum amount you can borrow is $45,000.

Individuals who need money fast may also want to consider Rocket Loans. You can get prequalified online in seconds. In some cases, Rocket Loans can send money to your bank account on the same day you close your loan.

Loan Features

While Rocket Companies has several divisions under its umbrella which offer other loan products, Rocket Loans is a lending platform that only offers personal loans. Common uses of personal loans include funding home renovations or repairs, paying medical bills, or consolidating credit card debt. You cannot use a personal loan from Rocket Loans as a student loan. 

Here are the key features of Rocket Loans personal loans.

  • Borrow $2,000-$45,000
  • Repayment terms of 36 or 60 months
  • No prepayment penalties or hidden fees
  • Get funds as soon as the same day

Application Process 

You can apply for a personal loan from Rocket Loans online.

To prequalify, enter your name, email address, phone number, home address, Social Security number, and employment status. Rocket Loans will run a soft credit check, which doesn’t impact your credit score, to see if you prequalify and estimate your rates.

You can then view your loan options, complete with repayment terms, rates, and fees. If you find a loan you like, you can complete the application process online. Rocket Loans requires your bank account information and may require a copy of your pay stub. Your information can typically be verified quickly, but it may take up to several days in some cases.

Once your application is approved and you’ve signed your loan agreement, Rocket Loans will send funds to your bank account within hours to days. In some cases, funds arrive in your bank account the same day.

Requirements

Rocket Loans requires applicants to have a minimum credit score of 640 and there is a $24,000 minimum annual income requirement. You cannot have a co-signer on your loan. You can apply to see if you prequalify without impacting your credit score.

Rocket Loans works with U.S. citizens and permanent U.S. resident aliens residing in the United States who are at least 18 years old.

Loan Terms

Rocket Loans offers personal loan amounts from $2,000 to $45,000.

Interest rates range from 9.116% to 29.99% APR with a discount available for enabling autopay. All loans carry an origination fee of up to 9% of the loan amount. You can see your rate and fees during prequalification.

Example loan: A 5 year $16,500 loan with a 13.45% interest rate and a 5.37% ($886) origination fee would have 60 scheduled monthly payments of $379.72 for an APR of 15.97%.

Repayment Terms

Rocket Loans only offers two repayment terms: 36 months or 60 months. You can choose your repayment term in most cases, although different terms may offer different loan amounts and rates. There is no prepayment penalty if you pay off your loan early.

Privacy & Security

All personal loans from Rocket Loans are made through Cross River Bank, a New-Jersey-state chartered bank, Equal Housing Lender, and FDIC member. 

Rocket Loans has a 4.9-star rating on Trustpilot after more than 4,500 reviews. The company is accredited with the Better Business Bureau and has an A+ rating.

Help & Support

Rocket Loans offers customer support by phone and email from  9am-7pm Monday to Friday and 9am-6pm Saturday. You cannot apply over the phone, but you can get help with the online application process.

Phone: (800) 333-7625

Email: Support@RocketLoans.com

How Rocket Loans Compares


Rocket LoansCredibleLightStream

APR

9.116%-29.99%5.40%-35.99%5.99%-23.99%
Minimum credit score640660660
Loan amounts$2,000-$45,000$600-$100,000$5,000-$100,000
Loan term36 or 60 months12-84 months24-84 months
Suitable forBorrowers with good creditComparing loan options

Borrowers with excellent credit

Rocket Loans is a great option for borrowers with good credit. It accepts individuals with credit scores as low as 640, whereas the minimum credit score for competitors like Credible and LightStream is 660.

However, Rocket Loans offers a much lower maximum loan amount. The most you can borrow from Rocket Loans is $45,000, whereas Credible and Lightstream each offer up to $100,000 for borrowers with strong credit.

Rocket Loans stands out for offering same-day funding, which is not available at either Credible or Lightstream. This makes Rocket Loans a good option for borrowers who need money quickly.

FAQs

What can I use a personal loan for?

Personal loans from Rocket Loans can be used for almost anything you want. You can use your loan to fund a vacation, renovate your home, pay down other debts, or even buy an engagement ring. The only restriction is that you cannot use your personal loan as a student loan or for things that are associated with illegal activities. 

Can I apply without impacting my credit score?

Rocket Loans prequalifies applicants using a soft credit check. So, you can see if you qualify for a loan without taking a hit to your credit score.

Does Rocket Loans charge origination fees?

Yes, all Rocket Loans personal loans come with an origination fee of up to 9%. You can see your fee before closing on your loan. The origination fee is taken out before money is transferred to your account.

Can I pay off my Rocket Loans loan early?

Yes, you can pay off your personal loan from Rocket Loans early with no fees. The company never charges prepayment penalties.

Summary

Rocket Loans offers personal loans from $2,000 to $45,000 with repayment terms of 36 or 60 months. There is a minimum credit score requirement of 640 and a minimum income of $24,000. Rocket Loans does charge an origination fee, but there are no prepayment penalties if you pay off your loan early. The company offers phone and email support and has a 4.9-star rating from customers on Trustpilot.

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Methodology

This review was created with information from the Rocket Loans website and reviews on Trustpilot.


Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about Rocket Loans
Rocket Loans
Excellent
Reviews 5,036
on
Excellent
91%
Great
5%
Average
1%
Poor
1%
Bad
2%
S
steven
9 hours ago
Excellent
Great company to work with, made to the process very easy. Paperless is the way to go. very easy.
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scott knapp
10 hours ago
The loan officer was friendly…
The loan officer was friendly knowledgeable and helpful we had our money the next day how awesome!!
I
iris
11 hours ago
Everything was so easy
Everything was so easy. It took so little time.
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cathy wheaton
11 hours ago
What a wonderful experience I had with…
What a wonderful experience I had with Rocket Loans they were quick and precise. I was just blown away. They were so quick to understand me and what I needed.
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kevin wright
15 hours ago
Speed of Execution
From the time I spoke to a rep mid-day on Monday, I had the funds in my account before the end of business same day. This is remarkable. The rep was polite and helpful and the process is highly streamlined. I had an amazing experience!
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bill garrett
16 hours ago
Run away!
They pre-qualified me for a large loan. They asked me to verify income online. Their plaid app would not connect to any financial institution beyond my first. My paycheck is split between 4 different FIs. There was no option to talk to anyone. I uploaded my paystub showing I made 4X what they were showing. They ignored my paystub, believed Plaid and auto-rejected my loan based on income ratio. Garbage company that has no humans available to talk about anything and their automation is complete trash.
J
judith
2 days ago
So easy and quick!!
So easy and quick!!
c
customer
2 days ago
Great and stress free application
This personal loan application process was very easy and stress free. I appreciated the fact that it was done so quickly without having to send in any paperwork on my part. Thank you so much.
T
tammy
2 days ago
Rocket Mortgage is simply amazing
Rocket Mortgage is simply amazing. Every representative I have dealt with has been nothing but awesome to work with. They help me and I trust them completely.
J
joel harris
3 days ago
Quick, Easy, and Accurate!
Interest rates were accurate,no additional sales pitches were added, and document uploads were flawless. I definitely recommend Rocket!
D
dawn
3 days ago
The application was quick and easy
The application was quick and easy. I received the money with a few days and was able to pay off my high interest credit cards. I would surely refer family and friends to Rocket Loans
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tee castillo
3 days ago
Very simple and fast
Very simple and fast
B
benjamin
3 days ago
Fast and easy, great people to work with. I highly recommend Rocket loans and mortgage.
Everyone is great to work with.
B
bryan barnes
3 days ago
Customer Service was absolutely great
Customer Service was absolutely great. They were able to get me approved for an amount that will be helpful. It was quick and easy
M
marion
4 days ago
The ease of working with application…
The ease of working with application process was surprisingly easy. The promptness of the reply was very much appreciated.
K
karen
4 days ago
Easy approval
Easy approval, quick and paperless
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linda ehgartner
4 days ago
It was so easy to get the loan
It was so easy to get the loan. I did have a question, but after reading the material it was answered. I must say I do miss some human contact in the process, but I know that people are expensive and the questions are always the same. Since I am an introvert by nature, the lack of a human voice at the end of the transaction didn't bother me too much, but I could see that others might miss that.
D
david
5 days ago
Rocket loans was super fast and a easy…
Rocket loans was super fast and a easy experience I was pre approved in minutes and the money was in my account the next day. With the loan I was able to pay off a big chunk of my debt which has allowed me to be financially secure. Thank you Rocket money
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bob butts
5 days ago
Very Quick process
The entire process was very smooth and quick. Did not take long for someone to call me back to get me started. Once I was approved it did not take long for the money to be put into my account.
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janice birt
5 days ago
The personal loan application was so easy to complete.
The personal loan application. The great customer service that I received when asking questions. But most of all was the different variations of choices of loans and the rates not being so high.
J
joanna bozzani
6 days ago
My identity was stolen the person took…
My identity was stolen the person took a loan out with this company using my social etc. This company refuses to clear the loan or my name and allowed my credit to drop I provided police report and contact them several times and nobody seemed to care and was not willing to help. This company is a scam and do not care about clienta or there business name. If you need a loan do not use them. If they wanted to help they would take the time to help the victims whos identity were stolen.
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brittany spight
6 days ago
Literally the easy application process…
Literally the easy application process you could do. Great customer service and support.
N
neal
6 days ago
Quick and easy once you get them
Quick and easy once you get them. The proper paperwork
S
steve
6 days ago
convenience and ease of loan
convenience and ease of loan
C
cherylcustomer
6 days ago
This online application was very easy and efficient.
This online application was very easy to complete. The needs they had for documentation was just sending pictures. It took 3 days. I was hoping for 1-2. However, it was a holiday weekend so I understood the delay. The follow up emails helped me feel more confident about the company. I highly recommend them.
R
russell
6 days ago
Super fast and easy process
Super fast and easy process. Very transparent as well.
E
elysia
7 days ago
Quick and easy
Quick and easy
K
kemparaju bellur kempegowda
7 days ago
Personal loan experience with Rocket Loans was very much satisfactory
The overall loan request submission and approval process was very quick and I received an approval immediately and funding was done on the next business day. I like it.
T
terry keating
7 days ago
Quick and easy process.
Quick and easy process. we just love Rocket Loans
C
curtis
8 days ago
Easy
Easy, no hassle way of getting a loan. Approval was quick, funds received quickly.
M
michael
8 days ago
Great experience
The quick process.
J
jonas
8 days ago
It was flowless and quick!!!
It was flowless and quick!!!
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m c
9 days ago
This has been the best experience of…
This has been the best experience of all! It’s amazing how the service provided was was straight forward , better rates than others by far and very fast processing! I am very pleased!
A
alan gluck
10 days ago
Fast and thorough
Fast. Simple. Easy to understand. I don’t think a borrower can ask for much more. They supplied step by step instructions every step of the way. And the funds were in my bank as quickly as promised.
P
paul
10 days ago
Oh my thank you Rocket Mortgage!
Oh my thank you Rocket Mortgage!
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germaine shank
10 days ago
I’m blown away by the service and…
I’m blown away by the service and timely funding process. Rocket is one of the best companies I’ve ever dealt with.I’m a American Express loyal customer and I thought nobody could be more professional and get the job done better than Amex, but I was so wrong, Rocket loans totally crushed all competition. Don’t take my word for it just try Rocket and you will be Amazed!
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maureen s
10 days ago
personal loan
I was looking for a personal loan and since I have my mortgage with Rocket I thought I would give there personal loan section a go. The loan application was easy and their approval was super fast. I was very surprised they deposited the funds the next day after being approved the night before. I am very happy I went through Rocket.
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denise everett
11 days ago
It was fast and easy
It was fast and easy
E
eileen hochstadt
11 days ago
honesty
it could not have come at a better time, husband just started a new job , getting back on feet from covid, the process was prefect. Thanks
R
richard
11 days ago
They worked with me to help get my…
They worked with me to help get my loan. I was treated great.
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kent mcallister
11 days ago
Very simple and easy.
Very simple and easy.
J
j hayes
12 days ago
Most hassle free loan process ever!
The loan process was simple, and I didn't have to leave home to complete the process. The funds were available in my bank account in 2 days! Managing my loan online is great. Being able to choose a different payment due date each month helps to ensure I make my payments on time.
R
rosa swanson
12 days ago
Best for mortgage & loans
I recommend Rocket to everyone! Everyone I talk to is professional, knowledgeable and patient.
J
jeni walsh
13 days ago
Staff were helpful and I needed to call…
Staff were helpful and I needed to call frequently due to questions on a selfie of all things. Staff were great and patient. Loan approved in timely manner, I also have used Rocket Morgage in 2021 and 2023. That experience was also timely, easy to use. Saves driving and energy,
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kathy dallen
13 days ago
Expedite
Got the loan approval same day on Tuesday and the funds were in the bank on Wednesday. No time was wasted by Rocket, they are totally on the job.
G
genevieve
13 days ago
Great service
Great service Helpful representative assistance Thank you
D
daniel
13 days ago
Everyone was very helpful and…
Everyone was very helpful and professional thank you.
L
lisa
14 days ago
Very little time and effort put into…
Very little time and effort put into obtaining a loan. Easy to understand and process information needed.
F
frederick
14 days ago
Loan process was quick and easy I just…
Loan process was quick and easy I just hope my understanding of the loan produces that understanding
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colin fletcher
14 days ago
I’ve used Rocket Mortgage and also…
I’ve used Rocket Mortgage and also Rocket Loans and both are the absolute best at taking care of their customers! Unless, of course, you’d rather spend your valuable time on the phone or at a bank! Rocket makes it easier than everyone else!
F
familyfirst
14 days ago
Super fast and easy.
Super fast and easy.
O
olaoye/muibi adejumo
14 days ago
This is fantastic
This is fantastic, I have never seen anything so simple to navigate and straight forward. James is highly knowledgeable and professional
D
diy guy
15 days ago
easy and hassle free.
The process was easy and hassle free.
C
cathyleen
15 days ago
The loan process was fast and…
The loan process was fast and convenient The only con I had about it was that you get charged an origin fee so you don’t get the full amount you asked for
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eugene campher
15 days ago
Very helpful and knowledgeable
Very helpful and knowledgeable
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christine wallace
15 days ago
It was very convenient and the…
It was very convenient and the instructions were easy to follow.
E
edr
16 days ago
5.23.23_WOW !
WOW ! excellent Business transaction. Luke, as great, easy communicator, no pressure and an extreme professional attitude. The whole transaction took minutes after the initial acceptance. yours truly -EDR
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sandy wisecarver
16 days ago
Rocket loans was very simple
Rocket loans was very simple. Most of the information was uploaded from my bank account. I had to turn in one play stub. Everything was finalized Friday and Saturday morning the money was in my account!
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derek demus
16 days ago
Equal but unequal
EQUAL OPPORTUNITY FOR ALL RACES AMEN DEREK DEMUS
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louise
16 days ago
Super easy yet very secure! I appreciate that!!
I like that I could get this small loan to clear up outstanding higher interest debt via online!! The only hard part was trying to figure out how much to borrow.
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rick c.
17 days ago
Kristine
Kristine webster was great!
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lana cardiff
17 days ago
Thank you for your help
Thank you for your help. We found ourselves scammed by the builder of our new home and had to put in 2 sump pumps and French drain which the builder refused to pay for. Our dogs also had issues leaving us without cash to pay for these things so Rocket Loas was a huge help to us and now we can sleep again at night worry free.
J
john rut
18 days ago
The go to for my money matters
As Wells Fargo is my banking institution, I have tried to give them the benefit of having first choice in my money matters. But, time and time again (and a few more times), Rocket Loans have outscored WF, in all categories. Going forward, Rocket Loans will be my go to.
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alex salguero
18 days ago
Definitely recomend Rocket mortgage…
Definitely recomend Rocket mortgage Naomi Aceves Senior Banker. Truly works to meet your needs for your familia. Kept in touch with us through the whole process & even after we closed . I will recomend her to freinds & family thank you Naomi for caring for those you work for
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diego torres
18 days ago
Best lender I’ve worked with
Best lender I’ve worked with. The process was easy, seamless, and fast. Would def recommend.
S
stacey
19 days ago
Very easy to apply online!
Extremely quick and easy to apply and finalize loan online!
K
kathy
19 days ago
After being jerked around by OneMain…
After being jerked around by OneMain Financial for over ten days…telling me I was approved and even having me set the loan payment date only to come back three days later to say they changed their mind…..I decided to apply to Rocket Loans. Easiest loan experience ever. From application to money to in the bank was a total of three days. Five star all the way
A
arthur h
19 days ago
I am very appreciative to rocket…
I am very appreciative to rocket mortgage for approving my personal loan. The process was very easy and smooth. I would recommend rocket mortgage to friends and family.
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clint ladine
19 days ago
5 loans with these guys-the best!
Rocket mortgage is the best. I now have 4 of my houses mortgages with them and now a car loan. They make it so simple and quick. One of my most favorite companies to work with. Always someone to talk with if I need to as well. Can't recommend them enough!
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marielen
19 days ago
Smooth and easy process
Smooth and easy process
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tim manderewicz
20 days ago
I received a personal loan for 12k…
I received a personal loan for 12k through Rocket loan and in 2 days I had the money. Thanks Rocket Loan!!
J
john tarangelo
20 days ago
Unbelievable Great Service
This is the best service I have ever received. It was very easy and the agents treat you like you are a long time friend. Very honest and forth coming in their dealings.
W
william ludlow
20 days ago
No pressure and very easy to complete…
No pressure and very easy to complete the process.
E
eileen bowen
21 days ago
I was getting ready to charge an…
I was getting ready to charge an expense to a credit card but spoke with Rocket Loan and took out a personal loan at 1/3rd the interest rate. It was easy, pleasant, and professional.
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lynda m
21 days ago
Easy to apply and get the money i…
Easy to apply and get the money i needed very quickly
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robert
21 days ago
Easy to use and hassle free
Easy to use and hassle free
J
jess living happy
22 days ago
I had a great experience it was…
I had a great experience it was seamless and easy. My loan was approved and delivered with in 24hrs
T
tara
22 days ago
Very easy application
Very easy application and easy to upload information. Had money within a couple days and decent rates.
D
dennis
22 days ago
Ease of process.
Ease of process. Very clear, concise application process. Monies made available in a relatively quick manner. I am not the best person in dealing with computers and electronic processes but I moved through the process quickly and without incident….which is not always my experience, being a senior. We have been with rocket mortgage for over 20 years and have always been very satisfied with their customer service.
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gail
23 days ago
Simple and Easy Personal Loan Process
I've never done a process of this on-line before, so your patience was much appreciated. First time taking a picture on my tablet and uploading information also. When I called back and spoke with Robert, he explained the final steps as what would occur next.
S
sarah
23 days ago
Easy and fast!
Easy and fast
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tameka branch
23 days ago
I only gave it two stars because I…
I only gave it two stars because I haven't Received any information on rather I received the loan or not. If I Receive the loan I'll give you more stars.
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eileen bowen
23 days ago
I am a Rocket Mortgage member already…
I am a Rocket Mortgage member already and felt good about using Rocket once again. Application was fast and straight forward.
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michael keliher
23 days ago
Everything was explained clearly and…
Everything was explained clearly and precisely. Everyone we spoke with was pleasant and helpful. I was approved very fast as well! a completely pleasurable experience! Not to mention beneficial.
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terrel
24 days ago
Great Experience
Great Experience Fast Service
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patrick
24 days ago
The rate was a little high
The rate was a little high. But everything went good. Easy to do. I am the one who needs the money
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steven archer
24 days ago
streamline the process
the loan process was fast and easy except for the id section. trying to get photos of myself and driver's license was very difficult. it took several tries and a couple of hours getting the photo readable. There has to be another way of proof that it's my license. I gave access to my bank, provided my license front and back. should have been enough.
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tosha
24 days ago
Vacation
I needed some extra cash for an upcoming vacation and decided to take out a personal loan. When I googled loans, Rocket loans was at the top of the list and I gave it a try. The process was easy (everything was done on line), fast (I had an answer with in 24 hours) and convenient (I received the money within 3 days like they stated). Thank you Rocket loans
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carol blackburn
25 days ago
It was easy to use and I needed the…
It was easy to use and I needed the money quickly. It was fast and that really helped me.
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lyndie carter
25 days ago
Excellent service
The representative was knowledgeable and helpful The process was simple and fast.
K
kathleen s carrigan
a month ago
Quick efficient response to immediate…
Quick efficient response to immediate need
J
johnny
a month ago
So easy!
Quick, Simply, and Easy!!! Couldn’t have been better.
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lintzton craft
a month ago
I needed money for an unexpected repair…
I needed money for an unexpected repair realized today. Less the 15 minutes later I know I will have the money to fix soon thanks to Rocket Loans.
A
alean
a month ago
Representative was very supported and…
Representative was very supported and stayed with me while I completed the loan information. She was patient and professional.
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jane mcgrath
a month ago
Loans
Great experience
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jill heise
a month ago
I spoke to Meghan there in Detroit…
I spoke to Meghan there in Detroit yesterday who was such a tremendous help to me in getting my application complete. She was wonderful, and I’d give her 6 stars!
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pat
a month ago
Easiest loan application
This was the easiest loan application I have ever experienced. And I had the money in one day.
P
phillips
a month ago
very easy,,
very easy,,, had to call customer service , they were fantastic
R
richard grant
a month ago
It was a very easy process and the…
It was a very easy process and the funds were available the next day. Thank you very much for your quick service.
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william wells
a month ago
Great easy simple service
I thought the service was excellent. Very fast and easy to understand. I also have a mortgage with Rocket Mortgage where the service is excellent.