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Rocket Loans Review

Reviews 6,112
Rocket Loans
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Rocket Loans
Rocket Loans
Reviews 6,112
Michael Graw
Apr. 17, 2024
4 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.


  • Fully online application process
  • Same-day funding available
  • Get prequalified offers in minutes


  • Up to 9% origination fee for all loans
  • Does not allow co-signers

Rocket Loans at a glance

Editorial score

Variety of loan types

Offers most loan types

Online experience

Has learning resources, access to rates, mobile app

Customer services and support

Multiple ways of reaching lender, wide range of hours

Loan amount range

Loan amount up to $45K

Repayment flexibility

Loan terms of 36 or 60 months

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.


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


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.


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.


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


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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