The listings featured on this site are from companies from which this site receives compensation. This may influence where, how and in what order such listings appear on this site
BestMoney.com

Rocket Loans Review

Reviews 5,619
Rocket Loans
Visit Site
Rocket Loans
Rocket Loans
Excellent
Reviews 5,619
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.

Rocket Loans Rocket Loans Visit Rocket Loans

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.‎
Top Personal Loans
Credible
Credible
Read Review|Visit Site
Read all reviews

Must Reads

Compare Our Top 5 Personal Loan Lenders of 2023
Dec. 06, 2023
These are the Top 3 Personal Loans for Debt Consolidation Loans
Dec. 06, 2023
5 Excellent Providers of Short-Term Personal Loans
Dec. 06, 2023
Read all articles
Trustpilot reviews
See what some customers are saying about Rocket Loans
Rocket Loans
Excellent
Reviews 5,619
on
Excellent
91%
Great
5%
Average
1%
Poor
1%
Bad
2%
consumer-image
jacob t minang
2 days ago
Ease of approval and speed of funding
Ease of approval and speed of funding
D
don
2 days ago
Process was smooth
Process was relatively smooth apart from the identification factors being a pain in the rear. Tech needs updated to make this smoother. When submitting the requested items, there are no options to review uploads, retake, etc. SO if you take the photo incorrectly, you have to wait for it to be rejected before uploading anything further. What should have taken a day to complete, ended up taking the entire weekend.
J
joseph mesquita
4 days ago
It was easy to apply and good customer…
It was easy to apply and good customer service that answered my questions.
J
james
5 days ago
This was quite easy to do
This was quite easy to do. Rocket was exceptional to work with.
consumer-image
mark wesolowski
5 days ago
MY PERSONAL LOAN WITH ROCKET; JOHN HELPED ME TO THE FINISH LINE ,, HE WOULD NOT GIVE UP !
JOHN , With Rocket personal loans was AAA very, very personable and confident helper To get me through my personal loan experience .. . John and I had difficulty connecting and syncing everything through my bank. He was brilliant patient comma and very professional and an extremely good listener.. R O C K E T Comes through again .. J O H N Is a keeper !
N
nu
5 days ago
Your company is the greatest to work…
Your company is the greatest to work with. I especially appreciated Dangelo for having so much patients with me. He was wonderful to talk to and help me on my cell phone. Thank you
J
julia earley
5 days ago
D'Angelo
We were very pleased with the help of D'Angelo. He was kind and patient and very knowledgeable.
K
kc fought
5 days ago
Quick and easy approval
Quick and easy approval, funds came in less than 24 hrs.
L
lisa
6 days ago
Easiest process ever
Very fast and easy process and received funds the next day. I also have my mortgage with Rocket. Rocket is quickly becoming my go to for any financing needs!
P
pam wellman
6 days ago
Rocket Loans was very easy to work…
Rocket Loans was very easy to work with. Harry Conger was very helpful in providing the information regarding the loan. I have my Mortgage with Rocket Mortgage and will use them again if I ever buy another house.
R
ronald
7 days ago
Went smoothly with sufficient input…
Went smoothly with sufficient input from both sides to complete the application.
E
ellen
7 days ago
Excellent
Easy, thorough, fast. Very nice experience.
C
casey
8 days ago
Domoque was Great!
Domoque was Great!
B
barbara
9 days ago
so simple and so fast
The process was so simple and so fast. I was able to apply online within 15 minutes and received an answer and an acceptance. I'm so pleased
S
shygirl
9 days ago
Quick
Quick, easy, fast response and turn-around time for deposit.
S
shana
9 days ago
Customer Service Rep Review
Makayla was awesome, very friendly and answered all my questions. Loan process was easy and fast.
M
michael donner
9 days ago
Great customer service and speed of…
Great customer service and speed of service
B
billy
9 days ago
Easy and quick.
Easy and quick.
consumer-image
jeff bell
9 days ago
Fast Approval!
The speed at which our loan was approved was amazing! All documents requested were uploaded via the web and the entire process was smooth. Will definitely look for Rocket Loans to be used once again in the future for our personal loans. We are extremely pleased with Rocket Loans!
C
christy
12 days ago
Darryl was very helpful and nice
Darryl was very helpful and nice
S
stephanie
12 days ago
Plaid
I had good phone experience but Plaid was a pain. It requires multiple calls to you and Bank. It's obviously an issue because prompt #3 explains the numerous fixes-which didn't work for me! Took 1 hr and 10 minutes w/3 callbacks.
S
steven
12 days ago
You were very fair and quick to accept…
You were very fair and quick to accept my needs.
D
donald
12 days ago
Darryl was so patient and got the job…
Darryl was so patient and got the job done professionally and enjoyed the process
P
patricia
12 days ago
I had the pleasure of speaking with…
I had the pleasure of speaking with John. Very kind , professional, patient,and extremely helpful. I was able to get the loan. Thank you so much John.(Grateful)
B
beth
12 days ago
CrystalYour Representative
Your Representative, Crystal, was extremely helpful in getting me through the Personal loan process. I was having issues connecting my bank info with Rocket. She got it taken care of in 5 minutes for me and my loan was finalized. No more anxiety over a rediculous credit card bill with high interest. Thank you Crystal and Rocket Loans !
G
gustavo
13 days ago
Rocket mortgage makes the process very…
Rocket mortgage makes the process very simple and we like them a bunch!!! Thank you for your help
E
evelyn d.white
14 days ago
I'm So Grateful and Thankful for letting me Barrow and Trusted Me to Loan a Money by through online process, I really thought I got rejected first. Then they approved my loan. Thanks and God Bless You
It's Very Nice and Easy process and everything is in Online process, it's fast and efficient No Hassle. So, Thank You So Very Much for All Your Help and Everything, that I can be able to Solve my problem. Thank You All and God Bless You All Always 🙏.
C
cindy
14 days ago
This was the easiest loan to get.
This was the easiest loan to get. I was amazed.
B
bart hermes
14 days ago
Awesome response time
Awesome response time, ease of application and quick to finalize.
B
bob brewis
14 days ago
Rocket has our mortgage and we have…
Rocket has our mortgage and we have enjoyed doing business with them. This was so simple and easy. Doing financial business is no picnic, but Rocket makes it as easy and simple as possible, I love Rocket Mortgage.
J
james dixon
14 days ago
Quick,easy and to the point.
Very fast loan,very pleased couldn't have been simpler.
consumer-image
joyceblessed
15 days ago
My experience with Tiffany Myers was…
My experience with Tiffany Myers was very saticatory. She tried to help me as much as she could. Unfortunately, for me, nothing worked not her fault. Thanks Tiffany very much.
consumer-image
amataga tiafala
16 days ago
A close relationship by being trusted…
A close relationship by being trusted customer/member. System is secure and simple process/procedures.
consumer-image
scherie washington
16 days ago
Outstanding loan process
As someone who recently navigated the daunting world of personal loans, I want to share my extraordinary experience with Isabel K at Rocket Loans. From start to finish, the process was impressively streamlined and user-friendly, The online application was a breeze. I was pleasantly surprised by how intuitive and straightforward it was. Filling out the form took mere minutes, and the clear instructions made it hassle-free. I wholeheartedly recommend Rocket Loans, and its representative Isabel K, to anyone seeking a hassle-free and transparent loan experience. They have not only met but exceeded my expectations, and I am deeply grateful for their exceptional service.
G
gehrig
16 days ago
Just spoke to Luke
Just spoke to Luke! Luke has tremendous customer friendly skills. He walked this old man through this whole personal loan application process with such patience, kindness, & detail orientation. I'm a part-time second career licensed Texas real estate agent who has referred many first time homebuyer clients of mine to your home loan mortgage services. Thank you, Gehrig M. Saldana
S
sandy taylor
16 days ago
The young man who helped me stayed with…
The young man who helped me stayed with me the whole time and helped me get through the process. He was very patient and most helpful. I could not have done it without him. Also the speed in which the money was available was great. Thank you so much for a great experience.
E
emma
16 days ago
Easy process
Easy process
K
kathleen
16 days ago
whole process was 10 minutes
whole process was 10 minutes, timely and efficeint
S
sandra
16 days ago
Makayla was awesome and so patient!
Makayla was awesome and so patient!! Highly recommend :)
consumer-image
shelley moise noelle's garden
16 days ago
The process was very easy
The process was very easy, quick and painless. I definitely recommend. Shelley
D
donna
17 days ago
Helpful and nice people to talk to and…
Helpful and nice people to talk to and walk you thru everything! Great group
L
louis
18 days ago
An approved loan in ROCKET TIME!!
The representative that assisted me was friendly and very helpful in guiding me through the whole loan process which made it much easier than I had anticipated! Thanks to his taking the time to slowly walk me through each segment of the loan, so that I understood all details contained, I felt comfortable with my decision to proceed with the loan...Thanks to all involved at Rocket Mortgage in making this loan possible, especially at a time when a necessary home repair which was looming, can now be taken care of in a more timely manner!
consumer-image
heather logan
18 days ago
Received funds the same day
Received funds the same day. Application process is so simple!! Rocket is my go-to trusted lender.
C
chris
19 days ago
Rocket Loans made this so simple!
Rocket Loans could not have made the process simpler! I applied, answered a couple of questions and within 24 hours my loan was in my bank account.
M
marci
19 days ago
The loan process was all online and so…
The loan process was all online and so convenient. There were many options to choose from.
A
aboutwell
19 days ago
Highly recommend
Super easy process! Super fast delivery of funds! Kicking myself for not doing this sooner!! Thank you!!
R
robert v
19 days ago
I do not recommend due to rocket taking…
I do not recommend due to rocket taking a chunk of money off the top of what you borrow. Example $27000 but with a $1600 fee leaving with $ 25400 read carefully before going through . As anyone can read I did not . Will never use rocket loans again
R
rhonda
19 days ago
Kudos to Isobel!
Isobel was very helpful and walked me through the last part of the application step-by-step. I can't thank her enough.
K
kendall gholston
19 days ago
Right On Time
I have gotten loans before, but this was so easy and fast to complete. It is so much better than using a credit card and the different offers were so reasonable. You all have really come through for me when I needed it. Thanks Rocket Loan
canales
20 days ago
No hassle
Easy and fast to apply. Azjanae was Patient and knowledgeable.
L
lando
20 days ago
Getting a loan couldn't be easier, and their support team couldn't be more helpful.
The whole experience from applying, to reviewing my loan options, to submitting what was needed to execute the loan was seamless. When I did have questions, I called them and they promptly resolved my concerns. The system they have in place meant I did not have to explain myself each time - Matthew, from their customer service team, was even kind enough to follow-up when he did not have an immediate answer.
D
donna
20 days ago
Izabel helped me such much
Izabel helped me such much. She is terrific. Please take her to lunch!
P
peggy
20 days ago
It was a very fast and pleasant…
It was a very fast and pleasant experience. It was no hassle free loan experience. I would definitely recommend them to anyone.
consumer-image
cathy poncio
20 days ago
The experience was Amazing
The experience was simple, easy and fast. I will recommend Rocket Loans to everyone I know
consumer-image
enmanuel rodriguez
20 days ago
Was stuck in a really bad situation and…
Was stuck in a really bad situation and thank god i found this loan service ! They were quick and easy to fill ! Money came in the next day !
M
margaret
20 days ago
Quick, painless way to home reno funds
Needed loan to complete home reno but not the amount of an equity loan. The rate was better than any credit card rates available and application was a piece of cake! I highly recommend
R
ray henderson
20 days ago
Rocket came through right when I needed…
Rocket came through right when I needed a little help! There were several options to choose what was best for me, and everything was fast, like a rocket! Thanks Rocket
consumer-image
charles e turner
20 days ago
My experience with Rocket Loans were…
My experience with Rocket Loans were fantastic. Turnaround, with favorable results, was amazing.
M
marla
21 days ago
Dangelo was so helpfull during this…
Dangelo was so helpfull during this process and stuck with me till the end as I asked him to. He is the best
R
roger
21 days ago
The electronic process is not easy to…
The electronic process is not easy to follow when connected with my bank .
L
louis
21 days ago
Quick,responsive and a pleasure to work…
Quick,responsive and a pleasure to work with.
J
james shallis
21 days ago
Excellent service
Excellent service - fast and convenient
consumer-image
natalie williams
21 days ago
Grateful for the opportunity and the…
Grateful for the opportunity and the process was easy
consumer-image
jakub cuppa
21 days ago
Easy set up
Easy set up , quick results. Great service. Simple . Thank you very much.
O
olga anderson
22 days ago
My experience with my personal loan was…
My experience with my personal loan was possible; whereas some banking institutions are not providing personal loans, effortless; the instructions and interface was very friendly, and provided an avenue for me to repair my home without refinancing on a cash out basis. Thank YOU! Rocket Loans!
L
laura
22 days ago
This loan was processed successfully by…Luke
This loan was processed successfully by your employee (Luke) who had the patience and knowledge to walk me through the application.
H
hallie s
22 days ago
They gave me options!
Rocket Mortgage gave me options and I was able to take advantage of a good deal. I needed to pay some things off and get ready for the holiday and they made it happen. I recommend 110%!
J
john
22 days ago
The process of connecting to our bank…
The process of connecting to our bank was a challenging 2 day process. Dominique was pleasant to work with. Thank you.
J
james
22 days ago
Makaila was a great help finalizing my…
Makaila was a great help finalizing my loan. Thank you!
consumer-image
julie hyson
22 days ago
Got the loan in a few days
Got the loan in a few days. I was hoping for same day. Grateful to have it, but they deposited the money in my child’s account instead of my checking. Gotta make sure they know which account to withdraw from….
C
charles
23 days ago
Rocket Loans has made it easy to…
Rocket Loans has made it easy to transact financial business without leaving home. Thanks
consumer-image
ifechukwu nwosu
24 days ago
Never borrowed any money before but I…
Never borrowed any money before but I pray it should work for me too
G
gloria
25 days ago
rapid responses
rapid responses
R
ramona taylor
25 days ago
Thi was fast
Thi was fast
J
john kelly
a month ago
So easy
So easy, quick. No issues at all. It will save a lot of stress!
E
ezell moss
a month ago
Very helpful in navigating through the…
Very helpful in navigating through the process
K
kristene moore
a month ago
Awesome experience
This process was easy to complete and getting the results in minutes was phenomenal. Getting approved for this loan gave me peace of mind so that I may finally sleep tonight.
J
jeff
a month ago
Made it nice and simple
Made it nice and simple! I can sleep better at night knowing that i can finally pay off all my debts. Thank you rocket loans
C
claudette rowland
a month ago
Makayla was very pleasant representative
Makayla was very professional and patient with me and courteous.
D
delores
a month ago
It was an effortless loan and most…
It was an effortless loan and most convenient way of getting a personal loan without a lot of hassle. Thank you, Delores Barocco
L
lakendra
a month ago
Crystal
Crystal, Was amazing with getting me started as a first time customer. I have been talking with 2-3 others to help me figure out things. And when crystal came she got me done in 5min-10mins, enough time for me to get back to work. Thank you soooooo much She rocks
J
james williams
a month ago
Your service agent was outstanding
Your service agent was outstanding, very knowledgeable and patience throughout the loan application process. She answered all my questions and again very helpful. Thank you Ursula.
F
fred
a month ago
Approval was fast and funding was in my…
Approval was fast and funding was in my account the next day. Totally online and no providing an excessive amount of information.
consumer-image
phillip drennan
a month ago
They was prompt and very easy to use…
They was prompt and very easy to use simple questions and had my money next day
W
willie
a month ago
Makayla was awesome!
Makayla was awesome!
G
george l.
a month ago
Getting Through the Process
I was having trouble navigating the process, and Isabel phoned me and guided me right through the process! She was kind, patient, and really knew how to get me to where I needed to go. Thanks Isabel!!
G
glenn
a month ago
Ease and the nice people I spoke with…
Ease and the nice people I spoke with over the phone.
R
roland
a month ago
Isabell
Isabell made the experience a great one
consumer-image
doug katzenberger
a month ago
rocket has been my go to loans for…
rocket has been my go to loans for years. I enjoy the speed in getting this completed and the awesome service
C
charlene
a month ago
The instructions were clear
The instructions were clear. The options of selection were many.
K
kevin
a month ago
Customer Satisfaction
The ease of applying online. Also, the customer assistance I received from your representative was totally professional. A special Thank You to Bay Daman for the excellent service provided.
C
carolyn
a month ago
Interest rate for loan really high
Interest rate for loan really high. Not a good deal at all.
D
deidra archambault
a month ago
Quick results
My loan was completed in a timely manner and with ease. This was a rewarding experience.
D
dwight bedford
a month ago
First time with Rocket loans very easy…
First time with Rocket loans very easy to sign up and offered me what I needed to handle my concerns
S
shari l. bryant
a month ago
1st of all Azjanae was very helpful
1st of all Azjanae was very helpful. She walked me through everything even told me how to find the things that she was talking about. I got through it and I got the loan that I wanted. She was very friendly polite. She made my day.
K
karen
a month ago
They make it fast & easy
They make it fast & easy. Spoke to Crystal very helpful walked through everything with me.
consumer-image
robin thomas
a month ago
No stress application
This was the easiest application and process I have every done for a loan. I went online did the initial questions and was approved for various amounts and interest rates. Chose the best for me and completed the loan process and had the money in less than 24 hours.
A
ann
a month ago
Organized and very clear process
Organized and very clear process. Customer support very helpful.
consumer-image
michele hooks
a month ago
Ease of applying and working with Staff.
Ease of applying and working with Staff.
consumer-image
carla y schultheis
a month ago
From the purchase of our home
From the purchase of our home, cash withdrawal and now our debt consolidation, you all have made the process so effortless to do. So thank you for your excellent customer service.